Raises Full-Year Adjusted EBITDA and EPS
Guidance
The Mosaic Company (NYSE: MOS) today reported third quarter 2018
net earnings of $247 million. Adjusted EBITDA(1) during the quarter
was $606 million, up sequentially and year-over-year. Third quarter
diluted earnings per share (EPS) were $0.64, which included a
negative impact of $0.11 per share from notable items, primarily
related to discrete tax items and costs associated with the Vale
Fertilizantes acquisition. Adjusted EPS(1) during the third quarter
of 2018 was $0.75, ahead of last year and the second quarter of
2018.
Year-to-date net earnings were $358 million, and adjusted
EBITDA(1) was $1.4 billion, up 71 percent compared to the same
period in 2017. Diluted EPS for the first nine months of 2018 was
$0.93, or $1.35 excluding notable items, an increase of 78 percent
year-over-year. Growth in adjusted EBITDA(1) and EPS(1) reflected
enhanced operational leverage across the business, the impact of
the acquisition, integration and transformation in the Mosaic
Fertilizantes segment, as well as improved market conditions.
Highlights:
- Guiding to full-year adjusted EBITDA(1)
in the range of $1.90 to $2.00 billion, up from the previously
increased $1.80 to $1.95 billion range.
- Raising full-year adjusted EPS(1)
guidance to $1.80 to $2.00, from $1.45 to $1.80, due to strong
underlying business performance and lowered expected full-year
effective tax rate.
- Delivered on Mosaic Fertilizantes
synergy targets with $128 million in gross realized synergies
year-to-date, or $102 million net of costs to achieve them. Raised
full year 2018 net synergy target to $140 to $160 million, and
expect to achieve the full $275 million target ahead of
schedule.
- Completed the commitment to repay $700
million of long-term debt, two years ahead of the initial 2020
target, resulting in the Company meeting its through-cycle leverage
targets.
(1) See “Non-GAAP Financial Measures” for additional information
and reconciliation.
“We saw strong fundamentals in the third quarter, and that
momentum is continuing,” said Joc O’Rourke, President and Chief
Executive Officer. “We’ve increased our full year earnings guidance
to reflect strong operational performance across business units, as
well as improving market conditions. Our excellent progress on the
transformational initiatives at Mosaic Fertilizantes is delivering
tangible results to the bottom line.”
Mosaic’s net sales in the third quarter of 2018 were $2.9
billion, compared to $2.0 billion last year, primarily driven by
the acquisition of Vale Fertilizantes and higher average sales
prices in all three operating segments. Operating earnings during
the quarter were $393 million, up from $214 million a year ago,
driven by higher gross margins in all segments.
Cash flow from operating activities in the third quarter of 2018
was $524 million compared to $136 million in the prior year.
Capital expenditures totaled $241 million in the quarter. The
Company completed $400 million of debt retirement in the quarter,
$200 million of which was previously announced. Mosaic’s total cash
and cash equivalents, excluding restricted cash, were $1.0 billion,
largely unchanged from a quarter ago, despite debt retirement.
Long-term debt was $4.6 billion as of September 30, 2018.
“Mosaic has fulfilled our commitment to pay down $700 million of
debt by 2020,” said Joc O’Rourke. “Our lower debt levels and
stronger earnings outlook bring Mosaic’s balance sheet closer to
our through-cycle targets. As we look ahead, our capital priorities
remain unchanged: maintain a strong balance sheet and sustain our
assets to ensure reliability and the safety of our people, and
maintain a balanced approach to investing to grow the business and
returning capital to shareholders.”
Phosphates Results* 3Q 2018
2Q 2018 3Q 2017
Sales Volumes million tonnes 2.2 2.3 2.1 Gross Margin
(GAAP) per tonne $80 $67 $32 Adjusted Gross Margin
(non-GAAP) per tonne(1) $80 $70 $32
*Tonnes = finished product tonnes(1) See “Non-GAAP Financial
Measures” for additional information and reconciliation.
Net sales in the Phosphates segment were $1.0 billion for the
third quarter, up from $779 million last year, driven by higher
average sales prices and higher sales volumes. Gross margin was
$180 million for the third quarter compared to $67 million for the
same period a year ago. The increase in the third quarter gross
margin was primarily driven by higher average sales prices and
operational improvements that lowered controllable operating costs
in the segment. Last year’s period sales volumes and gross margin
included a negative impact from Hurricane Irma of 220,000 tonnes
and $26 million respectively. The current year period reflects the
impact of the Plant City idling.
Potash Results 3Q 2018
2Q 2018 3Q 2017
Sales Volumes million tonnes 2.4 2.4 2.2 Gross Margin (GAAP)
per tonne $66 $56 $44 Adjusted Gross Margin (non-GAAP) per
tonne(1) $66 $58 $49
(1) See “Non-GAAP Financial Measures” for additional information
and reconciliation.
Net sales in the Potash segment totaled $609 million for the
third quarter, up from $474 million last year, driven by both
higher average sales prices and higher sales volumes. Gross margin
was $161 million for the third quarter compared to $99 million for
the same period a year ago.
The improvement in gross margin was primarily driven by higher
average sales prices, partially offset by timing of turn-around
activities. MOP cash costs, including brine management costs, were
$79 per tonne. Excluding the 2017 impact related to the resolution
of a royalty matter with the government of Saskatchewan, MOP cash
costs of production were essentially flat to last year’s levels,
despite a lower operating rate due to the timing of planned
maintenance turn-arounds in the current quarter.
Mosaic Fertilizantes Results* 3Q 2018
2Q 2018 3Q
2017 Sales Volumes million tonnes 3.6 1.8 2.2
Gross Margin (GAAP) per tonne $42 $29 $24 Adjusted Gross
Margin (non GAAP) per tonne(1) $42 $29 $24
*Tonnes = finished product tonnes(1) See “Non-GAAP Financial
Measures” for additional information and reconciliation.
Net sales in the Mosaic Fertilizantes segment were $1.4 billion
for the third quarter, up from $806 million last year. Gross margin
was $152 million, compared to $52 million for the same period a
year ago. The year-over-year increase in gross margin was primarily
driven by the acquisition of Vale Fertilizantes, as well higher
margins in the legacy distribution business.
Mosaic Fertilizantes achieved $128 million in gross synergies
year-to-date, or $102 million net of costs to achieve them. For the
full year 2018, Mosaic expects $140 to $160 million of net
synergies and expects to achieve its $275 million target well ahead
of schedule.
Other
Selling, General and Administrative (SG&A) expenses were $79
million for the third quarter, up from $66 million last year,
primarily as a result of a larger business in Brazil and higher
incentive compensation.
While the reported tax rate during the third quarter of 2018 was
26 percent, excluding discrete items the calculated GAAP effective
tax rate was 19 percent. Mosaic expects to pay minimal cash income
taxes in 2018. Mosaic believes there may be continued volatility in
its effective tax rate due to changing interpretations of the new
tax laws and changes in valuation allowances, but currently expects
the 2018 effective tax rate, excluding discrete items, to be around
20 percent.
Financial Guidance
“While we continue to monitor several risk factors, we are
optimistic about the outlook for our businesses,” O’Rourke said.
“Accelerated Mosaic Fertilizantes synergy capture, continued
ramp-up of the Esterhazy K3 mine and improving market fundamentals
put Mosaic in an excellent position to create sustainable
shareholder value over the long term.”
Mosaic has updated earnings guidance ranges:
$ in
billions except per share 2018 Guidance
Reported YTD 9/30/2018 Adjusted
EBITDA(1) $1.9 - $2.0 $1.439
Adjusted earnings per share(1) $1.80 - $2.00
$1.35 Capital Expenditures $0.9 - $1.1
$.665
(1) See “Non-GAAP Financial Measures” for additional information
and reconciliation.
Assumptions embedded in the full-year guidance include:
In
Millions* Full-Year 2018 Assumptions
Reported YTD 9/30/2018 Potash tonnes
sold** 8.6 – 9.0 6.5 Phosphates
tonnes sold 8.2 - 8.5 6.5 Mosaic
Fertilizantes tonnes sold 8.9 – 9.2
7.0 SG&A Expenses $325 - $350
$252
*Tonnes = finished product tonnes** Full-year sales volume
reflects ~400,000 tonne reduction from Canpotex’ change in revenue
recognition.
For the fourth quarter of 2018, Mosaic expects:
Sales Volumes
Adjusted Gross Margin(1)
millions of tonnes*
Potash 2.2 – 2.5
$80 – $90 per tonne Phosphates 1.7 – 2.0
$65 – $75 per tonne Mosaic Fertilizantes
1.9 – 2.2 $35 – $45 per tonne Corporate
and Other $0 – $15
million
*Tonnes = finished product tonnes(1) See “Non-GAAP Financial
Measures” for additional information and reconciliation.
The Company’s forecasts assume continued strong market
conditions in potash, as well as high operating rates at the three
Canadian mines. Phosphates segment outlook reflects underlying
firmness in supply and demand dynamics and normal year-end
seasonality. In the Mosaic Fertilizantes segment, the Company
expects the impacts of the higher average realized selling prices
to be partially offset by the recent strengthening of the Brazilian
Real relative to the U.S. Dollar. In addition to synergy capture
progress, Mosaic continues to integrate production and distribution
assets to optimize revenues, both of which are expected to benefit
margins in the fourth quarter.
Risks and factors that could impact fourth quarter results are
primarily related to foreign currency fluctuations. Risks also
include second crop planting intentions in Brazil and logistics
related disruptions in potash.
The Company is not providing forward looking guidance for U.S.
GAAP reported earnings per diluted share or a quantitative
reconciliation of forward-looking adjusted earnings per diluted
share of non-GAAP adjusted EBITDA. Please see "Non-GAAP Financial
Measures" for additional information. EPS guidance is based on
preliminary estimates of asset values and depreciation for the
acquired Vale Fertilizantes business which are expected to be
finalized during 2018.
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 Tuesday, November 6,
2018, at 9:00 a.m. Eastern Time to discuss third quarter 2018
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 release 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 anticipated benefits and synergies of our acquisition of the
global phosphate and potash operations of Vale S.A. previously
conducted through Vale Fertilizantes S.A. (which, when combined
with our legacy distribution business in Brazil, is now known as
Mosaic Fertilizantes) (the “Transaction”), 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: difficulties with realization of the benefits and
synergies of the Transaction, including the risks that the acquired
business may not be integrated successfully or that the anticipated
synergies or cost or capital expenditure savings from the
Transaction may not be fully realized or may take longer to realize
than expected, including because of political and economic
instability in Brazil or changes in government policy in Brazil
such as costs associated with the new freight tables; 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 performance of the Wa’ad Al
Shamal Phosphate Company (also known as MWSPC), 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, and the future success of current plans for MWSPC and any
future changes in those plans; the risk that protests against
natural resource companies in Peru extend to or impact the Miski
Mayo mine, which is operated by an entity in which we are the
majority owner; 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; 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, carbon taxes or other 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,
Canada or Brazil, 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, sinkholes 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.
Non-GAAP Financial MeasuresThis press release includes
the presentation and discussion of non-GAAP diluted net earnings
per share guidance, or adjusted EPS, non-GAAP gross margin per
tonne, or adjusted gross margin per tonne, and non-GAAP EBITDA, and
adjusted EBITDA, referred to as non-GAAP financial measures.
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 U.S. generally
accepted accounting principles, or GAAP. Non-GAAP financial
measures should not be considered as substitutes for, or superior
to, measures of financial performance prepared in accordance with
GAAP. In addition, because non-GAAP measures are not determined in
accordance with GAAP, they are thus susceptible to varying
interpretations and calculations and may not be comparable to other
similarly titled measures of other companies. Adjusted metrics,
including adjusted EPS, adjusted gross margin, and adjusted EBITDA
are calculated by excluding the impact of notable items from the
GAAP measure. Notable items impact on gross margin and EBITDA is
pretax. Notable items impact on diluted net earnings per share is
calculated as the notable item amount plus income tax effect, based
on expected annual effective tax rate, divided by diluted weighted
average shares. Management believes that these adjusted measures
provide securities analysts, investors, management and others 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 these
adjusted measures in analyzing and assessing Mosaic’s overall
performance and financial trends, for financial and operating
decision-making, and to forecast and plan for future periods. These
adjusted measures also assist our management in comparing our and
our competitors' operating results. We are not providing forward
looking guidance for U.S. GAAP reported diluted net earnings per
share, gross margin per tonne, or a quantitative reconciliation of
forward-looking adjusted EPS, adjusted gross margin and adjusted
EBITDA because we are unable to predict with reasonable certainty
our notable items without unreasonable effort. Historically, our
notable items have included, but are not limited to, foreign
currency transaction gain or loss, unrealized gain or loss on
derivatives, acquisition-related fees, discrete tax items,
contingencies and certain other gains or losses. These items are
uncertain, depend on various factors, and could have a material
impact on U.S. GAAP reported results for the guidance period.
Reconciliations for current and historical periods beginning with
the quarter ended December 31, 2016 for consolidated adjusted EPS
and adjusted EBITDA, as well as segment adjusted EBITDA and
adjusted gross margin per tonne are provided in the Selected
Calendar Quarter Financial Information performance data for the
related periods. This information is available on our website at
www.mosaicco.com in the “Financial Information – Quarterly
Earnings” section under the “Investors” tab.
For the three months ended
September 30, 2018, the Company reported the following notable
items which, combined, negatively impacted earnings per share by
$0.11:
Amount Tax effect
EPS impact Description Segment Line
item (in millions) (in millions) (per
share) Foreign currency transaction gain (loss)
Consolidated Foreign currency transaction gain (loss) $ (2 ) $ — $
— Unrealized gain (loss) on derivatives Corporate and Other Cost of
goods sold 11 (2 ) 0.02 Integration costs Corporate and Other Other
operating income (expense) (3 ) 1 (0.01 ) Costs to capture
synergies Mosaic Fertilizantes Other operating income (expense) (4
) 1 (0.01 ) Realized loss on RCRA Trust Securities Phosphates Other
non-operating income (expense) (7 ) 1 (0.01 ) Discrete tax items
Consolidated (Provision for) benefit from income taxes — (29 )
(0.08 ) Earn-out obligation Corporate and Other Other operating
income (expense) (8 ) — (0.02 ) Total Notable Items $ (13 )
$ (28 ) $ (0.11 )
For the three months ended
September 30, 2017, the Company reported the following notable
items which, combined, positively impacted earnings per share by
$0.22:
Amount Tax effect EPS impact
Description Segment Line item (in
millions) (in millions) (per share)
Foreign currency transaction gain Consolidated Foreign currency
transaction gain (loss) $ 58 $ — $ 0.17 Unrealized gain on
derivatives Corporate and Other Cost of goods sold 2 — 0.01 Fees
related to purchase of Vale Fertilizantes Corporate and Other Other
operating expense (6 ) — (0.02 ) Discrete tax items Consolidated
(Provision for) benefit from income taxes — 5 0.01 Pre-issuance
hedging loss Consolidated Interest expense, net (2 ) — (0.01 ) Gain
on sale of land Phosphates Other operating income 52 — 0.15 Change
in Canadian tax regulations Potash Cost of goods sold (10 ) (17 )
(0.08 ) Asset write-off Phosphates Other operating expense (3 ) —
(0.01 ) Total Notable Items $ 91 $ (12 ) $ 0.22
Condensed Consolidated Statements of
Earnings
(in millions, except per share
amounts)
The Mosaic Company
(unaudited)
Three months ended Nine months ended
September 30, September 30, 2018
2017 2018 2017 Net sales $ 2,928.1 $
1,984.8 $ 7,066.8 $ 5,317.5 Cost of goods sold 2,432.6
1,744.0 6,034.6 4,754.8 Gross margin 495.5
240.8 1,032.2 562.7 Selling, general and administrative expenses
78.5 66.1 251.4 218.2 Other operating expense (income) 23.7
(39.2 ) 110.5 5.9 Operating earnings 393.3 213.9
670.3 338.6 Interest expense, net (40.9 ) (36.2 ) (135.4 ) (98.4 )
Foreign currency transaction (loss) gain (2.2 ) 58.6 (113.1 ) 76.6
Other (expense) income (7.6 ) 1.1 (15.6 ) (2.0 ) Earnings
from consolidated companies before income taxes 342.6 237.4 406.2
314.8 Provision for income taxes 90.6 17.6 44.4
4.7 Earnings from consolidated companies 252.0 219.8
361.8 310.1 Equity in net (loss) earnings of nonconsolidated
companies (2.3 ) 9.8 (3.9 ) 15.5 Net earnings
including noncontrolling interests 249.7 229.6 357.9 325.6 Less:
Net income attributable to noncontrolling interests 2.2 2.1
0.2 1.7 Net earnings attributable to Mosaic $
247.5 $ 227.5 $ 357.7 $ 323.9 Diluted
net earnings per share attributable to Mosaic $ 0.64 $ 0.65
$ 0.93 $ 0.92 Diluted weighted average number
of shares outstanding 387.5 352.2 386.1 351.9
Condensed Consolidated Balance
Sheets
(in millions, except per share
amounts)
The Mosaic Company
(unaudited)
September 30, December 31, 2018
2017 Assets Current assets: Cash and cash equivalents
$ 1,029.9 $ 2,153.5 Receivables, net 834.9 642.6 Inventories
1,957.1 1,547.2 Other current assets 356.1 273.2
Total current assets 4,178.0 4,616.5 Property, plant and equipment,
net 11,891.6 9,711.7 Investments in nonconsolidated companies 828.5
1,089.5 Goodwill 1,753.0 1,693.6 Deferred income taxes 307.7 254.6
Other assets 1,455.9 1,267.5 Total assets $ 20,414.7
$ 18,633.4
Liabilities and Equity Current
liabilities: Short-term debt $ 25.7 $ 6.1 Current maturities of
long-term debt 61.2 343.5 Structured accounts payable arrangements
504.1 386.2 Accounts payable 839.3 540.9 Accrued liabilities
1,072.1 754.4 Total current liabilities 2,502.4
2,031.1 Long-term debt, less current maturities 4,523.1 4,878.1
Deferred income taxes 1,195.3 1,117.3 Other noncurrent liabilities
1,540.6 967.8 Equity: Preferred Stock, $0.01 par value, 15,000,000
shares authorized, none issued and outstanding as of September 30,
2018 and December 31, 2017 — — Common Stock, $0.01 par value,
1,000,000,000 shares authorized, 389,242,360 shares issued and
385,470,085 shares outstanding as of September 30, 2018,
388,998,498 shares issued and 351,049,649 shares outstanding as of
December 31, 2017 3.8 3.5 Capital in excess of par value 983.8 44.5
Retained earnings 10,971.7 10,631.1 Accumulated other comprehensive
loss (1,517.7 ) (1,061.6 ) Total Mosaic stockholders' equity
10,441.6 9,617.5 Noncontrolling interests 211.7 21.6
Total equity 10,653.3 9,639.1 Total liabilities and
equity $ 20,414.7 $ 18,633.4
Condensed Consolidated Statements of
Cash Flows
(in millions, except per share
amounts)
The Mosaic Company
(unaudited)
Three months ended Nine months ended
September 30, September 30, 2018
2017 2018 2017 Cash Flows from
Operating Activities: Net cash provided by operating activities
$ 523.8 $ 135.5 $ 1,259.8 $ 524.3
Cash Flows from Investing
Activities: Capital expenditures (241.0 ) (197.6 ) (665.4 )
(589.9 ) Purchases of available-for-sale securities - restricted
(228.5 ) (280.0 ) (486.1 ) (1,546.3 ) Proceeds from sale of
available-for-sale securities - restricted 221.1 277.6 470.5
1,533.7 Investments in nonconsolidated companies — (62.5 ) — (62.5
) Investments in consolidated affiliate — (8.8 ) (3.6 ) (47.7 )
Proceeds from sale of fixed assets 9.3 69.1 9.3 69.1 Acquisition,
net of cash acquired — — (985.3 ) — Other (4.7 ) (18.5 ) (0.3 ) 0.3
Net cash used in investing activities (243.8 ) (220.7 )
(1,660.9 ) (643.3 )
Cash Flows from Financing Activities:
Payments of short-term debt (31.2 ) (258.0 ) (120.1 ) (523.2 )
Proceeds from issuance of short-term debt 38.0 264.7 145.2 608.1
Payments of structured accounts payable arrangements (144.2 ) (83.0
) (582.4 ) (238.8 ) Proceeds from structured accounts payable
arrangements 259.2 226.4 590.2 473.8 Payments of long-term debt
(408.5 ) (2.8 ) (722.4 ) (6.2 ) Proceeds from issuance of long-term
debt 0.1 — 39.3 1.5 Cash dividends paid (9.7 ) (52.7 ) (28.9 )
(201.8 ) Other (0.1 ) (0.3 ) (0.5 ) (2.2 ) Net cash (used in)
provided by financing activities (296.4 ) 94.3 (679.6 ) 111.2
Effect of exchange rate changes on cash (11.2 ) 18.3 (62.8 )
22.8 Net change in cash, cash equivalents and restricted
cash (27.6 ) 27.4 (1,143.5 ) 15.0 Cash, cash equivalents and
restricted cash - beginning of period 1,078.5 699.0
2,194.4 711.4 Cash, cash equivalents and restricted
cash - end of period $ 1,050.9 $ 726.4 $ 1,050.9
$ 726.4
Reconciliation of cash, cash
equivalents and restricted cash reported within the unaudited
condensed consolidated balance sheets to the unaudited statements
of cash flows: Cash and cash equivalents $ 1,029.9 $ 685.7
Restricted cash in other current assets 8.2 7.5 Restricted cash in
other assets 12.8 33.2 Total cash, cash equivalents
and restricted cash shown in the unaudited statement of cash flows
$ 1,050.9 $ 726.4
Earnings Per
Share Calculation
Three months ended Nine months ended
September 30, September 30, 2018
2017 2018 2017 Net earnings
attributable to Mosaic $ 247.5 $ 227.5 $ 357.7 $ 323.9 Basic
weighted average number of shares outstanding 385.5 351.1 384.5
350.9 Dilutive impact of share-based awards 2.0 1.1
1.6 1.0 Diluted weighted average number of shares
outstanding 387.5 352.2 386.1 351.9 Basic net
earnings per share attributable to Mosaic $ 0.64 $ 0.65 $ 0.93 $
0.92 Diluted net earnings per share attributable to Mosaic $ 0.64 $
0.65 $ 0.93 $ 0.92
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181105005933/en/
The Mosaic CompanyMediaBen Pratt,
763-577-6102benjamin.pratt@mosaicco.comorInvestorsLaura
Gagnon, 763-577-8213investor@mosaicco.com
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