MOS - Mosaic tops Q2 earnings estimates on strong potash phosphate pricing

Mosaic (NYSE:MOS) +2.1% post-market after reporting a solid Q2 earnings beat, as stronger pricing for potash and phosphate more than offset lower sales volumes. Q2 potash sales volume fell 12% Y/Y to 2.3M metric tons, and phosphate sales volume slid 9% to 2M mt, but net sales jumped 37% to $2.8B. Potash sales volumes were hurt by rail issues that slowed Canpotex sales, but the company now forecasts the net negative impact to H2 volumes will total ~500K mt, down from the original estimate of 800K mt; Q2 average MOP prices rose by $61/mt Y/Y and $43/mt Q/Q. In the phosphates segment, Q2 revenues jumped 54% Y/Y due to strong price increases, offset only slightly by higher raw material and conversion costs, resulting in gross margin rising to $156/mt vs. $7/mt in the year-ago quarter. The company says its overall gross margin rate was the highest in more than eight years,

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Mosaic tops Q2 earnings estimates on strong potash, phosphate pricing