• First quarter net income of $435 million, Adjusted EBITDA(1) of $777 million
• Cash from operations of $149 million, free cash flow(1) of $191 million• Capital return to shareholders totaled $608 million, reflecting $456 million of share repurchases and $152 million of dividends
The Mosaic Company (NYSE: MOS), reported net income of $435 million, or $1.28 per diluted share, for the first quarter of 2023. Adjusted EPS(1) was $1.14 and Adjusted EBITDA(1) was $777 million. Gross margin was $670 million.
“Mosaic delivered another strong first quarter,” said President and CEO Joc O’Rourke. “While fertilizer prices have pulled back from last year’s peak levels, they remain constructive. At the same time, North American fertilizer demand has accelerated as growers are being incented to maximize yields.”
Highlights:
• First quarter revenues totaled $3.6 billion, down 8 percent from the year ago period, reflecting the impact of lower prices somewhat offset by higher volumes. The gross margin rate in the first quarter was 18.6 percent, down from 36.7 percent in the year ago period.
• Net Income in the first quarter totaled $435 million, compared with $1.2 billion in the year ago period. Adjusted EBITDA(1) totaled $777 million, compared with $1.5 billion in the first quarter of 2022. Cash from operating activities totaled $149 million and free cash flow(1) totaled $191 million.
• Potash operating earnings were $402 million in the first quarter, compared to $563 million in the prior year period. Adjusted EBITDA(1) totaled $474 million in the first quarter, compared to $651 million last year. The last of Esterhazy’s thirteen underground miners is expected to enter service in the second half of 2023. With production now sufficient to meet current market demand, the restart of the Colonsay mine has been deferred to the second half of 2023.
