(Kitco News) - The Mosaic Company (NYSE: MOS) yesterday reported net income of $842 million, or $2.42 per diluted share, for the third quarter of 2022.
The company said that third quarter revenues were up 56% year-over-year to $5.3 billion, adding that the gross margin rate in the quarter was 28%, up from 25% in third quarter of 2021. Adjusted EBITDA totaled $1.7 billion, up from the prior year period total of $969 million.
Potash operating earnings totaled $793 million, up from $220 million in the prior year period, and adjusted EBITDA totaled $871 million, up from $272 million in the third quarter of 2021.
Phosphates operating earnings totaled $131 million, down from $326 million in the prior year period. This quarter's operating earnings included $226 million of notable items, most of which was related to a noncash adjustment to future asset retirement obligation expenses. Third quarter adjusted EBITDA totaled $481 million, up from $479 million last year.
Mosaic Fertilizantes operating earnings totaled $323 million and adjusted EBITDA totaled $343 million in the third quarter of 2022. This compares to operating earnings of $290 million and adjusted EBITDA of $317 million from the prior year period.
"Mosaic delivered record sales in the first nine months of 2022, and we expect favorable fundamentals as we conclude the year and look forward to 2023," commented President and CEO Joc O"Rourke. "We are returning capital to shareholders while strengthening the balance sheet and investing in the business to generate strong results throughout the cycle."
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry.
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