Mosaic is one of the world's largest fertilizer makers, but the crop nutrient business has been plagued by low prices for several quarters. Indeed, Mosaic reported Tuesday that its first-quarter earnings were down 40 percent over a year ago.
The company also fleshed out an expense-reduction program that it telegraphed in 2013. The company will cut
The cuts will be spread across the entire company, and will occur over the next year, Mosaic said. Mosaic's
The bulk of the company's workforce is in its potash and phosphate mines, which produce minerals for fertilizer. Mosaic's main mining hubs are
The potash market has been hit particularly hard, and Mosaic is not alone in cutting employment in response.
Mosaic reported a first-quarter profit of
Mosaic's stock closed at
Mosaic's sales of
The average selling price for Mosaic's potash fertilizer was
The phosphate market, meanwhile, has been hurt at least partly by a slowdown in demand from
But phosphate prices during Mosaic's first quarter, while down from a year ago, did rally from the lows seen during the fourth quarter. "In phosphates, we experienced strong demand and good price momentum," Mosaic CEO
Overall, Prokopanko said, "our outlook is positive. In the near term, we expect modest margin expansion in phosphates and stable operating rates in potash."
(c)2014 the Star Tribune (Minneapolis)
Visit the Star Tribune (Minneapolis) at www.startribune.com
Distributed by MCT Information Services