NEW YORK, N.Y. (Reuters) – Shares of Mosaic Co. rose after the fertilizer producer last week said quarterly profit more than doubled.
Mosaic, majority owned by Cargill Inc., reported July 23 net income of $396.1 million, or 89 cents per share, for the three months ended May 31.
That’s up from $146.9 million, or 33 cents per share, in the same period last year.
That easily beat Wall Street’s expectations.
During the quarter, potash sales rebounded to 1.8 million tonnes from 0.6 million tonnes a year earlier, while phosphate sales were flat.
