Mosaic stock drops more than 5% after Q3 earnings fall short

Shares of Mosaic Co. MOS, -0.26% dropped much than 5% successful the extended league Monday aft the shaper of potash and phosphate fertilizers missed FactSet statement connected its third-quarter adjusted nett and sales. Mosaic said it earned $372 million, oregon 97 cents a share, successful the 3rd quarter, swinging from a nonaccomplishment of $6.2 million, oregon 2 cents a share, successful the 3rd 4th of 2020. Adjusted for one-time items, the institution earned $1.35 a share. Revenue roseate 44% to $3.4 billion, the institution said, "as stronger pricing much than offset little volumes." Analysts polled by FactSet expected Mosaic to study adjusted EPS of $1.55 a stock connected income of $3.7 billion. Mosaic said that "strong" pricing of cultivation commodities are expected to proceed driving request for fertilizers done the extremity of the twelvemonth and into 2022, but rising input costs person narrowed grower profitability. Farming economics globally, however, stay charismatic arsenic a effect of beardown harvest request and favorable weather, the institution said. Mosaic's banal ended the regular trading time down 0.3%.