Fertilizer Maker Mosaic Stock Tumbles as Hurricanes Impact Results | Global News Avenue

Mosaic Company (metal oxide semiconductor) is the largest decliner S&P 500 Index Shares of the fertilizer maker fell more than 8% on Tuesday afternoon after its third-quarter profit and revenue missed expectations as its business was hurt by recent hurricanes. The company also announced the retirement of its treasurer.

mosaic report Earnings per share (EPS) US$0.38, revenue fell 21% year-on-year to US$2.81 billion. Analysts polled by Visible Alpha expected the company to be valued at $0.50 and $3.09 billion, respectively.

Potash fertilizer sales fell 27% to $526 million, with sales volume falling from 2.2 million tons to 2 million tons. Phosphate sales were flat at $1.0 billion, but sales fell to 1.5 million tons from 1.7 million tons. Mosaic fertilizer sales fell 18% to $1.4 billion, with sales falling from 3.1 million tons to 2.9 million tons.

Chief Executive Officer (CEO) Bruce Bodine said the company “recovered quickly from recent weather events and other operational disruptions that impacted our third-quarter results.”

Mosaic CFO to retire at year’s end

mosaic says Chief Financial Officer (CFO) Clint Freeland will retire at the end of this year and will be replaced by Luciano Siani Pires, the former chief financial officer of Brazilian mining company Vale.

Mosaic’s share price has fallen by more than a quarter this year.