The Mosaic Company reports Q324 results

The company also announced today that Clint Freeland intends to retire from his role as Executive Vice President and Chief Financial Officer. Luciano Siani Pires will join Mosaic as CFO designate effective November 18, 2024 and will succeed Mr. Freeland as Executive Vice President and Chief Financial Officer on January 1, 2025. Mr. Freeland will continue as a senior advisor until July 1, 2025.

Mr. Siani Pires formerly served on the Mosaic Board of Directors and was previously Chief Financial Officer at Vale S.A., a global mining company, where he was most recently Executive Vice President of Strategy and Business Transformation. He intends to relocate to the Tampa area from Rio de Janeiro, Brazil, in the coming months.

“Clint has been an outstanding CFO for Mosaic, and he leaves the company in excellent financial condition. We wish him all the best,” Bodine said. “My colleagues on the Mosaic Board of Directors and I have every faith that Luciano, whom we know well from his years of exemplary board service, will drive further success as we pursue shareholder value creation.”

Q324 results highlights:

• Third quarter revenues totalled US$2.8 billion, down 21% from the year ago period, primarily reflecting the impact of lower selling prices. The gross margin rate in Q3 was 15 percent, up from 12% in the year ago period.
• Net income in Q3 totalled US$122 million, compared with a net loss of US$4 million in the year ago period.
• Current period results reflected the after-tax impact of notable items totalling US$15 million. Adjusted EBITDA totaled US$448 million, compared with US$594 million in Q323. Q3 cash from operating activities totalled US$313 million compared to US$647 million in the year-ago period.
• Potash operating earnings were US$109 million in Q3, compared to US$200 million in the year ago period. Adjusted EBITDA totalled US$180 million, compared to US$267 million in the same period last year, reflecting the impact of lower selling prices and lower sales volumes. Potash operations have returned to full capacity after the electrical issues at Esterhazy and Colonsay, which reduced Q3 production volumes by approximately 250 000 t and impacts sales volumes during the quarter.
• Phosphate operating earnings were US$8 million in Q3, compared to a loss of US$58 million in the prior year period. Adjusted EBITDA totalled US$265 million, compared to US$201 million in Q323, reflecting higher average selling prices, partially offset by lower sales volumes resulting from weather events.
• Mosaic Fertilizantes reported operating earnings of US$56 million in Q3, compared with US$77 million in the prior year period. Adjusted EBITDA totaled US$83 million during the quarter, decreasing from US$147 million in Q323, primarily driven by a US$32 million bad debt reserve and higher than normal legal reserves. A majority of the bad debt reserve is expected to be recovered through credit insurance in the future.

   

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