The Mosaic Co. reported a fourth-quarter 2017 net loss of $431 million, compared to net income of $12 million in the fourth quarter of 2016. Fourth quarter loss per share was $1.23, which included a negative impact of $1.57 per share from notable items, primarily related to non-cash charges as a result of changes in U.S. tax legislation. Adjusted earnings per share during the fourth quarter of 2017 were $0.341.
“After a strong fourth quarter, we entered 2018 with positive market momentum and expect this year will be a transformational year for Mosaic,” said Joc O’Rourke, Mosaic president and CEO. “The addition of Vale Fertilizantes, the construction completion of the Ma’aden phosphate project and progress on the Esterhazy K3 complex further enhance our position as a world class, global fertilizer company.”
Mosaic’s net sales in the fourth quarter of 2017 were $2.1 billion, compared to $1.9 billion last year, primarily driven by higher realized prices throughout the business. Operating earnings during the quarter were $127 million, up from $74 million a year ago, driven by higher gross margins in both Potash and Phosphates.
Mosaic reported a full-year net loss of $107 million, or $0.31 per share, compared to net earnings of $298 million, or $0.85 per share in 2016. Full-year adjusted earnings per share of $1.09 exclude the negative impact of a $1.40 of notable items, primarily related to non-cash charges as a result of the recently enacted U.S. tax reform. The $458 million non-cash charge is driven by the revaluation of our tax assets as of Dec. 31, 2017.
Full-year net sales were $7.4 billion, up from $7.2 billion a year ago. Full-year operating earnings were $466 million, up from $319 million last year, primarily driven by higher average realized sales prices and higher sales volumes in potash.