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The Mosaic Company Reports Second Quarter 2016 Results

PLYMOUTH, Minn., Aug. 2, 2016 /PRNewswire/ -- The Mosaic Company (MOS) today reported a second quarter 2016 net loss of $10 million, down from net earnings of $391 million in the second quarter of 2015. Results in the quarter included after-tax charges of $69 million related to actions the Company has taken to lower spending on capital projects and reduce expenses. Net loss per share was $0.03 and included a negative impact of $0.09 from notable items.

Mosaic's net sales in the second quarter of 2016 were $1.7 billion, down from $2.5 billion last year, reflecting lower potash and phosphate prices and lower sales volumes. Operating earnings during the quarter were $12 million, down from $510 million a year ago. The decline in operating earnings was driven primarily by lower net sales and the negative impact of notable items, partially offset by lower phosphate raw material costs and effective expense management.

"We are taking the necessary actions to ensure Mosaic remains competitive across all points of the business cycle," said Joc O'Rourke, President and Chief Executive Officer. "While the environment is challenging, we see signs of stabilization in the second half of the year, with fertilizer prices bottoming and solid demand for our products. At the same time, we are taking action...