Adds background, phosphate details
November 7 (Reuters) – Fertilizer Manufacturer Mosaic Co’s MOS.N Third-quarter profits more than doubled as farmers search for nutrients to maximize crop yields at a time when global grain stocks are low.
Fertilizer companies such as Mosaic have taken advantage of a supply shortage as sanctions against Russia and Belarus, the world’s second- and third-largest potash producers, disrupted agricultural markets.
Russia’s fertilizer exports fell 7% in the first half of this year. Russia is one of the world’s largest suppliers of potassium, phosphate and nitrogen fertilizers, producing 13% of the world total.
However, Mosaic, the world’s largest producer of finished phosphate products, saw a 4% drop in production and a 10% drop in sales volumes following damage from Hurricane Ian in late September.
Mosaic reported net income of $841.7 million, or $2.42 per share, in the three months ended Sept. 30, compared with $371.9 million, or 97 cents per share, a year earlier .
(Reporting by Ruhi Soni in Bengaluru; Editing by Krishna Chandra Eluri)
((Twitter Ruhi.Soni@thomsonreuters.com: https://twitter.com/ruhithere))
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