Fertilizer maker Mosaic falls on weak sales, lower capex outlook
MOS•Capital spending outlook cut again
Mosaic lowered its capital expenditure forecast for the second time this year to $1.2 billion from $1.25 billion previously.
The company said sulfur and ammonia market disruptions continue to drive up costs and curb phosphate production globally.
Mosaic shares fall after second-quarter sales decline
Shares of fertilizer maker Mosaic fell 1.9% to $22.27 in premarket trading after the company reported a decline in second-quarter revenue, weighed down by soft demand and curtailed domestic production.
The company posted net sales of $2.8 billion for the three months ended June 30, down 6.7% from a year ago.
Management says business conditions remain challenging
"Business conditions remained challenging in the second quarter, driven primarily by sulfur availability and affordability challenges," CEO Bruce Bodine said.
As of the last close, MOS was down 5.7% year to date.
