Severe Weather and the Economic Impact Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Severe Weather and the Economic Impact

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: LoneClone	11/12/2024 3:38:33 PM
	of 7186

Fertilizer Maker Mosaic Slumps as Florida Hurricanes Dent Profit ca.finance.yahoo Kim Chipman Tue, November 12, 2024 at 8:30 a.m. PST 1 min read MOS -7.51% (Bloomberg) -- Shares of fertilizer producer Mosaic Co. fell the most in 18 months after multiple hurricanes in the US and lower selling prices led to sharply lower-than-expected profit and sales. The stock tumbled 7.5% to $25.94 as of 11:16 a.m. in New York trading, after dropping as much as 7.9%, the most since May 2023. Shares have plunged about 27% this year. Three back-to-back hurricanes took a toll on Mosaic’s phosphate production in the Tampa, Florida, area during the third quarter as lower product prices also hurt results. Revenue slumped 21% to $2.8 billion from a year earlier. The decline follows several years of heightened volatility in the fertilizer market amid war in Eastern Europe and stressed global supply chains. Mosaic’s setback is in contrast with rivals like CF Industries Holdings Inc., which posted higher-than-forecast profit over the same three-month period. While the logistical and production problems due to the massive storms were known, the magnitude was worse than expected, according to Ben Isaacson, a Scotiabank analyst who has a sector perform rating on the stock. Mosaic’s phosphate production has returned to full operating capacity and is on track to reach its target yearly run rate by the year’s end, the company said in a statement. .com/news/fertilizer-maker-mosaic-slumps-florida-163031788.html

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next