PLYMOUTH, Minn. (AP) — NEWS: Fertilizer maker Mosaic Co. reported a sharply lower profit and revenue for the third quarter as prices and volume fell.
DETAILS: Mosaic said it's seeing lower prices for potash and phosphate and also suffered from "cautious dealer behavior." President and CEO Jim Prokopanko said he believes the issues are "cyclical in nature."
NUMBERS: Net income of $124.4 million, or 29 cents per share, down from $417.4 million, or 98 cents per share, a year earlier. The latest quarter includes a $123 million in losses from asset write-downs. Revenue fell almost 29 percent to $1.91 billion, from $2.65 billion a year earlier.
FUTURE: Mosaic said it expects strong demand in North America for the rest of this year, although international demand, especially in India and China, is less predictable. It said pricing will "remain challenging" next year, but should get better after that as demand growth eats into supplies of phosphate and potash.
STOCK: Down 98 cents, or 2.1 percent, to $45.75 in premarket trading.