Mosaic Co. said Monday that quarterly earnings almost tripled from a year earlier, but the Plymouth-based fertilizer company still fell short of Wall Street's profit expectations.
Mosaic announced fiscal first-quarter net income of $297.7 million, or 67 cents a share, up from $100.6 million, or 23 cents per share a year earlier. Analysts polled by Thomson Reuters were expecting 70 cents per share for the quarter that ended Aug. 31.
Still, Mosaic's sales of $2.19 billion were above the $1.97 billion forecast by analysts, and outpaced the $1.5 billion rung up during the same time last year.
Sales were strong for both phosphate and potash fertilizers, and demand is expected to continue to be vigorous for both, Mosaic Chief Executive Jim Prokopanko said in a news release.
"Global shipments of finished phosphate products are projected to surge to a record-shattering level this year and increase further in 2011," he said.
The stock closed Monday at $58.79, down 83 cents or 1.4 percent. Mosaic's earnings report came out after the market closed; in after-hours trading, Mosaic's shares were down another $1.22, or 2.1 percent.
Mike Hughlett • 612-673-7003
