(Reuters) —Mosaic Co. estimates it will post a larger fourth-quarter profit than expected and surpassed its targets for phosphate sales.
The company, which is the world’s largest producer of finished phosphate products and North America’s second-biggest potash producer, said it expects to earn 93 to 98 cents per share in the quarter, including one-time items. Analysts expected, on average, earnings of 58 cents per share, according to Thomson Reuters.
Excluding items, earnings for the quarter are expected at 83 to 88 cents per share, Mosaic said.
Demand for potash and phosphates exceeded the company’s expectations in the period, chief executive officer Jim Prokopanko said.
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Retail fertilizer buyers came to the market in force to place inventory in position for what they expect to be a strong spring fertilizer application season for farmers, he added. Prokopanko said he expects strong demand for both crop nutrients to extend into this year.
The company sold 3.3 million tonnes of phosphate products during the quarter, exceeding its previous guidance of 2.5 to 2.8 million tonnes but just shy of the year-ago quarter’s 3.4 million tonnes.
Mosaic said potash volumes looked to be in the high end of its guidance range of two to 2.3 million tonnes during the fourth quarter.
