The Mosaic Company Reports First Quarter Results

NET EARNINGS UP 77 PERCENT TO $526 MILLION

EARNINGS PER SHARE UP 75 PERCENT TO $1.17

MOS, Mosaic Co.

The Mosaic Company (NYSE:MOS) reported first quarter fiscal year 2012 net earnings of $526 million, up 77 percent from $298 million in the prior year quarter. Earnings per diluted share were $1.17 in the quarter, up 75 percent from $0.67 per diluted share in the prior year period. Mosaic's net sales in the first quarter of fiscal 2012 were $3.1 billion, a 41 percent increase from $2.2 billion in the same period last year.

"We just completed another excellent quarter for Mosaic," said Jim Prokopanko, president and chief executive officer of Mosaic. "Strong agricultural markets combined with our strength in execution are leading to excellent financial results, including the second highest gross margin for a first quarter in our history.

"Our confidence in the long-term demand prospects for our products remains high. Our multi-year, multi-billion dollar potash expansion remains on time and on budget, positioning us to reap benefits from long-term growth in potash demand. Our Phosphates team continues to show results from their operational excellence efforts, growing the value of our Phosphates business. We are successfully maintaining our low-cost position, and developing new products that create value for our customers. This allows us to successfully capitalize on the long-term growth in phosphate demand," added Prokopanko.

Mosaic's gross margin for the first quarter of fiscal 2012 was $848 million, or 28 percent of net sales, compared to $505 million, or 23 percent of net sales, a year ago. First quarter operating earnings were $730 million, an increase of 78 percent compared to $410 million a year ago. The increase in gross margin and operating earnings was driven primarily by higher selling prices and improved potash operating rates partially offset by increased phosphates raw material costs.

The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry.

More information on the company is available at www.mosaicco.com.

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