The Mosaic Co. reported a second quarter 2016 net loss of $10 million, down from net earnings of $391 million in the second quarter of 2015. Results in the quarter included after-tax charges of $69 million related to actions the company has taken to lower spending on capital projects and reduce expenses. Net loss per share was $0.03 and included a negative impact of $0.09 from notable items.
Mosaic’s net sales in the second quarter of 2016 were $1.7 billion, down from $2.5 billion last year, reflecting lower potash and phosphate prices and lower sales volumes.
“We are taking the necessary actions to ensure Mosaic remains competitive across all points of the business cycle,” said Joc O’Rourke, president and CEO. “While the environment is challenging, we see signs of stabilization in the second half of the year, with fertilizer prices bottoming and solid demand for our products. At the same time, we are taking action to preserve cash and reduce operating expenses, and believe Mosaic is well positioned to outperform in better markets.”