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The Mosaic Company (MOS - Free Report) reported profit amounting to $523.2 million or $1.52 per share in fourth-quarter 2022, down from $664.8 million or $1.76 per share reported in the prior-year quarter.
The company’s adjusted earnings amounted to $1.74, down 11% year over year from $1.95 per share. It lagged the Zacks Consensus Estimate of $2.08.
Net sales rose roughly 17% year over year to $4,481.3 million in the quarter. It surpassed the Zacks Consensus Estimate of $4,307 million. Sales were driven by higher pricing across the segments, which partially offset lower volumes in Potash and Phosphate.
The Mosaic Company Price, Consensus and EPS Surprise
Net sales in the Potash segment were around $1,136 million in the quarter, up around 27% from the prior-year quarter. Sales volumes in the segment were 1.9 million tons, down 9.5% year over year. The segment’s gross margin per ton increased to $289 from $224 in the year-ago quarter.
The Phosphate division’s net sales were down around 11% year over year to $1,310 million in the fourth quarter. Sales volumes in the segment fell around 11% year over year in the quarter to 1.6 million tons. Gross margin per ton in the quarter was $148, down from $254 in the year-ago quarter.
Net sales in the Mosaic Fertilizantes segment were around $1,910 million in the quarter, up around 24% year over year. Sales volume in the quarter rose around 9% year over year to 2.5 million tons. The gross margin per ton in the quarter was $11, down from $95 a year ago.
2022 Results
Earnings for 2022 were $10.06 per share compared with $4.27 a year ago. Net sales rose 55% year over year to $19,125.2 million.
Financials
At the end of 2022, Mosaic had cash and cash equivalents of $735.4 million, down around 4% year over year. Long-term debt declined around 29% year over year to $2,411.9 million.
Net cash provided by operating activities was $955.7 million in the reported quarter, up around 122% year over year.
Outlook
The company expects strong agricultural commodity pricing trends to drive the recovery of demand in the fertilizers market in 2023. The company also noted that the demand for grains and oilseeds is high. Higher biofuel consumption, crop production and concerns over food security are expected to continue to drive elevated crop prices through this year and potentially beyond, resulting in higher global fertilizer demand during the year.
Price Performance
Shares of Mosaic have gained 10.7% in the past year against the 2.4% fall of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Mosaic currently carries a Zacks Rank #5 (Strong Sell).
Alpha Metallurgical’s shares have gained 82.2% in the past year. The Zacks Consensus Estimate for AMR’s current-year earnings has been revised 1.7% upward in the past 60 days. The company has an earnings growth rate of 425% for the current year.
Alpha Metallurgical topped Zacks Consensus Estimate in two of the last four quarters. It delivered a trailing four-quarter earnings surprise of 1.1%, on average.
ATI’s shares have gained 69.8% in the past year. The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 0.9% upward in the past 60 days. The company has an earnings growth rate of 8% for the current year.
ATI topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 32.4%, on average.
Nucor’s shares have gained 35.2% in the past year. The Zacks Consensus Estimate for NUE’s current-year earnings has been revised 12.5% upward in the past 60 days.
Nucor topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 7.7%, on average.
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Mosaic (MOS) Q4 Earnings Miss, Revenues Beat Estimates
The Mosaic Company (MOS - Free Report) reported profit amounting to $523.2 million or $1.52 per share in fourth-quarter 2022, down from $664.8 million or $1.76 per share reported in the prior-year quarter.
The company’s adjusted earnings amounted to $1.74, down 11% year over year from $1.95 per share. It lagged the Zacks Consensus Estimate of $2.08.
Net sales rose roughly 17% year over year to $4,481.3 million in the quarter. It surpassed the Zacks Consensus Estimate of $4,307 million. Sales were driven by higher pricing across the segments, which partially offset lower volumes in Potash and Phosphate.
The Mosaic Company Price, Consensus and EPS Surprise
The Mosaic Company price-consensus-eps-surprise-chart | The Mosaic Company Quote
Segmental Highlights
Net sales in the Potash segment were around $1,136 million in the quarter, up around 27% from the prior-year quarter. Sales volumes in the segment were 1.9 million tons, down 9.5% year over year. The segment’s gross margin per ton increased to $289 from $224 in the year-ago quarter.
The Phosphate division’s net sales were down around 11% year over year to $1,310 million in the fourth quarter. Sales volumes in the segment fell around 11% year over year in the quarter to 1.6 million tons. Gross margin per ton in the quarter was $148, down from $254 in the year-ago quarter.
Net sales in the Mosaic Fertilizantes segment were around $1,910 million in the quarter, up around 24% year over year. Sales volume in the quarter rose around 9% year over year to 2.5 million tons. The gross margin per ton in the quarter was $11, down from $95 a year ago.
2022 Results
Earnings for 2022 were $10.06 per share compared with $4.27 a year ago. Net sales rose 55% year over year to $19,125.2 million.
Financials
At the end of 2022, Mosaic had cash and cash equivalents of $735.4 million, down around 4% year over year. Long-term debt declined around 29% year over year to $2,411.9 million.
Net cash provided by operating activities was $955.7 million in the reported quarter, up around 122% year over year.
Outlook
The company expects strong agricultural commodity pricing trends to drive the recovery of demand in the fertilizers market in 2023. The company also noted that the demand for grains and oilseeds is high. Higher biofuel consumption, crop production and concerns over food security are expected to continue to drive elevated crop prices through this year and potentially beyond, resulting in higher global fertilizer demand during the year.
Price Performance
Shares of Mosaic have gained 10.7% in the past year against the 2.4% fall of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Mosaic currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the basic materials space are Alpha Metallurgical Resources, Inc. (AMR - Free Report) , ATI Inc. (ATI - Free Report) and Nucor Corporation (NUE - Free Report) . ATI and NUE currently sport a Zacks Rank #1 (Strong Buy), and AMR carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Alpha Metallurgical’s shares have gained 82.2% in the past year. The Zacks Consensus Estimate for AMR’s current-year earnings has been revised 1.7% upward in the past 60 days. The company has an earnings growth rate of 425% for the current year.
Alpha Metallurgical topped Zacks Consensus Estimate in two of the last four quarters. It delivered a trailing four-quarter earnings surprise of 1.1%, on average.
ATI’s shares have gained 69.8% in the past year. The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 0.9% upward in the past 60 days. The company has an earnings growth rate of 8% for the current year.
ATI topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 32.4%, on average.
Nucor’s shares have gained 35.2% in the past year. The Zacks Consensus Estimate for NUE’s current-year earnings has been revised 12.5% upward in the past 60 days.
Nucor topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 7.7%, on average.