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Investing.com -- Shares of The Mosaic Company (NYSE:MOS) tumbled 10% after the fertilizer producer reported preliminary third-quarter volumes that fell short of management’s expectations, particularly in its phosphate segment.
The company disclosed that third-quarter phosphate production reached approximately 1.7 million tonnes, which, while higher than previous quarters, was below anticipated levels. The shortfall was attributed to unexpected mechanical issues at the Riverview sulfuric acid plant and utility interruptions at the Bartow facility in mid-September, causing a significant decline in production for the remainder of the month.
Phosphate sales volumes for the quarter were approximately 1.6 million tonnes, trailing production volumes primarily due to shipment lags. The company noted that these operational issues have since been addressed, and it expects that completed asset health investments will lead to sustainable improvement in production rates going forward.
In its Mosaic Fertilizantes segment, the company reported sales volumes of approximately 2.8 million tonnes, representing a 25% increase from the second quarter. The company mentioned it continues to focus on optimizing profitability in what it described as a tight credit environment.
For the Potash segment, both production and sales volumes were approximately 2.3 million tonnes in the third quarter.
Mosaic plans to discuss expectations and guidance for the fourth quarter and full year in its upcoming third-quarter earnings release and conference call.
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