New York, July 19 (FinanceEnquiry.com) – While reporting quarterly results that topped expectations, Mosaic Co (NYSE: MOS) said that fertilizer sales will likely not be dented by the drought that is creating havoc in the US corn crop. The stock of the company soared 4.2 percent over the results and a bullish forecast.
About 55 percent of the contiguous United States has been devastated by the drought. This region is responsible for half of the world’s corn exports. This is the time when corn should be pollinating but the bad weather and the lack of moisture are harming final yields. Mosaic will also be badly impacted by the drought as less potash and phosphate, that are its main products, will be applied by farmers in August and September as corn plants die.
However, the company expects the fiscal year that began June 1 to be another good year as its global reach will help offset the decline in demand due to the drought. It said that the decline in production this year will induce farmers to plant more next year and in the process, use more fertilizer.
The net income of Mosaic for the fiscal fourth quarter was $507.3 million, or $1.19 per share, down from $649.2 million, or $1.45 per share, a year earlier, against analysts’ expectations of $1.15 per share. Revenue dropped 1 percent to $2.82 billion but beat analysts’ expectations of $2.55 billion.
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