Mosaic (NYSE: MOS - News) is on a free fall today after the company missed analysts' first quarter estimate and cut its phosphate production target. The stock is down 34.67% and trading at $44.55. It's been the biggest intra-day decline for the fertilizer giant in the last four years.
Bloomberg reported that Mosaic's per-share profit was $2.83 in the three months ended August 31. Analysts had expected per-share profit excluding one-time items of $2.94.
The management also said it will cut down on phosphate production by 500,000 to 1 million tons because of an ever-lengthening phosphate inventories.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment