Mosaic earnings up slightly from 2nd quarter a year ago

Article by: ADAM BELZ , Star Tribune
Updated: January 4, 2013 - 8:53 AM

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Fertilizer company Mosaic Co. posted a better-than-expected quarter despite declining sales of phosphate and falling prices for potash, as improved U.S. demand for potash helped offset other weaknesses in the market, the company said Friday.

Plymouth-based Mosaic, one of the world's largest fertilizer producers, reported second quarter fiscal 2013 net earnings of $629 million, or $1.47 per diluted share. The numbers were up slightly compared to the company's second quarter a year ago.

"Farmers around the world are enjoying outstanding economics, with high commodity prices and relatively low costs for crop nutrients and other inputs," Jim Prokopanko, president and CEO of Mosaic, said in a statement. "Over the long term, economic and demographic trends are extremely promising for Mosaic."

Revenue was down 17 percent for Mosaic in the quarter compared to last year. Operating earnings, a measure of profit that excludes one-time losses and gains, fell 30 percent.

Adam Belz • 612-673-4405 Twitter: @adambelz