PLYMOUTH, Minn., May 4, 2016 /PRNewswire/ -- The Mosaic
Company (NYSE: MOS) today reported first quarter 2016 net earnings
of $257 million, down from
$295 million in the first quarter of
2015. Earnings per diluted share were $0.73 and included a positive impact of
$0.59 from notable items, primarily
related to currency and tax benefits. Mosaic's net sales in the
first quarter of 2016 were $1.7
billion, down from $2.1
billion last year, reflecting lower prices as well as lower
potash sales volumes. Operating earnings during the quarter were
$163 million, down from $319 million a year ago, as the lower net sales
were partially mitigated by lower potash and phosphate production
costs and benefits of continued expense management initiatives.
"We are seeing the benefits of the actions we've taken to
weather this down part of the cycle," said Joc O'Rourke, President and Chief Executive
Officer. "While we expect profitability to improve in the second
half of the year, we are making further adjustments to ensure
Mosaic remains competitive in any environment."
Cash flow provided by operating activities in the first quarter
of 2016 was $266 million compared to
$729 million in the prior year.
Capital expenditures plus investments totaled $274 million in the quarter. Mosaic's total cash
and cash equivalents were $1.1
billion and long-term debt was $3.8
billion as of March 31,
2016. The Company completed a previously announced
$75 million accelerated share
repurchase.
"Mosaic is focused on optimizing cash flow by reducing operating
and support function costs and moderating capital spending," said
Rich Mack, Mosaic's Executive Vice
President and Chief Financial Officer. "At the same time, our
prudent balance sheet management is allowing us to manage
effectively through the bottom of the cycle and seek new
opportunities for future growth."
Phosphates
Phosphates
Results
|
1Q 2016
Actual
|
1Q 2016
Guidance
|
Average DAP Selling
Price
|
$355
|
$350 to
$370
|
Sales
Volume
|
2.2 million
tonnes
|
1.8 to 2.2 million
tonnes
|
Phosphate
Production
|
75% of operational
capacity
|
70 to 80% of
operational capacity
|
"Our phosphate operating earnings were negatively impacted by
lower phosphate prices, as well as our related production
curtailments and the typical lag in realizing the benefits of lower
raw materials costs," O'Rourke said. "We expect conditions to
improve during the second half of 2016, with global phosphate
shipments accelerating and profitability improving."
Net sales in the Phosphates segment were $909 million for the first quarter, down from
$1.2 billion last year, driven
primarily by lower prices of finished product. Gross margin was
$65 million, or seven percent of net
sales, compared to $222 million, or
19 percent of net sales, for the same period a year ago. The
year-over-year change in gross margin rate primarily reflects lower
finished product selling prices, partially offset by lower realized
ammonia and sulfur costs.
The first quarter average DAP selling price, FOB plant, was
$355 per tonne, compared to
$458 per tonne a year ago. Phosphates
segment total sales volumes were 2.2 million tonnes, down from 2.3
million tonnes last year.
Mosaic's North American finished phosphate production was 2.2
million tonnes, or 75 percent of operational capacity, compared to
2.3 million tonnes, or 79 percent, a year ago.
Potash
Potash
Results
|
1Q 2016
Actual
|
1Q 2016
Guidance
|
Average MOP Selling
Price
|
$207
|
$200 to
$230
|
Sales
Volume
|
1.5 million
tonnes
|
1.5 to 1.9 million
tonnes
|
Potash
Production
|
77% of operational
capacity
|
70 to 80% of
operational capacity
|
"The potash market is off to a slow start in 2016 with delayed
buying activity, particularly in China and India. As a result, shipment volumes were at
the low end of our expectations and we operated our facilities at
reduced rates," O'Rourke said. "We expect a more stable operating
environment in the second half of 2016 as global demand drives an
acceleration in shipments, increased operating rates and price
stabilization."
Net sales in the Potash segment totaled $394 million for the first quarter, down from
$653 million last year, driven by
lower average realized prices and lower sales volumes. Gross margin
was $98 million, or $116 million excluding Canadian resource taxes
("CRT"). Gross margin rate, excluding CRT, was 30 percent of
net sales, down from 49 percent in the first quarter of last year.
The year-over-year decrease in gross margin, excluding CRT, was
driven by lower selling prices and volumes. The negative
impact of a lower operating rate was offset by benefits from
foreign currency and cost savings initiatives.
The first quarter average MOP selling price, FOB plant, was
$207 per tonne, down from
$288 per tonne a year ago. The Potash
segment's total sales volumes for the first quarter were 1.5
million tonnes, compared to 2.0 million tonnes a year ago.
Potash production was 2.0 million tonnes, or 77 percent of
operational capacity, down from 2.5 million tonnes, or 93 percent
of operational capacity a year ago, reflecting Mosaic's previously
announced plan to slow production to meet customer
requirements.
International Distribution (ID)
ID
Results
|
1Q 2016
Actual
|
1Q 2016
Guidance
|
Sales
Volume
|
1.3 million
tonnes
|
1.0 to 1.2 million
tonnes
|
Gross Margin per
Tonne
|
$9 per
tonne
|
Around $10 per
tonne
|
Net sales in the International Distribution segment were
$467 million for the first quarter,
up from $439 million last year,
primarily as a result of increased volumes from the acquisition of
a distribution business in Brazil,
partially offset by lower average selling prices. Gross margin was
$12 million, or three percent of net
sales, compared to $21 million, or
five percent of net sales, for the same period a year ago.
The first quarter average selling price was $365 per tonne, compared to $444 per tonne a year ago. International
Distribution segment total sales volumes were 1.3 million tonnes,
up from 1.0 million tonnes last year.
Other
SG&A expenses were $90 million
for the first quarter, down from $100
million last year, largely as a result of a decrease in
accruals for incentive compensation.
The effective tax rate in the quarter was negative. The
provision for income taxes in the first quarter includes a
$64 million discrete tax benefit
relating mostly to the resolution of audit activity, partially
offset by the cost of repatriating cash from certain non-U.S.
subsidiaries. The effective tax rate, excluding discrete items, was
16 percent in the current quarter.
Financial Guidance
"While the outlook for the first half of 2016 is muted, we see
stronger markets and anticipate better results in the second half,"
O'Rourke said. "We expect improved profitability to be driven by
lower raw material costs, combined with an acceleration in shipment
volumes in both phosphate and potash driving up operating rates and
margins. We believe our efforts to lower costs and reduce
capital spending will further enhance our profitability and cash
flow."
Total sales volumes for the Phosphates segment are expected to
range from 2.3 to 2.6 million tonnes for the second quarter of
2016, compared to 2.8 million tonnes last year. Mosaic's realized
DAP price, FOB plant, is estimated to range from $335 to $355 per tonne for the second quarter of
2016. The segment gross margin rate in the second quarter is
estimated to be around 10 percent, and the operating rate is
expected to be approximately 80 percent.
Total sales volumes for the Potash segment are expected to range
from 1.9 to 2.2 million tonnes for the second quarter of 2016,
compared to 2.3 million tonnes last year. Mosaic's realized MOP
price, FOB plant, is estimated to range from $180 to $200 per tonne. Mosaic's gross margin
rate in the segment is expected to be in the mid-to-high teens,
excluding CRT. The operating rate is expected to around 70
percent.
Total sales volumes for the International Distribution segment
are expected to range from 1.4 to 1.6 million tonnes for the second
quarter of 2016, compared to 1.5 million tonnes last year. The
segment gross margin is estimated to be in the low single dollar
per tonne range.
For calendar year 2016, Mosaic lowered its guidance as
follows:
- SG&A expense range to $340 to $360
million, down from $350 to $370
million.
- Capital expenditures range to $800 to
$900 million, down from $0.9 to $1.1
billion. Expectations for equity investments in the
Ma'aden Wa'ad Al Shamal Phosphate Company are $220 million, down from the $300 million previously expected.
- Phosphates sales volumes range to 9 to 9.75 million tonnes,
down from a range of 9 to 10 million tonnes.
- Potash sales volumes range to 7.5 to 8.0 million tonnes, down
from a range of 7.5 to 8.5 million tonnes.
All other full year 2016 guidance remains unchanged:
- Canadian resource taxes are expected to range from 21 to 25
percent of Potash gross margin excluding CRT.
- Brine management costs to range from $160 to $180 million.
- The effective tax rate to be in the upper teens.
- International Distribution sales volumes in the range of 6 to 7
million tonnes.
About The Mosaic Company
The Mosaic Company is one of the world's leading producers and
marketers of concentrated phosphate and potash crop nutrients.
Mosaic is a single source provider of phosphate and potash
fertilizers and feed ingredients for the global agriculture
industry. More information on the Company is available at
www.mosaicco.com.
Mosaic will conduct a conference call on Wednesday, May 4, 2016, at 8:30 a.m. EST to discuss first quarter 2016
earnings results as well as global markets and trends. Presentation
slides and a simultaneous webcast of the conference call may be
accessed through Mosaic's website at www.mosaicco.com/investors.
This webcast will be available up to one year from the time of the
earnings call.
This document contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements include, but are not limited to, statements about
the Wa'ad Al Shamal Phosphate Company (also known as MWSPC) and
other proposed or pending future transactions or strategic plans
and other statements about future financial and operating results.
Such statements are based upon the current beliefs and expectations
of The Mosaic Company's management and are subject to significant
risks and uncertainties. These risks and uncertainties include but
are not limited to risks and uncertainties arising from the ability
of MWSPC to obtain additional planned funding in acceptable
amounts and upon acceptable terms, the timely development and
commencement of operations of production facilities in the
Kingdom of Saudi Arabia, the
future success of current plans for MWSPC and any future
changes in those plans; difficulties with realization of the
benefits of our long term natural gas based pricing ammonia supply
agreement with CF Industries, Inc., including the risk that
the cost savings initially anticipated from the agreement may not
be fully realized over its term or that the price of natural gas or
ammonia during the term are at levels at which the pricing is
disadvantageous to Mosaic; customer defaults; the effects of
Mosaic's decisions to exit business operations or locations; the
predictability and volatility of, and customer expectations about,
agriculture, fertilizer, raw material, energy and transportation
markets that are subject to competitive and other pressures and
economic and credit market conditions; the level of inventories in
the distribution channels for crop nutrients; the effect of future
product innovations or development of new technologies on demand
for our products; changes in foreign currency and exchange rates;
international trade risks and other risks associated with Mosaic's
international operations and those of joint ventures in which
Mosaic participates, including the risk that protests against
natural resource companies in Peru
extend to or impact the Miski Mayo mine; changes in government
policy; changes in environmental and other governmental regulation,
including expansion of the types and extent of water resources
regulated under federal law, greenhouse gas regulation,
implementation of numeric water quality standards for the discharge
of nutrients into Florida
waterways or efforts to reduce the flow of excess nutrients into
the Mississippi River basin, the Gulf of
Mexico or elsewhere; further developments in judicial or
administrative proceedings, or complaints that Mosaic's operations
are adversely impacting nearby farms, business operations or
properties; difficulties or delays in receiving, increased costs of
or challenges to necessary governmental permits or approvals or
increased financial assurance requirements; resolution of global
tax audit activity; the effectiveness of Mosaic's processes for
managing its strategic priorities; adverse weather conditions
affecting operations in Central
Florida, the Mississippi River basin, the Gulf Coast of
the United States or Canada, and including potential hurricanes,
excess heat, cold, snow, rainfall or drought; actual costs of
various items differing from management's current estimates,
including, among others, asset retirement, environmental
remediation, reclamation or other environmental regulation,
Canadian resources taxes and royalties, or the costs of the MWSPC,
its existing or future funding and Mosaic's commitments in support
of such funding; reduction of Mosaic's available cash and
liquidity, and increased leverage, due to its use of cash and/or
available debt capacity to fund financial assurance requirements
and strategic investments; brine inflows at Mosaic's Esterhazy, Saskatchewan, potash mine or other
potash shaft mines; other accidents and disruptions involving
Mosaic's operations, including potential mine fires, floods,
explosions, seismic events or releases of hazardous or volatile
chemicals; and risks associated with cyber security, including
reputational loss, as well as other risks and uncertainties
reported from time to time in The Mosaic Company's reports filed
with the Securities and Exchange Commission. Actual results may
differ from those set forth in the forward-looking
statements.
For the three months ended March 31, 2016, the Company
reported the following notable items which, combined, positively
impacted earnings per share by $0.59:
|
|
|
|
|
|
Amount
|
|
Tax
effect
|
|
EPS impact
|
Description
|
|
Segment
|
|
Line
item
|
|
(in millions)
|
|
(in millions)
|
|
(per share)
|
Foreign currency
transaction gain
|
|
Consolidated
|
|
Foreign currency
transaction gain
|
|
$
|
88
|
|
|
$
|
(14)
|
|
|
$
|
0.21
|
|
Unrealized gain on
derivatives
|
|
Corporate &
Other
|
|
Cost of goods
sold
|
|
53
|
|
|
(8)
|
|
|
0.13
|
|
Carlsbad insurance
proceeds
|
|
Potash
|
|
Other operating
income (expense)
|
|
28
|
|
|
(4)
|
|
|
0.07
|
|
Discrete tax
items
|
|
Consolidated
|
|
Benefit from income
taxes
|
|
—
|
|
|
64
|
|
|
0.18
|
|
Total Notable
Items
|
|
|
|
|
|
$
|
169
|
|
|
$
|
38
|
|
|
$
|
0.59
|
|
For the three months ended March 31, 2015, the Company
reported the following notable items which, combined, positively
impacted earnings per share by $0.10:
|
|
|
|
|
|
Amount
|
|
Tax effect
|
|
EPS impact
|
Description
|
|
Segment
|
|
Line
item
|
|
(in millions)
|
|
(in millions)
|
|
(per
share)
|
Foreign currency
transaction gain
|
|
Consolidated
|
|
Foreign currency
transaction gain
|
|
$
|
45
|
|
|
$
|
(8)
|
|
|
$
|
0.09
|
|
Unrealized (loss) on
derivatives
|
|
Corporate &
Other
|
|
Cost of goods
sold
|
|
(38)
|
|
|
7
|
|
|
(0.08)
|
|
Discrete tax
items
|
|
Consolidated
|
|
Benefit from income
taxes
|
|
—
|
|
|
28
|
|
|
0.08
|
|
Sales tax
refund
|
|
Phosphates
|
|
Other operating
income (expense)
|
|
8
|
|
|
(1)
|
|
|
0.02
|
|
Remediation of a
pre-combination environmental matter
|
|
Phosphates
|
|
Other
expense
|
|
(6)
|
|
|
1
|
|
|
(0.01)
|
|
Total Notable
Items
|
|
|
|
|
|
$
|
9
|
|
|
$
|
27
|
|
|
$
|
0.10
|
|
Condensed
Consolidated Statements of Earnings
(in millions,
except per share amounts)
|
|
The Mosaic
Company
|
|
(unaudited)
|
|
|
|
Three months
ended
March
31,
|
|
|
2016
|
|
2015
|
Net sales
|
|
$
|
1,674.0
|
|
|
$
|
2,139.1
|
|
Cost of goods
sold
|
|
1,437.3
|
|
|
1,719.9
|
|
Gross
margin
|
|
236.7
|
|
|
419.2
|
|
Selling, general and
administrative expenses
|
|
89.8
|
|
|
100.4
|
|
Other operating
(income) expense
|
|
(16.5)
|
|
|
0.3
|
|
Operating
earnings
|
|
163.4
|
|
|
318.5
|
|
Interest expense,
net
|
|
(26.1)
|
|
|
(31.3)
|
|
Foreign currency
transaction gain
|
|
87.8
|
|
|
45.1
|
|
Other income
(expense)
|
|
0.6
|
|
|
(5.6)
|
|
Earnings from
consolidated companies before income taxes
|
|
225.7
|
|
|
326.7
|
|
(Benefit from)
provision for income taxes
|
|
(28.7)
|
|
|
30.7
|
|
Earnings from
consolidated companies
|
|
254.4
|
|
|
296.0
|
|
Equity in net
earnings (loss) of nonconsolidated companies
|
|
2.5
|
|
|
(1.4)
|
|
Net earnings
including noncontrolling interests
|
|
256.9
|
|
|
294.6
|
|
Less: Net earnings
(loss) attributable to noncontrolling interests
|
|
0.1
|
|
|
(0.2)
|
|
Net earnings
attributable to Mosaic
|
|
$
|
256.8
|
|
|
$
|
294.8
|
|
Diluted net earnings
per share attributable to Mosaic
|
|
$
|
0.73
|
|
|
$
|
0.80
|
|
Diluted weighted
average number of shares outstanding
|
|
353.2
|
|
|
367.9
|
|
Condensed
Consolidated Balance Sheets
(in millions,
except per share amounts)
|
|
The Mosaic
Company
|
|
|
|
(unaudited)
|
|
|
|
March 31,
2016
|
|
December 31,
2015
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,057.7
|
|
|
$
|
1,276.3
|
|
Receivables,
net
|
|
677.2
|
|
|
675.0
|
|
Inventories
|
|
1,566.0
|
|
|
1,563.5
|
|
Other current
assets
|
|
656.2
|
|
|
628.6
|
|
Total current
assets
|
|
3,957.1
|
|
|
4,143.4
|
|
Property, plant and
equipment, net
|
|
9,020.4
|
|
|
8,721.0
|
|
Investments in
nonconsolidated companies
|
|
973.7
|
|
|
980.5
|
|
Goodwill
|
|
1,661.1
|
|
|
1,595.3
|
|
Deferred income
taxes
|
|
697.6
|
|
|
691.9
|
|
Other
assets
|
|
1,317.2
|
|
|
1,257.4
|
|
Total
assets
|
|
$
|
17,627.1
|
|
|
$
|
17,389.5
|
|
Liabilities and
Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Short-term
debt
|
|
$
|
41.8
|
|
|
$
|
25.5
|
|
Current maturities of
long-term debt
|
|
42.0
|
|
|
41.7
|
|
Structured accounts
payable arrangements
|
|
354.2
|
|
|
481.7
|
|
Accounts
payable
|
|
517.7
|
|
|
520.6
|
|
Accrued
liabilities
|
|
858.6
|
|
|
977.5
|
|
Total current
liabilities
|
|
1,814.3
|
|
|
2,047.0
|
|
Long-term debt, less
current maturities
|
|
3,774.0
|
|
|
3,769.5
|
|
Deferred income
taxes
|
|
1,065.9
|
|
|
977.4
|
|
Other noncurrent
liabilities
|
|
941.9
|
|
|
1,030.6
|
|
Equity:
|
|
|
|
|
Preferred Stock,
$0.01 par value, 15,000,000 shares authorized, none issued and
outstanding as of March 31, 2016 and December 31, 2015
|
|
—
|
|
|
—
|
|
Class A Common Stock,
$0.01 par value, 177,027,941 shares authorized, none issued and
outstanding as of March 31, 2016, 194,203,987 shares authorized,
none issued and outstanding as of December 31, 2015
|
|
—
|
|
|
—
|
|
Class B Common Stock,
$0.01 par value, 87,008,602 shares authorized, none issued and
outstanding as of March 31, 2016 and December 31, 2015
|
|
—
|
|
|
—
|
|
Common Stock, $0.01
par value, 1,000,000,000 shares authorized, 387,746,426 shares
issued and 349,797,577 shares outstanding as of March 31, 2016,
387,697,547 shares issued and 352,515,256 shares outstanding as of
December 31, 2015
|
|
3.5
|
|
|
3.5
|
|
Capital in excess of
par value
|
|
12.8
|
|
|
6.4
|
|
Retained
earnings
|
|
11,206.1
|
|
|
11,014.8
|
|
Accumulated other
comprehensive income (loss)
|
|
(1,225.6)
|
|
|
(1,492.9)
|
|
Total Mosaic
stockholders' equity
|
|
9,996.8
|
|
|
9,531.8
|
|
Noncontrolling
interests
|
|
34.2
|
|
|
33.2
|
|
Total
equity
|
|
10,031.0
|
|
|
9,565.0
|
|
Total liabilities and
equity
|
|
$
|
17,627.1
|
|
|
$
|
17,389.5
|
|
Condensed
Consolidated Statements of Cash Flows
(in millions,
except per share amounts)
|
|
The Mosaic
Company
|
|
(unaudited)
|
|
|
|
Three months
ended
March 31,
|
|
|
2016
|
|
2015
|
Cash Flows from
Operating Activities:
|
|
|
|
Net cash provided by
operating activities
|
|
$
|
265.9
|
|
|
$
|
728.9
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
Capital
expenditures
|
|
(235.6)
|
|
|
(229.5)
|
|
Proceeds from
adjustment to acquisition of business
|
|
—
|
|
|
47.9
|
|
Investments in
nonconsolidated companies
|
|
—
|
|
|
(3.0)
|
|
Investments in
affiliate
|
|
(38.5)
|
|
|
—
|
|
Other
|
|
0.2
|
|
|
1.7
|
|
Net cash used in
investing activities
|
|
(273.9)
|
|
|
(182.9)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
Payments of
short-term debt
|
|
(74.1)
|
|
|
(32.7)
|
|
Proceeds from
issuance of short-term debt
|
|
90.2
|
|
|
29.4
|
|
Payments of
structured accounts payable arrangements
|
|
(224.3)
|
|
|
(146.6)
|
|
Proceeds from
structured accounts payable arrangements
|
|
95.8
|
|
|
73.2
|
|
Payments of long-term
debt
|
|
(1.2)
|
|
|
(0.6)
|
|
Proceeds from
settlement of swaps
|
|
4.2
|
|
|
—
|
|
Proceeds from stock
option exercises
|
|
0.8
|
|
|
2.9
|
|
Repurchases of
stock
|
|
(75.0)
|
|
|
(134.4)
|
|
Cash dividends
paid
|
|
(96.2)
|
|
|
(91.4)
|
|
Other
|
|
(0.2)
|
|
|
(0.2)
|
|
Net cash used in
financing activities
|
|
(280.0)
|
|
|
(300.4)
|
|
Effect of exchange
rate changes on cash
|
|
69.4
|
|
|
(102.8)
|
|
Net change in cash
and cash equivalents
|
|
(218.6)
|
|
|
142.8
|
|
Cash and cash
equivalents - beginning of period
|
|
1,276.3
|
|
|
2,374.6
|
|
Cash and cash
equivalents - end of period
|
|
$
|
1,057.7
|
|
|
$
|
2,517.4
|
|
Use of Non-GAAP Financial
Measures
In addition to financial measures prepared in accordance with
U.S. generally accepted accounting principles
("GAAP"), the Company has presented gross margin
excluding Canadian resource taxes ("CRT") for Potash
and adjusted diluted earnings per share, each of which is a
non-GAAP financial measure. Generally, a non-GAAP financial
measure is a supplemental numerical measure of a company's
performance, financial position or cash flows that either excludes
or includes amounts that are not normally excluded or included in
the most directly comparable measure calculated and presented in
accordance with GAAP. Neither gross margin, excluding CRT nor
adjusted diluted earnings per share, is a measure of financial
performance under GAAP. Because not all companies use identical
calculations, investors should consider that Mosaic's calculations
may not be comparable to other similarly titled measures presented
by other companies. Gross margin, excluding CRT and adjusted
diluted earnings per share, should not be considered as substitutes
for, or superior to, measures of financial performance prepared in
accordance with GAAP.
Gross margin, excluding CRT, provides a measure that the Company
believes enhances the reader's ability to compare the Company's
gross margin with that of other companies which incur CRT expense
and classify it in a manner different than the Company in their
statement of earnings. Because securities analysts, investors,
lenders and others use gross margin, excluding CRT, the Company's
management believes that Mosaic's presentation of gross margin
excluding CRT for Potash affords them greater transparency in
assessing Mosaic's financial performance against competitors.
Management believes that adjusted diluted earnings per share
provides securities analysts, investors and others, in addition to
management, with useful supplemental information regarding our
performance by excluding certain items that may not be indicative
of or are unrelated to our core operating results. Management
utilizes adjusted diluted earnings per share in analyzing and
assessing the Company's overall performance, for financial and
operating decision-making, and to forecast and plan for the future
periods. Adjusted diluted earnings per share also assists our
management in comparing our and our competitors' operating
results.
Potash Gross
Margin, Excluding Resource Taxes Calculation
|
|
|
|
Three months
ended
March 31,
|
|
|
2016
|
|
2015
|
Sales
|
|
$
|
394.2
|
|
|
$
|
652.8
|
|
Gross
margin
|
|
98.2
|
|
|
241.9
|
|
Gross margin
percentage
|
|
24.9
|
%
|
|
37.1
|
%
|
Canadian resource
taxes
|
|
18.3
|
|
|
78.1
|
|
Gross margin,
excluding Canadian resource taxes (CRT)
|
|
$
|
116.5
|
|
|
$
|
320.0
|
|
Gross margin
percentage, excluding CRT
|
|
29.6
|
%
|
|
49.0
|
%
|
Reconciliation of
Adjusted Diluted Earnings Per Share
|
|
|
Three months
ended
March 31,
|
|
2016
|
|
2015
|
|
|
|
|
Diluted earnings
per share, as reported
|
$
|
0.73
|
|
|
$
|
0.80
|
|
|
|
|
|
Items included in
earnings per share:
|
|
|
|
Foreign currency
transaction (gain)
|
(0.21)
|
|
|
(0.09)
|
|
Unrealized (gain)
loss on derivatives
|
(0.13)
|
|
|
0.08
|
|
Carlsbad insurance
proceeds
|
(0.07)
|
|
|
—
|
|
Discrete tax
items
|
(0.18)
|
|
|
(0.08)
|
|
Sales tax
refund
|
—
|
|
|
(0.02)
|
|
Remediation of a
pre-combination environmental matter
|
—
|
|
|
0.01
|
|
|
|
|
|
Adjusted diluted
earnings per share
|
$
|
0.14
|
|
|
$
|
0.70
|
|
Earnings Per Share
Calculation
|
|
|
|
Three months
ended
March 31,
|
|
|
2016
|
|
2015
|
Net earnings
attributable to Mosaic
|
|
$
|
256.8
|
|
|
$
|
294.8
|
|
Basic weighted
average number of shares outstanding
|
|
351.3
|
|
|
366.0
|
|
Dilutive impact of
share-based awards
|
|
1.9
|
|
|
1.9
|
|
Diluted weighted
average number of shares outstanding
|
|
353.2
|
|
|
367.9
|
|
Basic net earnings
per share attributable to Mosaic
|
|
$
|
0.73
|
|
|
$
|
0.81
|
|
Diluted net earnings
per share attributable to Mosaic
|
|
$
|
0.73
|
|
|
$
|
0.80
|
|
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SOURCE The Mosaic Company