Mosaic shares jump 17.3% despite Q3 loss, missing profit estimates

Mosaic (MOS) posted a third-quarter net loss of $72 million, or 23 cents per share, against net income of $411 million a year earlier, the company said Nov. 3 in its results release.

Shares rose 17.3% in regular trading as of 3:59 p.m. ET on Nov. 4, from a regular-session close of $18.42.

Adjusted EBITDA totaled $324 million, down from $806 million a year earlier. Revenue was $3.10 billion, in line with the $3.09 billion consensus estimate. Adjusted results were a loss of 19 cents per share, against the 2 cent profit in the consensus estimate.

Results primarily reflected lower sales volumes across all segments and higher raw material costs in phosphate and Fertilizantes, partly offset by higher phosphate prices, the company said.

Here's how the company did:

• Adjusted EPS: a loss of 19 cents per share, vs. $1.04 a year earlier
• Revenue: $3.10 billion vs. $3.45 billion a year earlier
• Adjusted EBITDA: $324 million vs. $806 million a year earlier

The company's cash flow from operations totaled $284 million, up from $229 million a year earlier. Free cash flow was breakeven, compared with a $135 million outflow in the prior-year period. According to its SEC filings, net income swung from a profit of $411.4 million in the third quarter of 2025 to a loss of $519.5 million in the fourth quarter of 2025.

Segment results

Phosphate posted an operating loss of $194 million, compared with operating income of $102 million a year earlier. Sales volumes were 1.4 million tonnes, down from 1.6 million, reflecting production curtailments tied to limited affordable sulfur availability.

Potash net sales were $643 million, down from $695 million. Operating earnings were $189 million, compared with $229 million in the prior-year quarter.

Mosaic Fertilizantes had net sales of $1.25 billion, against $1.59 billion a year earlier. The segment posted an operating loss of $21 million, compared with operating earnings of $96 million.

2026 guidance

Full-year potash production is now expected to be 8.6 million tonnes, as abnormal geological conditions at Esterhazy lowered ore grades. The company said the lower grades are temporary.

The company kept its 2026 capital expenditure forecast at $1.2 billion, the level it set on Aug. 4. It expects depreciation, depletion and amortization of $1.1 billion to $1.2 billion and selling, general and administrative expense of $510 million to $530 million.

For the fourth quarter, Mosaic expects potash sales volumes of 2.3 to 2.6 million tonnes and phosphate sales volumes of 1.3 to 1.6 million tonnes. It expects DAP prices at the plant of $820 to $840 per tonne.

"These actions position us to deliver stronger performance as conditions improve," said President and CEO Bruce Bodine.

The company refinanced and extended all long-term debt maturities through 2028. Its $2.5 billion revolving credit facility remains fully available. It paid a regular common dividend of 22 cents per share in the third quarter.