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The Mosaic Company (NYSE:MOS) released sales volume and revenue figures for its units for February 2020.
In the Potash unit, the company recorded sales volume of 489,000 tons in February, down 22.7% year over year. Revenues in the segment declined 26.7% year over year to $118 million in the month. Reportedly, the timing of product pricing and the mix of products shipped in North America impacted the net pricing of potash.
In the Mosaic Fertilizantes unit, sales volumes rallied 43.9% year over year to 737,000 tons and revenues rose 4% to $255 million. Notably, average revenue per ton of product in the Mosaic Fertilizantes unit was affected by the weakening of BRL.
In Phosphates, the company reported 16.2% year-over-year growth in sales volume to 532,000 tons. However, revenues in the segment fell 22.2% year over year to $172 million in February. Reportedly, average revenue per ton of product sold decreased on lower freight and revenues associated with Miski Mayo.
Shares of Mosaic have lost 61.6% in the past year compared with the industry’s 41.1% decline.
During fourth-quarter 2019 earnings call, Mosaic expected strong global demand for fertilizers in 2020 on solid worldwide demand for grains and oilseeds as well as strong farm economics.
Mosaic expects China to be a major factor for phosphate market fundamentals this year in the wake of the coronavirus outbreak. Per the company, a significant chunk of phosphate production in Hubei province has been idled or curtailed due to the coronavirus outbreak. It envisions the decline in supply coupled with limited new capacity in other parts of the world to contribute to the persistent tightening of phosphate market fundamentals.
The company also noted that production curtailments that started in the second half of 2019 are bringing the potash market into balance this year. It expects strong demand from the Northern Hemisphere during spring. Mosaic also expects a surge in activity in the Southern (NYSE:SO) Hemisphere in third-quarter 2020.
The Mosaic Company Price and Consensus
The Mosaic Company price-consensus-chart | The Mosaic Company Quote
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Franco-Nevada Corporation (TSX:FNV) , Barrick Gold Corporation (NYSE:GOLD) and NovaGold Resources Inc. (NYSE:NG) .
Franco-Nevada has a projected earnings growth rate of 24.2% for 2020. The company’s shares have rallied 16.4% in a year. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Barrick Gold currently has a Zacks Rank #2 (Buy) and a projected earnings growth rate of 43.1% for 2020. The company’s shares have rallied 21% in a year.
NovaGold has a projected earnings growth rate of 11.1% for 2020. It currently carries a Zacks Rank #2. The company’s shares have gained 38.8% in a year.
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