The Mosaic Co MOS
Q4 2013 Earnings Call Transcript

Transcript Call Date 07/16/2013

Operator: Good morning, ladies and gentlemen and welcome to The Mosaic Company's Fourth Quarter and Fiscal Year 2013 Earnings Conference Call. At this time, all participants have been placed in a listen-only mode. After the Company completes their prepared remarks, the lines will be opened to take your questions.

Your host for today's call is Laura Gagnon, Vice President, Investor Relations of The Mosaic Company. Ms. Gagnon?

Laura Gagnon - VP, IR: Thank you, and welcome to our fourth quarter and fiscal year 2013 earnings call. Presenting today will be Jim Prokopanko, President and Chief Executive Officer, and Larry Stranghoener, Executive Vice President and Chief Financial Officer. We also have members of the senior leadership team available to answer your questions after our prepared remarks.

After my introductory comments, Jim will reviews Mosaic's accomplishments for the quarter and year and our views on current and future market conditions. Larry will provide an update on our capital management and share insights into our future expectations. The presentation slides we are using during the call are available on our website at

We will be making forward-looking statements during this conference call. The statements include, but are not limited to statements about future financial and operating results. They are based on management's beliefs and expectations as of today's date, July 16, 2013, and are subject to significant risks and uncertainties.

Actual results may differ materially from projected results. Factors that could cause actual results to differ materially from those in the forward-looking statements are included in our press release issued this morning and in our reports filed with the Securities and Exchange Commission.

Now, I'd like to turn it over to Jim.

James T. Prokopanko - President and CEO: Good morning. Welcome to our fiscal fourth quarter and full year earnings discussion. Mosaic delivered a great fourth quarter thanks in part to a very strong albeit late and compressed spring application season in North America, as well as record Canpotex shipments. Demand for our products remained strong in many parts of the world with the exception of India.

This morning, I will review the quarter and the fiscal year, then Larry will provide guidance and an update on our capital spending. Then before we take your questions, I'll discuss our outlook for the coming year. We would like you to take away three key messages today.

First, Mosaic continues to execute and deliver solid performance quarter-after-quarter. Second, we've completed a great year of progress in fiscal 2013. Finally, Mosaic remains an excellent position to achieve our vision of being the world's leading crop nutrition company.

Let's start with the fiscal fourth quarter. We reported operating earnings of $621 million on net sales of $2.7 billion, both down compared with the year ago, due to lower prices for potash and phosphates. The potash business unit contributed $445 million of operating earnings and the phosphates business unit contributed $198 million. In total, we reported earnings per share of $1.14 compared with $1.19 a year ago an outstanding outcome in light of external factors.

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