Here’s a revised version with an engaging tone:
Mosaic Misses Q3 Profit Estimates Amid Production Challenges; CFO Transition Announced
On Tuesday, fertilizer producer Mosaic fell short of Wall Street’s profit expectations for the third quarter, impacted by production issues, and announced the retirement of its Chief Financial Officer, Clint Freeland.
Mosaic had previously lowered its Q3 production outlook after equipment breakdowns in Canada and hurricanes along the U.S. Gulf Coast disrupted operations.
Shares of Mosaic dropped 1.7% in premarket trading following the announcement. The company named Luciano Siani Pires as its new CFO, effective January 1. Pires, who previously served as CFO of Brazilian mining giant Vale and as a member of Mosaic’s board for over four years, will succeed Freeland, who will remain a senior advisor through July 1.
Mosaic’s profit miss marks the tenth consecutive quarter in which the Tampa-based company has not met market expectations, according to LSEG data. Third-quarter net sales dropped 21% year-over-year to $2.81 billion, falling short of analysts’ forecast of $3.16 billion, due to lower global potash prices. Potash prices have been under pressure as supply levels normalize, with producers in Russia and Belarus circumventing sanctions by boosting exports to Asian and South American markets.
Despite last quarter’s setbacks, Mosaic’s potash and phosphate operations have returned to normal, and the company expects improved sales in Q4. Adjusted earnings for Q3 came in at 34 cents per share, below the average analyst estimate of 54 cents.
The company also revealed its Carlsbad potash facility in New Mexico is undergoing a strategic review, potentially signaling future adjustments to its production portfolio.
