This is compared to net income of US$12 million in 4Q16. Fourth quarter loss per share was US$1.23, which included a negative impact of US$1.57 per share from notable items, primarily related to non-cash charges as a result of changes in US tax legislation. Adjusted earnings per share during 4Q17 were US$0.34.
The President and Chief Executive Officer of Mosaic, Joc O’Rourke, said: “After a strong fourth quarter, we entered 2018 with positive market momentum and expect this year will be a transformational year for Mosaic.
“The addition of Vale Fertilizantes, the construction completion of the Ma’aden phosphate project and progress on the Esterhazy K3 complex further enhance our position as a world class, global fertilizer company.”
Mosaic’s net sales in 4Q17 were US$2.1 billion. This is compared to US$1.9 billion last year, largely driven by higher realised prices throughout the business. Operating earnings during the quarter were US$127 million, which is up from US$74 million a year ago, driven by higher gross margins in both potash and phosphates.
According to Mosaic, cash flow provided by operating activities in 4Q17 was US$411 million compared to US$323 million in the prior year. Total CAPEX in the quarter was US$230 million. The company’s total cash and cash equivalents, excluding restricted cash, were US$2.2 billion and long-term debt was US$5.2 billion as of 31 December 2017. Subsequent to quarter end, Mosaic used US$1.08 billion in cash to close the acquisition of Vale Fertilizantes and pre-paid US$200 million on an outstanding term loan.
O’Rourke added: “We delivered solid operational performance across our three businesses during the fourth quarter.
“Now that the Vale Fertilizantes acquisition is closed, our focus shifts to delivering the targeted US$275 million of synergies and operational improvements from the combined Brazil businesses. We are confident in our ability to execute and get back to our through-cycle balance sheet targets by the end of 2020.”
Read the article online at: https://www.worldfertilizer.com/phosphates/20022018/mosaic-releases-4q17-and-full-year-2017-results/
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