Mosaic stock drops more than 5% after Q3 earnings fall short

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Shares of Mosaic Co. MOS, -0.26% dropped more than 5% in the extended session Monday after the producer of potash and phosphate fertilizers missed FactSet consensus on its third-quarter adjusted profit and sales. Mosaic said it earned $372 million, or 97 cents a share, in the third quarter, swinging from a loss of $6.2 million, or 2 cents a share, in the third quarter of 2020. Adjusted for one-time items, the company earned $1.35 a share. Revenue rose 44% to $3.4 billion, the company said, “as stronger pricing more than offset lower volumes.” Analysts polled by FactSet expected Mosaic to report adjusted EPS of $1.55 a share on sales of $3.7 billion. Mosaic said that “strong” pricing of agricultural commodities are expected to continue driving demand for fertilizers through the end of the year and into 2022, but rising input costs have narrowed grower profitability. Farming economics globally, however, remain attractive as a result of strong crop demand and favorable weather, the company said. Mosaic’s stock ended the regular trading day down 0.3%.

This article was originally published by Marketwatch.com. Read the original article here.

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