Fertilizer company Mosaic (MOS) stock is down this morning after posting disappointing earnings last night after the bell.
Mosaic posted $1.17 in EPS. Analysts had been expecting $1.27 in earnings, although it’s not clear whether the estimates were comparable. Gross margin expanded to 27.5% from 23.1%. Net sales of both phosphates and potash rose 40%.
“Our Potash business continues to generate great returns,” said CEO Jim Prokopanko. ”We accelerated our summer maintenance work, driving higher operating rates to meet strong demand.”
“Global demand for phosphate continues to grow, and we are operating near full capacity to meet customer requirements,” Prokopanko added.
Last week, Standard & Poor’s announced that Mosaic would join the S&P 500.
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