Fertilizer Maker Mosaic Slashes Dividend Amid 14% Slide in Sales
February 07 2017 - 9:29AM
Dow Jones News
By Joshua Jamerson
Fertilizer maker Mosaic Co. slashed its dividend Tuesday as it
reported sliding sales and profit, hurt by lower phosphate and
potash prices.
The company announced a reduction in its targeted annual
dividend to 60 cents a share from $1.10 a share. Joc O'Rourke,
Mosaic's chief executive, said that "while we are confident the
market bottom is behind us, the pace of improvement is expected to
be gradual."
Shares dipped 0.9% to $31.75 in premarket trading.
The company said net sales in the phosphates segment were $896
million for the fourth quarter, down from $1 billion last year.
Potash segment sales came in at $407 million, down from $572
million last year.
Over all, Mosaic reported net income of $12 million, or 3 cents
a share, compared with $155 million, or 44 cents a share, in the
year-ago period. Excluding special items that shaved 23 cents a
share, the company lost 20 cents a share.
Sales fell 14% to $1.86 billion. Analysts polled by FactSet
anticipated 13 cents in per-share earnings on $1.8 billion in
revenue.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
February 07, 2017 09:14 ET (14:14 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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