Reuters – Mosaic is the latest fertilizer maker to miss third-quarter profit estimates, hurt by damage from Hurricane Ian and cooling prices of crop nutrients.
Prices of nutrients such as phosphates and potash have dropped from the near record highs they touched earlier this year as farmers cut back on fertilizer use to rein in costs.
Rivals Nutrien, CF Industries and Intrepid Potash also missed quarterly profit estimates a week earlier, with top fertilizer maker Nutrien also cutting its full-year earnings forecast.
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Mosaic, the world’s largest producer of finished phosphate products, saw a four per cent drop in production and a 10 percent drop in sales volumes of phosphates as its Tampa, Florida-based operations were damaged by Hurricane Ian as well as resulting rail and port closures.
Adjusted earnings in its potash segment more than tripled to US$871 million, but earnings in its phosphate segment were flat.
