The Mosaic Co. said Thursday its first-quarter profit rose 35 percent, helped by tax gains and higher prices for the two major commodities it sells, phosphate and potash.
The company's net profit was $295 million, or 80 cents a share.
The performance was lifted by 10 cents a share from one-time gains related to taxes and currency exchange. Excluding those gains, Mosaic's per-share profit came in at 70 cents, which was below the 75 cents that analysts were expecting.
Mosaic shares were flat, finishing down 3 cents at $44.
Mosaic's year-ago profit was $218 million, or 54 cents a share. Revenue in the latest period was $2.1 billion, up from $2 billion a year ago.
The company said its operating results were shaped by higher phosphate and potash prices, higher phosphate sales volumes and lower operating costs in its potash business.
Mosaic said its results were pressured by higher phosphate raw material costs, lower potash sales volumes and an increase in Canadian resource taxes and royalties.
It forecast second-quarter sales of both phosphate and potash to be in line with last year's results.
In a statement, Chief Executive Jim Prokopanko said potash sales were being lifted by a recent deal in China and low inventories. He noted some uncertainty in the North American market due to "delayed and compressed" fertilizer application this spring.
