UPDATE: Mosaic Posts Downbeat Q3 Earnings

The Mosaic Company

reported weaker-than-expected third-quarter earnings. The Plymouth, Minnesota-based company posted quarterly earnings of $201.9 million, or $0.54 per share, compared to $124.4 million, or $0.29 per share, in the year-ago period. Notable items negatively impacted Q3 earnings by $11 million, or $0.02 per share. Its net sales climbed to $2.3 billion from $1.9 billion. However, analysts were expecting a profit of $0.59 per share on revenue of $2.3 billion. Mosaic's net sales of phosphates climbed 21.4% to $1.7 billion, while phosphate sales volumes came in at 3.3 million tons. Potash net sales rose 13.4% to $593 million, while sales volume came in at 1.8 million tons. The average selling price of potash declined to $291 per ton versus $342 in the year-ago period. "Mosaic delivered improved year-over-year performance despite weakness in the broader agricultural sector," said Jim Prokopanko, President and Chief Executive Officer. "The improving demand momentum for both potash and phosphates that started in the fourth quarter of 2013 continued. We are on pace to deliver more tonnes this year than in any of the last five years, and close to the records of 2008." Mosaic expects current-quarter phosphate volumes of 2.5 million to 2.8 million tons, versus 3.4 million tons last year. It also projects potash sales volume of 2 million to 2.3 million tons, versus 1.9 million tons last year. Mosaic shares fell 1.57% to $42.05 in pre-market trading.