IPO_Maniac9 minutes ago
TAMPA, FL, May 3, 2021 - The Mosaic Company (NYSE: MOS), reported net income of $157 million, or $0.41 per share,
for the first quarter of 2021. Adjusted EPS(1) was $0.57 and adjusted EBITDA(1) was $560 million. Gross margin was $435
million compared to $41 million a year ago, reflecting improved per tonne margins in all three operating segments as a
result of higher phosphates prices, higher potash volumes and transformation benefits. Reported earnings were
negatively impacted by notable items of $77 million.
“Mosaic delivered excellent earnings for the first quarter of 2021, and our outlook for the year remains favorable,” said Joc
O’Rourke, President and CEO. “We are demonstrating the earnings power resulting from the combination of our longterm cost structure improvements and strong global fertilizer markets.”
Highlights:
• First quarter revenues were up 28 percent year-over-year to $2.3 billion, as the company capitalized on stronger
market conditions.
• Gross margins in the quarter were up almost 10-fold from the prior year period, primarily as a result of year-overyear price increases. The gross margin rate in the quarter was 19 percent, up from 2 percent in first quarter of
2020, and the highest gross margin rate since the second quarter of 2015.
• Mosaic's balance sheet continued to strengthen. Unrestricted cash totaled $692 million as of March 31. The
company generated $319 million in cash flow from operations in the quarter. Capital expenditures were $289
million in the quarter, and net debt ended the quarter at $3.8 billion, down $700 million from the year ago period.
• Phosphates sales volumes were up 7 percent year-over-year to 2.1 million tonnes. Production volumes were 1.9
million tonnes, reflecting turnaround activity in the quarter. Due to ongoing strong demand, inventories remain
well below historical levels, and as a result, sales are expected to be constrained to production volumes in the
second quarter. Higher input costs were more than offset by improved pricing, and lower cash conversion costs,
which resulted in gross margin per tonne increasing to $84 per tonne, up from last year's loss of $43 per tonne.