EDITOR: | January 4th, 2013

The Mosaic Company Reports Second Quarter Fiscal 2013 Net Earnings Of $629 Million, Or $1.47 Per Share

| January 04, 2013 | No Comments

(Source: PR Newswire) — The Mosaic Company (NYSE: MOS) reported second quarter fiscal 2013 net earnings of $629 million, compared to $624 million a year ago. Earnings per diluted share were $1.47 in the quarter compared to $1.40 last year. The current year quarter included a $179 million, or $0.42 per share, benefit from a decrease in the amount of unrecognized tax benefits reported on the balance sheet. Operating earnings during the quarter were$560 million, down from $797 million a year ago. The year-over-year decline in operating earnings was primarily driven by lower phosphate volumes and margins. Mosaic’s net sales in the second quarter of fiscal 2013 were $2.5 billion, down from $3.0 billion last year, driven by lower phosphate and potash volumes and lower phosphate prices.

“Farmers around the world are enjoying outstanding economics, with high commodity prices and relatively low costs for crop nutrients and other inputs,” said Jim Prokopanko, President and Chief Executive Officer of Mosaic. “Over the long term, economic and demographic trends are extremely promising for Mosaic.

“In North and South America, we have been experiencing strong demand and sales underpinned by excellent application seasons. International shipments, however, were impacted by prolonged contract negotiations in India and China. With the settled China contract driving improved sentiment, we believe strong agricultural fundamentals will lead to strengthening crop nutrient markets. Mosaic has the assets, global reach and financial strength to meet global demand and to fulfill our vision of being the world’s leading crop nutrition company.”

Mosaic’s gross margin for the second quarter of fiscal 2013 was $676 million, or 27 percent of net sales, compared to $881 million, or 29 percent of net sales, a year ago. Second quarter operating earnings were $560 million, a decrease of 30 percent compared to $797 million a year ago. The decreases in gross margin and operating earnings were primarily driven by lower phosphate volumes and prices, partially offset by lower raw material costs. Cash flow provided by operating activities in the second quarter of fiscal 2013 was $322 million compared to $518 million in the prior year. Capital expenditures totaled $394 million in the quarter. Mosaic’s total cash and cash equivalents were $3.4 billion and long-term debt was $1.0 billion as of November 30, 2012.

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