The Mosaic Co. reported a 37 percent increase in net earnings for the second quarter ending Nov. 30, 2011, compared to the year-ago quarter, after excluding the year-ago gain from the sale of the Fosfertil business. Actual net earnings attributable to Mosaic were $623.6 million ($1.40 per diluted share) compared to the year-ago $1.02 billion ($2.29 per share). Mosaic had a year-ago after tax gain of $570 million from the Fosfertil sale.
Second quarter net sales moved up to $3 billion from the year-ago $2.67 billion.
“Our excellent results demonstrate the strength of underlying agricultural fundamentals combined with effective execution by our businesses,” said Jim Prokopanko, Mosaic president and CEO. “While we expect third quarter results to decline due to near-term macroeconomic uncertainty and cautious distributor purchasing behavior, we remain confident of the strong long-term demand prospects for our products. In this environment, we continue to focus on generating value by executing our strategy.”
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