PLYMOUTH, Minn. (AP) — Fertilizer producer The Mosaic Co. said Tuesday its fiscal fourth-quarter net income fell 4 percent, as price drops offset higher sales volumes.
For the quarter ended May 31, Mosaic earned $485.9 million, or $1.14 per share, down from $507.3 million, or $1.19 per share, in the same quarter the year before.
Revenue fell nearly 5 percent to $2.68 billion from $2.82 billion.
Despite the drops, the results beat Wall Street predictions. Analysts, on average, expected a profit of $1.12 per share on $2.64 billion in revenue, according to FactSet.
Mosaic President and CEO Jim Prokopanko said the company posted record potash and strong phosphate sales for the quarter, despite the late and compressed spring planting season in North America, along with other logistical challenges.
Potash sales were flat at $1 billion, as higher sales volumes were offset by lower prices. Phosphate sales fell 7 percent to $1.7 billion, mainly as a result of lower prices for finished products.
For the full fiscal year, Mosaic earned $1.89 billion, or $4.42 per share, down 2 percent from $1.93 billion, or $4.42 per share, the year before. Revenue fell 10 percent to $9.97 billion from $11.11 billion.
Prokopanko said he expects continued strong demand for the rest of the calendar year, with current price weaknesses moderating over time.
Mosaic shares closed Monday at $56.13, down less than 1 percent since the start of the year. The stock has changed hands between $48.29 and $64.65 in the past 52 weeks.