Mosaic stock jumps after earnings show benefits of higher fertilizer prices
The Mosaic Co. shares gained more than 5% in after-hours trading Monday after the fertilizer company showed off better sales and profit as prices rose. Mosaic reported net income of $247.5 million, or 64 cents a share, on sales of $2.93 billion, reflecting a large gain in sales from $1.95 billion a year ago. After adjustments, Mosaic claimed earnings of 75 cents a share, up from 43 cents a share a year ago. Analysts on average expected adjusted earnings of 66 cents a share on sales of $2.91 billion. The phosphate company reported that average sales prices increased across all three of its segments, and raised its full-year outlook to reflect the stronger pricing environment. Shares have already gained 25.6% so far this year, as the S&P 500 index has increased 1.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.