Mosaic Cuts Production Outlook
September 21 2015 - 5:31PM
Dow Jones News
By Tess Stynes
Mosaic Co. (MOS) cut its third-quarter production outlook and
will extend maintenance downtime at its Colonsay mine in Canada as
part of efforts to slow production to reflect softer demand, which
is mostly related to delayed fertilizer purchases in Brazil and
North America.
The company, one of the world's biggest fertilizer makers, said
that since its guidance in early August international and domestic
fertilizer markets have softened, including lower-than-expected
volume and weaker prices.
Mosaic expects volume for phosphate, a key product, will come in
at the lower end of the company's previous guidance for 2.1 million
tons to 2.4 million tons, though average selling prices are
projected in the upper half of its previous view for between $435 a
ton and $455 a ton.
The company also sees potash volume in the lower half of its
previous guidance for 1.6 million tons to 2 million tons, while
average selling prices also are expected in the bottom half of its
prior estimate for between $260 a ton and $280 a ton.
Mosaic in August reported its second-quarter earnings rose 57%,
boosted by cost controls and higher sales of phosphates.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 21, 2015 17:16 ET (21:16 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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