Mosaic beats by $0.24, beats on revs; announces Q4 guidance & lowers FY16 capex guidance:
- Reports Q3 (Sep) earnings of $0.33 per share, excluding non-recurring items, $0.24 better than the Capital IQ Consensus of $0.09; revenues fell 5.0% year/year to $2 bln vs the $1.91 bln Capital IQ Consensus.
- Net sales in the Phosphates segment were $930 mln for the third quarter, down from $1.0 bln last year, driven by lower prices of finished product partially offset by higher sales volumes.
- Gross margin was $101 mln, or 11 percent of net sales, compared to $199 mln, or 19 percent of net sales, for the same period a year ago.
- Q4 & FY16 guidance:
- Total sales volumes for the Phosphates segment are expected to range from 2.1 to 2.4 mln tonnes for the fourth quarter of 2016, compared to 2.2 mln tonnes last year. Mosaic's realized DAP price, FOB plant, is estimated to range from $300 to $330 per tonne. The segment gross margin rate is estimated to be in the upper single digits.
- Total sales volumes for the Potash segment are expected to range from 1.9 to 2.1 mln tonnes for the fourth quarter of 2016, compared to 1.9 mln tonnes last year. Mosaic's realized MOP price, FOB plant, is expected to increase sequentially to $160 to $175 per tonne and the gross margin rate is estimated to be in the mid- teens.
- Total sales volumes for the International Distribution segment are expected to range from 1.7 to 1.9 mln tonnes for the fourth quarter of 2016, compared to 1.5 mln tonnes last year. The segment gross margin is estimated to be around $20 per tonne.
- For FY16, Capital expenditures are expected to range from $750 to $850 mln, down from the Company's initial guidance of $900 mln to $1.1 bln. Equity investments in the Ma'aden joint venture were $220 mln in 2016.
No comments:
Post a Comment