Mosaic beats first-quarter profit estimates on South America business strength
Fertilizer producer Mosaic beat Wall Street expectations for first-quarter profit on Tuesday, driven by strength in its South America business.
Shares of the company rose more than 2% after the bell.
The results come as the agrichemical industry braces for the potential fallout from US President Donald Trump's sweeping tariffs on most imports.
However, Mosaic expects agriculture and fertilizer markets to remain robust despite global trade uncertainties.
The company raised its potash production forecast for the current year, as it expects that improved demand will push prices higher.
It now forecasts potash production to range between 9 million tonnes and 9.4 million tonnes in 2025, compared to its previous projection of 8.7 million tonnes to 9.1 million tonnes.
The company is also banking on rising demand in Brazil, where crop prices are experiencing a surge due to strong demand for domestic consumption and exports.
In 2024, Brazil represented almost 40% of Mosaic's total revenue, according to data compiled by LSEG.
Production cost improvements helped boost adjusted core profit at Mosaic's South America fertilizer segment to $122-million in the first quarter, up from $83-million a year earlier.
The segment also benefited from a modest increase in sales volumes, reporting net sales of $934 million in the quarter, compared to $886-million the previous year.
First-quarter results were, however, partially offset by weakness in potash and phosphate segments, where lower selling prices and turnaround activities at some facilities resulted in decreased sales.
The Tampa, Florida-based company reported adjusted earnings of 49 cents per share for the quarter ended March 31, compared with analysts' average estimate of 45 cents per share.
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