Mosaic stock buyback eases Q4 earnings miss, shares +0.8% premarket


Mosaic (MOS) +0.8% premarket after reporting a 79% drop in Q4 earnings as prices of crop nutrients potash and phosphate fell sharply.

Says it will buy back $1B of its shares on top of a $2B repurchase program announced in December.

Q4 potash sales totaled 1.9M metric tons, at the high end of expectations; average selling price was $303/metric ton, near the top of $285-$310 guidance, and production reached 65% of capacity, slightly higher than anticipated.

Q4 phosphate sales totaled 3.4M metric tons, above the forecast of 2.5M-2.9M; average realized price was $381/metric ton, at the lower end of $370-$400 guidance.

Q1 2014 potash sales are seen at 2.3M-2.7M metric tons vs. 2M in the year-ago quarter, with the average sales price expected at $245-$275; phosphate sales are seen at 2.3M-2.6M metric tons vs. 2.7M a year ago, with an average selling price of $390-$400.

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