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Jul. 18, 2012 Source: Mosaic Company news release To view the entire report, click here. Full Year For the year ended May 31, 2012, net income reached $1.9 billion, or $4.42 per diluted share. Net sales were $11.1 billion, an increase of 12 percent from $9.9 billion reported a year ago. Full-year operating earnings were $2.6 billion, slightly down from a year ago. Improvements in sales were driven by higher average potash and phosphate selling prices. Operating earnings reflect lower Potash sales volumes and higher phosphate raw material costs. Full year SG&A expenses were $410 million compared to $373 million last year. Equity earnings were $13 million compared to a loss of $5 million last year, primarily driven by higher profitability at Mosaic's joint venture, Miski Mayo mine. Fiscal 2011 included a $686 million pre-tax gain on the sale of Mosaic's interest in Fosfertil S.A, or $1.27 per share. Net cash provided by operating activities reached a record $2.7 billion. Quarterly Business Highlights Mosaic generated $1.2 billion in cash from operations, approximately $800 million after capital expenditures. The Company began operating at the South Fort Meade mine following judicial approval of settlement terms on March 28, 2012. The mine is expected to be at full production by the end of August 2012. Potash expansion projects continue to be on time and on budget with expenditures of $180 million in the quarter. Mosaic recorded the lowest lost time injury rate in the fourth quarter compared to any other period since the Company's formation. Mosaic made significant progress in improving operating efficiencies: In Phosphates, achieved annualized cost avoidances and cash savings of over $200 million to date In Potash, realized $80 million in annualized savings to date Mosaic set a new record for sales of the premium product MicroEssentials®. The Company completed new manufacturing capacity and is now able to produce 2.3 million tonnes of MicroEssentials per year. Mosaic was recognized on Corporate Responsibility Magazine's 12th annual 100 Best Corporate Citizens List for the third year in a row, and is the only crop nutrient company on that list. Mosaic was ranked 28 -- up from 67 in 2011 -- in recognition of its conservation and environmental stewardship efforts, as well as its financial and governance transparency. Tweet |
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