Phosphate mine owner Mosaic reports 1Q profit increase

Mosaic Co., owner of the Four Corners phosphate mine in Manatee County, reported an increase in profits for its fiscal first quarter today, despite a decrease in revenues. The company also named a new chief executive.

Mosaic, which distributes crop nutrients and animal feed products, attributed its 43 percent increase in profits to one-time benefits, such as a $39 million tax benefit and a $15.7 million pretax benefit from a favorable arbitration award.

The company recorded a profit of $109 million for the first quarter, compared with $76.1 million in the first quarter of last year. Earnings per share rose from 18 cents per share in the first quarter last year to 25 cents per share this year.

Lower volumes in phosphates and offshore sales resulted in an 8 percent decline in sales. The company also experienced a decline in operating earnings, from $192.0 million to $131.6 million.

Mosaic’s president and chief executive Fritz Corrigan will retire in January, and the company’s executive vice president and chief operating officer, James T. Prokopanko, 53, will succeed him.

Corrigan will receive fees of $60,000 per month plus a bonus of $962,000 for consulting services, according to a filing with the SEC.

Revenue

1st Qtr $1.29 billion
Year ago $1.4 billion
Net Income
1st Qtr $109 million
Year ago $76.1 million
Per share
1st Qtr $0.25
Year ago $0.18