MOS - Mosaic says Hurricane Ian could cut phosphate production by 250K tons

Mosaic ( NYSE: MOS ) said Monday its North American Phosphates business was affected by significant flooding and high winds from Hurricane Ian that caused " modest damage " to its Florida facilities and to supporting infrastructure.

Mosaic's ( MOS ) early assessments indicate phosphate production could decline by 200K-250K metric tons, split roughly evenly between Q3 and Q4, with repairs expected to be completed over the next 1-2 weeks.

The fertilizer company said the timing of shipments also was affected by the storm, estimating Q3 phosphates sales volumes of 1.6M-1.65M tons, as port and rail closures delayed late shipments in the quarter to October.

Mosaic ( MOS ) said last week that no chemicals leaked during the storm .

Citing recent phosphate production challenges and the stock's narrowing valuation discount relative to peers, Mosaic ( MOS ) shares were downgraded Monday at RBC Capital .

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