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PLYMOUTH, Minn., Feb. 11, 2015 /PRNewswire/ -- The Mosaic Company (NYSE: MOS) today reported fourth quarter 2014 net earnings of $361 million, compared to $129 million in the fourth quarter of 2013. Earnings per diluted share were $0.97 in the quarter compared to $0.30 last year. Notable items positively impacted earnings per share by $0.10, including a discrete tax benefit. Mosaic's net sales in the fourth quarter of 2014 were $2.4 billion, up from $2.2 billion last year. Operating earnings during the quarter were $365 million, up from $179 million a year ago, driven by higher prices in the Phosphates segment, and higher sales volumes combined with lower operating costs in the Potash segment.
"While we expected strong fourth-quarter results, demand exceeded our expectations as customers came to the market in force, seeking to replenish empty inventories ahead of an expected strong spring application season in North America," said Jim Prokopanko, President and Chief Executive Officer. "2014 was a year of transformation for Mosaic. We grew and rebalanced our business portfolio, optimized our balance sheet, and worked to assure Mosaic remains a low-cost producer."
Cash flow provided by operating activities in the fourth quarter of 2014 was $382 million compared to $503 million in the prior year. Capital expenditures plus investments in Wa'ad Al Shamal Phosphate Company (also known as the Ma'aden joint venture) totaled $254 million in the quarter. Mosaic's total cash and cash equivalents were $2.4 billion and long-term debt was $3.8 billion as of December 31, 2014.
Potash Results
4Q 2014 Actual 4Q 2014 Initial Guidance
Average MOP Selling Price $295 $275 to $295
Sales Volume 2.3 million tonnes 2.0 to 2.3 million tonne
Potash Production 91% of operational capacity 85-90% of operational capacity
"Our Potash business delivered outstanding results, with record production volumes and one of the lowest quarterly cash costs per tonne in Mosaic's history," Prokopanko said. "Looking ahead, we expect strong demand to carry into 2015 with low pipeline inventories and constructive farm economics. Mosaic is well positioned for improving industry fundamentals, with expanded low-cost Canadian production more than offsetting our higher-cost Carlsbad MOP operations, which closed during the fourth quarter."
Net sales in the Potash segment totaled $763 million for the fourth quarter, up from $652 million last year, driven by higher shipment volumes partially offset by a lower average price. Gross margin was $304 million, or 40 percent of net sales, compared to $134 million, or 21 percent of net sales a year ago. The year-over-year increase in gross margin was driven by higher net sales combined with lower costs of goods sold as a result of both cost savings initiatives and a higher operating rate.
The fourth quarter average MOP selling price, FOB plant, was $295 per tonne, down from $303 per tonne a year ago as a result of a higher percentage of lower priced international sales. The Potash segment's total sales volumes for the fourth quarter were 2.3 million tonnes, compared to 1.9 million tonnes a year ago.
Potash production was 2.6 million tonnes, or 91 percent of operational capacity, up from 1.7 million tonnes, or 65 percent of operational capacity a year ago, as a result of strong demand and a successful proving run at the Colonsay mine.
Total sales volumes for the Potash segment are expected to range from 2.0 to 2.3 million tonnes for the first quarter of 2015, compared to 2.4 million tonnes last year. Mosaic's realized MOP price, FOB plant, for the first quarter of 2015 is estimated to range from $270 to $295 per tonne. Mosaic's gross margin rate in the segment is expected in the high 30 percent range during the first quarter of 2015, while the operating rate is expected to be in the 85 to 90 percent range in preparation for anticipated strong demand this spring.
For the 2015 full year, Mosaic estimates:
SG&A expenses to range from $360 to $380 million, inclusive of costs from the newly acquired distribution business in Brazil and Paraguay.
Canadian resource taxes and royalties to range from $215 to $275 million.
Brine management costs to be in the range of $180 to $200 million.
The effective tax rate to revert to the long-term expected rate of low to mid twenty percent range.
Capital expenditures and investments in the range of $1.1 to $1.4 billion.
Phosphates sales volumes in the range of 14.5 to 15.0 million tonnes.
Potash sales volumes in the range of 8.5 to 9.0 million tonnes.
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