(Reuters) —Mosaic’s fourth quarter profit nearly tripled, helped by strong demand for phosphates and potash.
The world’s largest producer of finished phosphate products said it expects to sell 2.8 to 3.1 million tonnes of phosphates at US$440 to $465 per tonne in the current quarter.
The company sold 2.7 million tonnes of phosphate at an average price of $414 per tonne in the first quarter last year.
Mosaic, which is also North America’s second-biggest potash producer, said it expects to sell two to 2.3 million tonnes of potash at an average rate of $270 to $295 per tonne.
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The company sold 2.4 million tonnes of potash at an average price of $267 per tonne in the same quarter last year.
Net earnings attributable to Mosaic rose to $360.7 million in the fourth quarter, which ended Dec. 31, from $128.9 million a year earlier.
Net sales rose nine percent to $2.38 billion.
The company sold 3.3 million tonnes of phosphate at an average price of $448 per tonne and 2.3 million tonnes of potash at an average price of $295 per tonne.
“Demand exceeded our expectations as customers came to the market in force, seeking to replenish empty inventories ahead of an expected strong spring application season in North America,” said chief executive officer Jim Prokopanko.
The company said it expects capital expenses and investments of $1.1 to $1.4 billion this year.
