MOS - Mosaic Non-GAAP EPS of $1.14 misses by $0.11 revenue of $3.6B beats by $340M
2023-05-03 17:36:04 ET
- Mosaic press release ( NYSE: MOS ): Q1 Non-GAAP EPS of $1.14 misses by $0.11 .
- Revenue of $3.6B (-8.2% Y/Y) beats by $340M .
- Adjusted EBITDA totaled $777 million, compared with $1.5 billion in the first quarter of 2022. Cash from operating activities totaled $149 million and free cash flow(1) totaled $191 million.
- Potash operating earnings were $402 million in the first quarter, compared to $563 million in the prior year period. Adjusted EBITDA totaled $474 million in the first quarter, compared to $651 million last year. The last of Esterhazy's thirteen underground miners is expected to enter service in the second half of 2023. With production now sufficient to meet current market demand, the restart of the Colonsay mine has been deferred to the second half of 2023.
- Outlook: For both potash and phosphates, supply constraints remain. In potash, we expect annual shipments from Belarus will be down 5-6 million tonnes from pre-sanction export rates. In phosphates, China's exports are expected to see only a modest recovery from the recent lows in 2022 but remain well below shipments seen in 2021. In both phosphates and potash, the fundamental tightness in global markets is expected to persist well into 2023 and likely beyond.
- Shares -0.75% AH.
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Mosaic Non-GAAP EPS of $1.14 misses by $0.11, revenue of $3.6B beats by $340M