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Mosaic misses the number
North American fertilizer company Mosaic Co said on Wednesday its fiscal first- quarter profit almost tripled, driven by a boom in the global agricultural sector and the soaring price of potash- and phosphate-based crop nutrients.
But the company’s shares plummeted more than 20 percent to $53.80 in trading after the closing bell because earnings fell short of Wall Street expectations.
The company also warned it planned to sharply reduce phosphate production over the next several months, due to high inventory levels.
Net income in the quarter ended Aug 31 was $1.18 billion, or $2.65 a share, up from a year-ago’s profit of $305.5…
2Oct2008 | The Real Deal | Comments Off | Continued
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