The Mosaic Co. today reported fourth quarter 2015 net earnings of $155 million, down from $361 million in the fourth quarter of 2014. Earnings per diluted share were $0.44 and included both a negative $0.16 impact from notable items and a benefit of $0.07 per share from adjusting the full year effective tax rate accrual.
Mosaic’s net sales in the fourth quarter of 2015 were $2.2 billion, down from $2.4 billion last year.
Operating earnings were $204 million, down from $365 million a year ago, impacted by lower potash and phosphate prices and volumes, as well as lower potash production, partially offset by cost savings.
“Our fourth quarter results reflect the cyclicality and seasonality of our business,” said Joc O’Rourke, president and CEO. “Our progress on cost savings initiatives and strategic investments has positioned Mosaic to optimize performance in the current macroeconomic environment. At the same time, our prudent balance sheet
management allows us to take advantage of opportunities to create long-term value. Repurchasing shares at the bottom of the cycle is high on the priority list.” The company announced a $75 million accelerated share repurchase plan.
For the year, Mosaic net earnings were $1 billion ($2.78 per share) on sales of $8.9 billion almost level with the year-ago $1.03 billion ($2.68 per share) and $9.06 billion.