The Mosaic Co. today reported first quarter 2014 net earnings of $218 million, compared to $380 million a year ago. Earnings per diluted share were $0.54 in the quarter compared to $0.89 last year. Mosaic’s net sales in the first quarter of 2014 were $2.0 billion, down from $2.3 billion last year. Operating earnings during the quarter were $267 million, down from $491 million a year ago, as higher phosphate and potash sales volumes were more than offset by lower realized prices.

"Mosaic delivered another quarter of solid results amid improving global demand for both phosphate and potash," said Jim Prokopanko, President and CEO. "While weather continued to create challenges in the operating environment, strong global demand for phosphates pushed prices and margins higher during the first three months of the year, and our early positioning of potash in North America allowed for significant volume growth.

"Our long list of strategic accomplishments continued to grow in early 2014. We reached agreements to repurchase an additional 8.2 million of Mosaic’s shares, bringing our total repurchase commitments to 12 percent of our 2013 year-end shares. In addition, we completed the acquisition of CF Industries’ phosphate business in Central Florida and announced an agreement to acquire ADM’s fertilizer distribution business in Brazil. We are also implementing plans to generate cost savings of one-half billion dollars over the next five years, ensuring Mosaic remains a low-cost producer."

Intrepid Potash Inc. reported a net loss of $355,000 ($0.00 per diluted share) on sales of $98.9 million for the first quarter ending March 31, 2014, compared to a year-ago net income of $14.9 million ($0.20 per share) on sales of $99.2 million.

Despite the downturn in income, potash sales volumes were up 31 percent to 242,000 st from the year-ago 185,000 st. Average net realized sales prices, however, were down $100/st to $317/st from the year-ago $417/st.

Pinnacle Agriculture Holdings LLC announced on May 2 that it has successfully acquired Frontier Chemical LLC, in Beattie, Kan. Frontier carries a full line of crop protection chemicals and selected seed products from two locations in Kansas, and will operate as part of Pinnacle’s Providence Agriculture brand.

With its original location in Beattie and a second that opened in 2011 in Troy, Kan., Frontier’s volumes have grown tenfold since its start. The Beattie location will continue to be managed by Travis Stuke, and will remain at 1160 24th Road. Jed Johnson will continue to manage the Troy location, which will remain at 1266 Last Chance Road. The current employees of Frontier will retain their positions under the new ownership.

“Other than new branding, we anticipate this transition to be seamless for our customers,” said Travis Stuke, former Frontier owner. “We view this union as mutually beneficial. We are confident that our customers and employees will benefit from the additional resources and tools that Providence brings. Providence will benefit from the addition of an invaluable customer base and a staff that have served them faithfully since 2007. Grower success, innovation, and integrity are core values that we share with Providence, so we are excited to align our business and reputation with such a similar and well-respected brand.”

Founded in 2012, Pinnacle’s growing retail distribution business now serves growers in 17 states through the company’s Sanders, Providence Agriculture, AgOne Application Services, and Innvictis brands. The company’s operations include seed production and sales, agricultural chemical distribution, bulk handling of fertilizer, precision agriculture services, and general merchandise for the farming, livestock, and wildlife industries. Pinnacle has recently been in a rapid expansion mode, announcing eight acquisitions in the last two months (GM April 28, p. 12; March 17, p. 1; March 31, p. 1).

“Frontier Chemical is a highly-regarded business with similar company values and goals of grower success, so naturally we are very pleased with this acquisition,” said Keith Karnes, Providence area operations manager. “We are excited about the Frontier staff joining our team, and we look forward to continuing the excellent service that Travis, Jed, and the Frontier family have provided area farmers.”

CVR Partners LP reported a 40 percent drop in first quarter earnings to $21.5 million ($0.29 per diluted share) on sales of $80.3 million compared to the year-ago $35.6 million ($0.49 per share) and $81.4 million, respectively.

UAN, CVR’s main product, saw a surge in sales, with volumes up 31 percent to 254,700 st versus the year-ago 194,100 st. Average prices, however, were down at $253/st from $295/st.

Yara International ASA reported first-quarter net income after non-controlling interests of NOK 1,773 million (NOK 6.40 per share), compared with NOK 2,257 million (NOK 8.04 per share) a year earlier. Excluding net foreign exchange gain and special items, the result was NOK 7.03 per share compared with NOK 8.52 per share in first quarter 2013. First-quarter EBITDA excluding special items was NOK 3,830 million compared with NOK 4,149 million a year earlier.

"Yara reports a strong first-quarter result reflecting record deliveries," said Jørgen Ole Haslestad, Yara president and CEO. "While global commodity nitrogen markets have been impacted by increased export supply from China, healthy demand in both Europe and Latin America has supported value-added premiums and generated a strong Yara performance.

Global Yara fertilizer deliveries were up 21 percent on first quarter last year, with strong demand for most products in all markets in addition to the effect of the acquisition of Bunge. Excluding volumes to Brazil, global Yara fertilizer deliveries were up 11 percent compared with first quarter 2013. Global Yara nitrate deliveries were up 8 percent, while compound NPK deliveries increased 14 percent.

Yara’s average realized urea prices were 13 percent lower than a year ago. Realized nitrate and NPK compound prices decreased by 12 percent and 10 percent respectively, keeping premiums over urea and other commodity fertilizers stable overall, while NPK blend margins in Brazil were higher than last year.

Although an early spring pulled ahead some demand from second to first quarter, Yara said strong farm margins and tight supply in particular for nitrates indicate a positive European nitrogen market situation also for the second quarter. Yara said it has a strong European order book for the remainder of the season, and is also positively impacted by lower European gas prices. Based on current forward markets for oil products and natural gas (April 22) Yara’s European second and third quarter energy costs are expected to be approximately NOK 1 billion lower in total compared with a year earlier.

Compass Minerals reported a 22 percent increase in specialty fertilizer volumes for the first quarter ending March 31, 2014. Volumes were 107,000 st, up from the year-ago 88,000 st. Average sales prices saw a slight uptick at $616/st versus the year-ago $615/st.

Despite the volumes uptick, operating earnings for the Specialty Fertilizer business unit were up only 6 percent to $16.3 million from the year-ago $15.4 million. Per unit costs were up as the company continued to buy potassium chloride for use in making is sulfate of potash product. Sales were $66.1 million, up from $54 million.

Company-wide, Compass net earnings were $50.2 million ($1.49 per diluted share) on sales of $422 million versus the year-ago $46.4 million ($1.38 per share) on sales of $383.7 million. The Compass Salt segment was buoyed by an 8 percent increase in salt sales due in part to strong North American winter demand. However, average selling prices for deicing products were down 6 percent due to the prior year’s bid season.