WASHINGTON (dpa-AFX) - Mosaic Co. (MOS) Monday said it expects fourth-quarter phosphates volume and phosphates and potash margins to exceed its guidance, and that potash volumes to be at the high end of guidance.
While reporting third quarter results in late October, the company had forecast fourth quarter sales volumes of 2.5 to 2.8 million tonnes for its Phosphates segment and 2.0 to 2.3 million tonnes for its Potash segment. The company had forecast fourth quarter gross margin rates for its Phosphates segment in the mid-teens percent range and for Potash segment in the mid 30% range.
The company said Monday it expects fourth-quarter earnings of $0.93 to $0.98 per share and adjusted earnings of $0.83 to $0.88 per share.
'Demand for potash and phosphates exceeded our expectations during the fourth quarter,' said Jim Prokopanko, President and Chief Executive Officer. 'We were cautiously optimistic going into the fall application season with good crop nutrient affordability and an empty supply chain, but customers came to the market in force, as they sought to position inventory in anticipation of a strong spring season and increasing crop nutrient prices.
'We expect further business strength as we move into 2015, with strong demand for potash and phosphates continuing. We expect the first quarter of 2015 to reflect normal seasonal spring demand, minimally impacted by accelerated purchases in the fourth quarter of 2014, and are excited for the opportunities we see in the coming year.'
The company will release full fourth quarter 2014 results on February 11.
Copyright RTT News/dpa-AFX
© 2015 AFX News
