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May 3, 2024 Source: The Mosaic Company news release • First quarter net earnings of $45 million, Adjusted EBITDA of $576 million • Announced transaction with Ma'aden valuing Mosaic stake at approximately $1.5 billion • Completed 800,000 tonne MicroEssentials capacity conversion • Riverview facility back to full capacity • Returned 88% of free cash flow to shareholders TAMPA, FL - The Mosaic Company (NYSE: MOS), reported net earnings of $45 million, or $0.14 per diluted share, for the first quarter of 2024. Adjusted EPS(1) was $0.65 and Adjusted EBITDA(1) was $576 million. "Mosaic delivered a solid first quarter," said President and CEO Bruce Bodine. "For the remainder of the year, we will focus on execution and the completion of previously announced low capital intensity initiatives that build on our strengths." First Quarter Results Highlights: • First quarter revenues totaled $2.7 billion, down 26 percent from the year ago period, reflecting the impact of lower selling prices. The gross margin rate in the first quarter was 14.9 percent, down from 18.6 percent in the year ago period. • Net earnings in the first quarter totaled $45 million, compared with $435 million in the year ago period. Current period results reflected the after-tax impact of notable items totaling $165 million, mainly from a foreign currency transaction loss, an unrealized loss on derivatives, and an adjustment to environmental reserves. Adjusted EBITDA(1) totaled $576 million, compared with $777 million in the first quarter of 2023. Cash from operating activities totaled $(80) million and free cash flow totaled $203 million. This compares to $149 million and $191 million, respectively, in the year ago period. • Potash operating earnings were $198 million in the first quarter, compared to $402 million last year. Adjusted EBITDA totaled $281 million, compared to $474 million in the same period last year, reflecting the impact of lower prices, partially offset by higher volume and lower Canadian resource taxes. • Phosphate operating earnings were $40 million in the first quarter, compared to $266 million in the prior year period. Adjusted EBITDA totaled $277 million, compared to $382 million in the first quarter of 2023. Segment results reflect the impact of lower prices, lower sales volume, a higher mix of third party produced fertilizers, and higher planned turnaround costs, partially offset by lower raw material costs. • Mosaic Fertilizantes reported operating earnings of $42 million in the first quarter, compared to $(32) million in the prior year period. Adjusted EBITDA(1) totaled $83 million during the quarter, increasing from $3 million in the first quarter of 2023, reflecting higher distribution margins, partially offset by lower sales volume. To read the entire report click here. Tweet |
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