The Mosaic Co. said Jan. 10 that is working hard to get its second fiscal quarter 10-Q filed with the Securities Exchange Commission by the end of January. This is later than the company indicated on Jan. 4, when it said implementing its new enterprise resources planning system would delay the filing (GM Jan. 8, p. 10). At that time, Mosaic said it thought it could get the filing complete by Jan. 16.
Mosaic did provide some earnings details last week, though not specific numbers. Like the 10-Q, its official earnings release has also been delayed. Second-quarter net sales are expected to be slightly higher than the year-ago quarter, while net earnings are expected to be equivalent to year-ago numbers.
Operating earnings for phosphate and potash will be materially lower than those reported in the year-ago period, but operating profit is expected to be reported in the offshore segment, where a loss was reported in the year-ago period.
Mosaic said it will report a large foreign currency transaction gain during the second quarter due to the weakening of the Canadian dollar.
In addition, the effective tax rate for the quarter will be materially lower than the year-ago quarter.
“Current business conditions are good, with solid demand and improved pricing for all three major nutrients, especially in North America,” said Larry Stranghoener, Mosaic’s executive vice president and chief financial officer. “We look forward to a strong second half performance.”