Mosaic Q1 net earnings fall to $45 million as lower fertilizer prices cut revenue 26%
Mosaic reported first quarter 2024 results on May 1, 2024, with net earnings of $45 million, or $0.14 per diluted share, down from $435 million a year earlier. Revenue fell 26% to $2.7 billion on lower selling prices, and the company cited $165 million in after-tax notable items, mainly a foreign currency transaction loss, an unrealized derivatives loss and an environmental reserve adjustment. The sharp drop in earnings and adjusted EBITDA means shareholders received a weaker quarter, though the company also reported $178 million returned to shareholders so far in 2024.
Key points
- Revenue of $2.7 billion, down 26% from the year-ago period, reflecting lower selling prices; gross margin rate was 14.9% versus 18.6%.
- Diluted EPS of $0.14 versus $1.28 a year earlier; adjusted EPS of $0.65 versus $1.14.
- Adjusted EBITDA of $576 million versus $777 million; free cash flow of $203 million versus $191 million.
- Second quarter guidance: potash sales volumes of 2.2-2.4 million tonnes and phosphate sales volumes of 1.6-1.8 million tonnes.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 01, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.