The Mosaic Company (NYSE: MOS), a leading producer of concentrated phosphate and potash, Tuesday reported lower sales and adjusted profit for the third quarter of 2024.
- Adjusted earnings, excluding special items, decreased to $0.34 per share in the third quarter from $0.68 per share in the prior-year quarter
- On an unadjusted basis, net income was $122.2 million or $0.38 per share, compared to a loss of $4.2 million or $0.01 per share in Q3 2023
- Revenues totaled $2.8 billion in Q3, down 21% from the year-ago period, primarily reflecting the impact of lower selling prices
- Third-quarter adjusted EBITDA decreased to $448 million from $594 million in the same period last year
- The company returned $415 million of capital to shareholders year-to-date, including $210 million of share repurchases
- The Mosaic Biosciences segment achieved 9 million acres of coverage in key markets so far this year
- During the quarter, phosphate production returned to full operating capacity after recent impacts from hurricanes
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