The Mosaic Co. today reported fourth quarter 2015 net earnings of $155 million, down from $361 million in the fourth quarter of 2014. Earnings per diluted share were $0.44 and included both a negative $0.16 impact from notable items and a benefit of $0.07 per share from adjusting the full year effective tax rate accrual.
Mosaic’s net sales in the fourth quarter of 2015 were $2.2 billion, down from $2.4 billion last year.
Operating earnings were $204 million, down from $365 million a year ago, impacted by lower potash and phosphate prices and volumes, as well as lower potash production, partially offset by cost savings.
“Our fourth quarter results reflect the cyclicality and seasonality of our business,” said Joc O’Rourke, president and CEO. “Our progress on cost savings initiatives and strategic investments has positioned Mosaic to optimize performance in the current macroeconomic environment. At the same time, our prudent balance sheet
management allows us to take advantage of opportunities to create long-term value. Repurchasing shares at the bottom of the cycle is high on the priority list.” The company announced a $75 million accelerated share repurchase plan.
For the year, Mosaic net earnings were $1 billion ($2.78 per share) on sales of $8.9 billion almost level with the year-ago $1.03 billion ($2.68 per share) and $9.06 billion.
Yara International ASA reported fourth-quarter net income after non-controlling interests of NOK 434 million (NOK 1.58 per share), compared with NOK 1,860 million (NOK 6.74 per share) a year earlier. Excluding net foreign exchange gain and special items, the result was NOK 3.97 per share compared with NOK 8.17 per share in fourth quarter 2014. Revenues were NOK 25,722 million, down from NOK 26,230 million.
"Yara reports weaker results than a year ago, reflecting a tougher market environment with declining prices, but also an unsatisfactory operational performance with significant downtime in several of our plants," said Svein Tore Holsether, Yara president and CEO. "However, I am pleased to see continued growth in Brazil, especially for the premium product deliveries, as well as another strong result from the Industrial segment."
Full-year income was up at NOK 8,083 million on revenue of NOK 111,897 million from 2014’s NOK 7,625 million and NOK 95,343 million, respectively.
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