Mosaic 2Q 2013 Revenue Down, Profit Up
Mosaic announced its fiscal 2Q 2013 results in an official release. The agricultural chemicals firm's net sales totaled $2.5 billion, and its bottom line was $629 million ($1.47 per diluted share), compared to $3.0 billion and $624 million ($1.40 EPS), respectively, in the same period the previous year.
This most recent quarter's net profit, however, was affected by a sizable tax benefit of $179 million ($0.42 per share). Operating earnings came in at just under $560 million, against 2Q 2012's $797 million.
The company attributed the operating shortfalls to prolonged contract negotiations in the key markets of India and China. On the other hand, it sounded a positive note regarding the domestic market, on which it says it's seeing strong demand "underpinned by excellent application seasons".
The article Mosaic 2Q 2013 Revenue Down, Profit Up originally appeared on Fool.com.Eric Volkman has no position in Mosaic. The Motley Fool has no position in Mosaic. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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