The Mosaic Co. reported that operating earnings during the second quarter ending Nov. 30, 2012, were $560 million, down from the year-ago $797 million. Mosaic said the decline was primarily driven by lower phosphate volumes and margins. Mosaic’s net sales in the second quarter were $2.5 billion, down from $3.0 billion last year, driven by lower phosphate and potash volumes and lower phosphate prices.
Second quarter net income was actually up at $629 million ($1.47 per diluted share) versus the year-ago $624 million ($1.40 per share). The current year quarter included a $179 million, or $0.42 per share, benefit from a decrease in the amount of unrecognized tax benefits reported on the balance sheet.