The company said net income for the 3-month period ended March 31, 2024 was $45.2 million, or $0.14 per diluted share, compared with $434.8 million ($1.28) a year earlier. Net sales fell 26%, and foreign currency transaction losses totaled $100.3 million.

1. 01

   The company said net income for the 3-month period ended March 31, 2024 was $45.2 million, or $0.14 per diluted share, compared with $434.8 million ($1.28) a year earlier. Net sales fell 26%, and foreign currency transaction losses totaled $100.3 million.

2. 02

   Mosaic said Potash segment net sales fell to $643.1 million from $906.6 million a year earlier, and its average selling price was $297 per tonne, down from $475 a year earlier. Sales volume rose to 2.2 million tonnes, and gross margin decreased to $211.7 million from $413.3 million a year earlier.

3. 03

   The company said Phosphate segment gross margin fell to $159.4 million from $259.3 million a year earlier. It cited lower selling prices and sales volumes, as well as costs related to the timing of maintenance, as factors, and said a decline in raw material costs offset about $130 million of the impact.

4. 04

   The company said net cash used in operating activities was $80.0 million in Q1 2024, and that it spent $383.0 million on capital expenditures. It said it paid $108.4 million for share repurchases and $69.7 million in dividends over the same period.

Key figures

Quarter ended March 31, 2024

Revenue

$2.7B

Operating income

$173M

Net income

$45M

EPS

$0.14

Gross profit

$399M

Operating cash flow

−$80M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.