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Mosaic Co. (NYSE:MOS)

This company has been moved to the archive! The financial data has not been updated since August 2, 2022.

Common-Size Income Statement

Mosaic Co., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net sales 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -74.10 -87.73 -89.93 -84.37 -88.63
Gross margin 25.90% 12.27% 10.07% 15.63% 11.37%
Selling, general and administrative expenses -3.48 -4.28 -3.98 -3.56 -4.07
Impairment, restructuring and other expenses -1.28 0.00 -16.42 0.00 0.00
Other operating expenses -1.16 -3.23 -1.98 -2.39 -1.02
Operating earnings (loss) 19.98% 4.76% -12.29% 9.68% 6.29%
Interest income 0.20 0.39 0.37 0.52 0.45
Interest expense -1.57 -2.47 -2.43 -2.25 -2.31
Interest expense, net -1.37% -2.08% -2.05% -1.73% -1.86%
Foreign currency transaction gain (loss) -0.64 -0.74 0.23 -2.00 0.67
Other income (expense) 0.03 0.15 0.02 -0.20 -0.05
Earnings (loss) from consolidated companies before income taxes 18.00% 2.08% -14.10% 5.75% 5.05%
Provision for (benefit from) income taxes -4.84 6.66 2.52 -0.80 -6.68
Earnings (loss) from consolidated companies 13.17% 8.75% -11.58% 4.95% -1.63%
Equity in net earnings (loss) of nonconsolidated companies 0.06 -1.08 -0.67 -0.05 0.23
Net earnings (loss) including noncontrolling interests 13.23% 7.67% -12.25% 4.90% -1.41%
Net (earnings) loss attributable to noncontrolling interests -0.03 0.01 0.26 0.00 -0.04
Net earnings (loss) attributable to Mosaic 13.20% 7.67% -11.98% 4.90% -1.45%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The financial performance from 2017 to 2021 is characterized by significant volatility in profitability, culminating in a substantial expansion of margins by the end of the period. The company transitioned from intermittent net losses to a strong profit position, driven primarily by improvements in gross margin and the absence of large-scale impairment charges in later years.

Gross Profitability Trends
Gross margins exhibited considerable fluctuation, starting at 11.37% in 2017 and reaching a peak of 25.90% in 2021. This improvement is directly linked to the reduction in cost of goods sold, which decreased from a high of 89.93% of net sales in 2019 to 74.10% in 2021, indicating enhanced production efficiency or more favorable pricing environments.
Operating Efficiency and Expense Analysis
Operating earnings were highly volatile, shifting from a profit of 9.68% in 2018 to a loss of 12.29% in 2019, before recovering to 19.98% in 2021. The 2019 deficit was primarily driven by a significant impairment, restructuring, and other expense charge amounting to 16.42% of net sales. Conversely, selling, general, and administrative expenses remained remarkably stable, consistently hovering between 3.48% and 4.28% of net sales throughout the five-year period.
Interest and Non-Operating Items
Net interest expense showed a gradual downward trend, improving from 1.86% of net sales in 2017 to 1.37% in 2021. Foreign currency transactions presented an inconsistent impact, contributing gains in 2017 and 2019, but resulting in losses in 2018, 2020, and 2021.
Net Earnings and Taxation
Net earnings attributable to the company shifted from a loss of 1.45% in 2017 to a profit of 13.20% in 2021. The bottom line was heavily influenced by the provision for income taxes, which fluctuated between tax expenses (reaching 6.66% in 2020) and tax benefits (2.52% in 2019), reflecting the impact of the operating losses and varying tax jurisdictions.

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