Sector: Materials|Industry: Agricultural Inputs|Market Cap: $8.07B|Employees: 14K
The Mosaic Company, through its subsidiaries, produces and markets concentrated phosphate and potash crop nutrients in North America and internationally. The company operates through three segments: Phosphates, Potash, and Mosaic Fertilizantes. It owns and operates mines, which produce concentrated phosphate crop nutrients, such as diammonium phosphate, monoammonium phosphate, and ammoniated phosphate products; and phosphate-based animal feed ingredients primarily under the Biofos and Nexfos brand names, as well as produces a double sulfate of potash magnesia product under K-Mag brand name. The company also produces and sells potash for use in the manufacturing of mixed crop nutrients and animal feed ingredients, and for industrial use; and for use in the de-icing and as a water softener regenerant. In addition, it provides nitrogen-based crop nutrients, animal feed ingredients, and other ancillary services; and purchases and sells phosphates, potash, and nitrogen products. The company sells its products to wholesale distributors, retail chains, farmers, cooperatives, independent retailers, and national accounts. The company was incorporated in 2004 and is headquartered in Tampa, Florida.
Net sales for Q3 2024 were $2.81 billion, a 21% decrease from $3.55 billion in Q3 2023. This decline was attributed to lower finished goods sales pricing in the Potash and Mosaic Fertilizantes segments and lower sales volumes across all segments.
Gross margin for Q3 2024 was $416.8 million, a 27% decrease from $1.65 billion in Q3 2023. This was due to lower sales and a bad debt reserve.
The company recorded a foreign currency transaction gain of $100.9 million in Q3 2024, compared to a loss of $96.9 million in Q3 2023. This swing favorably impacted net income.