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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
Quarterly Data

Mosaic Co., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold -65.64 -63.31 -70.10 -74.71 -73.14 -81.07 -83.26 -85.09 -87.43 -97.70 -96.11 -89.83 -89.56 -83.71 -81.50 -83.08 -86.64 -87.48 -86.61 -87.87 -89.04 -91.79
Gross margin 34.36% 36.69% 29.90% 25.29% 26.86% 18.93% 16.74% 14.91% 12.57% 2.30% 3.89% 10.17% 10.44% 16.29% 18.50% 16.92% 13.36% 12.52% 13.39% 12.13% 10.96% 8.21%
Selling, general and administrative expenses -2.01 -3.38 -3.22 -2.86 -3.84 -4.43 -4.51 -4.10 -4.65 -3.78 -5.02 -2.84 -3.59 -4.92 -3.56 -2.68 -3.60 -4.84 -3.97 -3.33 -4.06 -5.13
Mine closure costs 0.00 0.00 0.00 0.00 -5.65 0.00 0.00 0.00 0.00 0.00 -53.38 0.57 -16.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other operating expense -1.19 -1.30 -1.44 -1.91 -0.09 -0.87 -0.23 -6.68 -3.72 -2.21 -3.02 -2.83 -0.99 -0.73 -4.70 -0.81 -0.86 -3.51 -3.34 1.98 -1.51 -1.18
Operating earnings (loss) 31.16% 32.02% 25.25% 20.52% 17.28% 13.63% 12.00% 4.14% 4.20% -3.68% -57.54% 5.07% -11.11% 10.64% 10.24% 13.43% 8.90% 4.17% 6.08% 10.78% 5.39% 1.91%
Interest expense, net -0.63 -1.00 -1.02 -1.40 -1.33 -1.96 -1.92 -1.81 -2.41 -2.29 -2.25 -1.57 -2.11 -2.47 -1.22 -1.40 -2.05 -2.55 -1.90 -1.82 -2.07 -1.63
Foreign currency transaction gain (loss) -4.23 7.92 -1.14 -2.93 3.97 -1.99 4.48 0.24 1.67 -11.91 1.47 -1.95 0.96 1.19 -3.13 -0.08 -3.57 -1.67 -1.28 2.95 0.52 0.56
Other income (expense) -0.66 0.01 -0.03 0.02 0.05 0.13 0.05 0.20 0.12 0.25 -0.16 0.35 -0.17 -0.06 -0.13 -0.26 -0.11 -0.29 -0.07 0.06 0.08 -0.29
Earnings (loss) from consolidated companies before income taxes 25.63% 38.94% 23.06% 16.21% 19.97% 9.81% 14.60% 2.77% 3.57% -17.63% -58.47% 1.90% -12.44% 9.30% 5.76% 11.70% 3.18% -0.34% 2.83% 11.96% 3.92% 0.55%
Provision for (benefit from) income taxes -6.87 -9.49 -6.39 -5.17 -4.14 -2.60 19.57 -1.60 0.13 7.40 13.91 -2.51 2.37 -2.45 -1.30 -3.09 -0.17 2.58 -23.43 -0.89 1.29 -0.61
Earnings (loss) from consolidated companies 18.76% 29.45% 16.67% 11.05% 15.83% 7.21% 34.17% 1.17% 3.70% -10.23% -44.56% -0.62% -10.06% 6.84% 4.47% 8.61% 3.01% 2.24% -20.60% 11.07% 5.20% -0.06%
Equity in net earnings (loss) of nonconsolidated companies 0.67 0.78 0.55 -0.04 -0.16 -0.33 -0.47 -1.36 -1.46 -1.11 -1.21 -0.84 -0.51 -0.01 -0.02 -0.08 0.08 -0.17 0.06 0.49 0.33 -0.01
Net earnings (loss) including noncontrolling interests 19.43% 30.23% 17.22% 11.01% 15.67% 6.89% 33.71% -0.19% 2.24% -11.35% -45.77% -1.45% -10.58% 6.84% 4.44% 8.53% 3.09% 2.07% -20.55% 11.57% 5.53% -0.07%
Net (earnings) loss attributable to noncontrolling interests -0.15 -0.09 0.09 -0.13 -0.06 -0.07 -0.02 -0.07 0.07 0.06 1.42 -0.15 -0.13 0.05 0.01 -0.08 -0.01 0.11 -0.06 -0.11 0.01 0.01
Net earnings (loss) attributable to Mosaic 19.28% 30.14% 17.31% 10.88% 15.61% 6.82% 33.69% -0.26% 2.32% -11.29% -44.36% -1.60% -10.71% 6.89% 4.46% 8.45% 3.08% 2.19% -20.61% 11.46% 5.55% -0.06%

Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The financial performance of the entity from March 2017 through June 2022 is characterized by an initial period of volatility and low margins, followed by a substantial expansion in profitability starting in late 2020. The common-size analysis reveals a significant structural shift in the relationship between net sales and the cost of goods sold, leading to marked improvements in both operating and net margins toward the end of the observed period.

Gross Margin and Cost Structure
A profound reduction in the cost of goods sold (COGS) as a percentage of net sales is observed. COGS peaked at 97.70% in March 2020 but declined steadily to 63.31% by March 2022. Consequently, the gross margin evolved from a narrow 8.21% in March 2017 to a peak of 36.69% in March 2022, indicating either a significant increase in pricing power or a drastic reduction in direct production costs.
Operating Earnings and Non-Recurring Expenses
Operating earnings exhibited extreme variance, particularly in 2019. A severe operating loss of 57.54% of net sales was recorded in December 2019, almost entirely attributable to mine closure costs which represented 53.38% of sales in that quarter. Following this volatility, operating earnings entered a period of aggressive growth, rising from 4.20% in June 2020 to 31.16% by June 2022, reflecting enhanced operational efficiency.
Operating Expenses and Financial Costs
Selling, general, and administrative (SG&A) expenses remained relatively contained, generally fluctuating between 2% and 5% of net sales. A downward trend is noted in 2022, reaching a low of 2.01% by June. Similarly, net interest expense decreased as a percentage of sales, falling from a high of 2.55% in March 2018 to 0.63% in June 2022, suggesting a reduction in the relative debt burden compared to revenue growth.
Net Profitability and Tax Impact
Net earnings attributable to the company were subject to high volatility due to both operating losses and fluctuating tax provisions. Major net losses were observed in December 2017 (-20.61%) and December 2019 (-44.36%). However, the period from 2021 to 2022 showed a strong recovery, with net earnings peaking at 30.14% of net sales in March 2022. This recovery was supported by the aforementioned margin expansion and stabilized operating costs.

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