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The Mosaic Company Earnings: 5 Things You Need to Know презентация
Содержание
- 1. The Mosaic Company Earnings: 5 Things You Need to Know
- 2. Margins continue to expand 1
- 3. Potash lower production costs as
- 4. Phosphates Low input costs boosted
- 5. Costs in control 2
- 6. Restructuring efforts paying off Mosaic’s selling,
- 7. Integration of acquired business on track 3
- 8. International distribution segment growing Integration of Archer
- 9. Ma’aden joint venture to cost more 4
- 10. Wa'ad Al Shamal Phosphate Company Capital cost
- 11. Sales volumes guidance revised 5
- 12. Weak expected Q3 to blame Mosaic upgraded
- 13. Foolish takeaway While Mosaic doesn’t give out
- 14. This $19 trillion industry could destroy the
Margins continue to expand 1
Слайд 3Potash
lower production costs as company operated plants at 90% capacity
in anticipation of planned turnarounds and higher demand in coming months
improved selling prices as potash markets recovered
improved selling prices as potash markets recovered
Mosaic’s potash gross margin jumped to 40% from 33% a year ago, thanks to:
Expansion underway at Mosaic’s low-cost Esterhazy potash mine. Source: Company website
Слайд 4Phosphates
Low input costs boosted phosphates gross
margin by a percentage point to 21% despite flat revenue.
Phosphates contributed 50% to Mosaic’s operating earnings in Q2.
Phosphates contributed 50% to Mosaic’s operating earnings in Q2.
Source: Mosaic Q2 earnings presentation
Слайд 6Restructuring efforts paying off
Mosaic’s selling, general, and administrative expenses were
flat despite 4% higher revenue and greater business footprint (backed by acquisitions) compared to last year.
2015 target: SG&A expenses of $360-$380 million. Company incurred $382 million in 2014.
2015 target: SG&A expenses of $360-$380 million. Company incurred $382 million in 2014.
Слайд 8International distribution segment growing
Integration of Archer Daniels Midland’s fertilizer distribution business
in Brazil and Paraguay acquired last year is complete.
The acquisition pushed segment sales up by 17.5% in Q2.
Mosaic’s distribution capacity in the region is projected to jump 50%.
The acquisition pushed segment sales up by 17.5% in Q2.
Mosaic’s distribution capacity in the region is projected to jump 50%.
Слайд 10Wa'ad Al Shamal Phosphate Company
Capital cost of JV project in Saudi
Arabia -- in which Mosaic holds 25% stake --to be $8 billion, or 7% higher than initial estimates.
At the time of agreement, Mosaic outlined $1 billion cash investment.
At the time of agreement, Mosaic outlined $1 billion cash investment.
Construction underway at Ma’aden JV site. Source: Mosaic Q2 earnings presentation
Слайд 12Weak expected Q3 to blame
Mosaic upgraded full-year phosphates sales volumes slightly,
but downgraded potash volumes.
Data source: Company earnings release. Chart by author
Слайд 13Foolish takeaway
While Mosaic doesn’t give out full-year sales and profit guidance,
it appears to be on track to a solid year. The fertilizer markets may be under pressure, but the company’s cost-reduction efforts and growth initiatives should push its margins higher in 2015 and beyond.
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