Stock Analysis on Net
Stock Analysis on Net

Mosaic Co. (NYSE:MOS)

$22.49

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

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Mosaic Co., consolidated income statement

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net sales
Cost of goods sold
Gross margin
Selling, general and administrative expenses
Impairment, restructuring and other expenses
Other operating expenses
Operating earnings (loss)
Interest income
Interest expense
Interest expense, net
Foreign currency transaction gain (loss)
Other income (expense)
Earnings (loss) from consolidated companies before income taxes
Provision for (benefit from) income taxes
Earnings (loss) from consolidated companies
Equity in net earnings (loss) of nonconsolidated companies
Net earnings (loss) including noncontrolling interests
Net (earnings) loss attributable to noncontrolling interests
Net earnings (loss) attributable to Mosaic

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).

Net Sales
Net sales demonstrated an overall upward trend from 2017 to 2021, increasing from 7.41 billion to 12.36 billion US dollars. There was a peak in 2018 at 9.59 billion, followed by a slight decline in 2019 and 2020, before a significant increase in 2021.
Cost of Goods Sold
Cost of goods sold increased steadily from 6.57 billion in 2017 to 9.16 billion in 2021. The growth in costs paralleled the increase in net sales, though the rate of increase in costs was somewhat more moderate during 2019 and 2020.
Gross Margin
Gross margin exhibited fluctuations with a notable peak in 2018 at approximately 1.5 billion US dollars. After a decline in 2019, it rebounded in 2020 and surged significantly in 2021 to 3.2 billion, indicating improved profitability at the gross profit level.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses steadily increased from 301 million in 2017 to 430 million in 2021. The rise was gradual, reflecting possibly higher operational activities or inflationary pressures over the period.
Impairment, Restructuring and Other Expenses
Impairment and restructuring charges were not present in 2017, 2018, and 2020 but appeared in 2019 with a significant expense of 1.46 billion US dollars and again in 2021 at 158 million. This suggests that 2019 was a year of significant operational challenges or asset write-downs.
Other Operating Expenses
These expenses fluctuated over the years, showing a substantial increase in 2018 to 229 million, then moderating in subsequent years to 143 million in 2021.
Operating Earnings
Operating earnings increased from 466 million in 2017 to 928 million in 2018, followed by a sharp loss in 2019 of approximately 1.09 billion. Recovery was evident in 2020 and a substantial increase in 2021 to 2.47 billion, indicating strong operational recovery and growth.
Interest Income and Expense
Interest income remained relatively stable between 25 and 50 million over the years. Interest expense was highest in 2018 and 2019 at around 215-216 million, declining slightly to 194 million by 2021. Net interest expense showed a consistent decreasing trend from 138 million in 2017 to 169 million in 2021, suggesting stable financing costs.
Foreign Currency Transaction Gain (Loss)
Foreign currency transaction results showed volatility, with a gain of 49 million in 2017, a loss of 192 million in 2018, minor gains or losses in other years, and losses peaking again in 2021 with 78 million. This implies exposure to currency risk affecting earnings unpredictably.
Other Income (Expense)
This item fluctuated slightly, with small negative and positive amounts, generally remaining minor in magnitude compared to other income and expense items.
Earnings Before Income Taxes
Earnings before income taxes increased from 374 million in 2017 to 551 million in 2018, plunged to a loss of 1.26 billion in 2019, and recovered with positive earnings in 2020 and 2021, reaching 2.22 billion. This aligns with operational performance and impairment expenses timing.
Income Tax Provision (Benefit)
The tax provision showed significant variability, with a large tax benefit of 494 million in 2017, reduced benefit in 2018, and then a tax expense in 2019 consistent with earnings losses. In 2020, the tax expense increased substantially, followed by a large tax benefit recorded in 2021, which contributed to net earnings growth.
Net Earnings
Net earnings were negative in 2017 (-104 million) but turned positive in 2018 (470 million). There was a sharp decline to a net loss of 1.09 billion in 2019, followed by recovery in 2020 and a substantial increase to 1.63 billion in 2021. The fluctuations correspond to operational profitability and impairment charges.
Equity in Net Earnings of Nonconsolidated Companies
This component was minor compared to total earnings and showed a decline into negative territory in 2018 through 2020, with a small positive return in 2021.
Net Earnings Attributable to Mosaic
The net earnings attributable to Mosaic mirror the consolidated net earnings trend, showing losses in 2017 and 2019 and significant gains in 2018, 2020, and especially 2021.