US phosphate and potash producer Mosaic’s net earnings dropped by 38% to $624m in fiscal Q2 2012 from $1bn the same quarter last year – a period which was boosted by one-off sales gain – the company reported.
The Mosaic Co. underlined that second quarter fiscal 2011 included a $570m after-tax gain from the sale of the Fosfertil business to Brazil’s Vale SA in 2010 which brought Q2 2011 to be a record quarter.
“Excluding this gain from the prior year period, net earnings were up 37% year over year,” the company said.
During that time, Mosaic’s net sales increased 13% to $3bn from $2.7bn in the same period last year, “driven by improved pricing, partially offset by lower volumes”.
Pointing out “excellent results [which] demonstrate the strength of underlying...