Name: Mosaic Co. (NYSE:MOS) | Income Statement
Creator: Stock Analysis on Net

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

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net sales	12,357,400)	8,681,700)	8,906,300)	9,587,300)	7,409,400)
Cost of goods sold	(9,157,100)	(7,616,800)	(8,009,000)	(8,088,900)	(6,566,600)
Gross margin	3,200,300)	1,064,900)	897,300)	1,498,400)	842,800)
Selling, general and administrative expenses	(430,500)	(371,500)	(354,100)	(341,100)	(301,300)
Impairment, restructuring and other expenses	(158,100)	—)	(1,462,100)	—)	—)
Other operating expenses	(143,200)	(280,500)	(176,000)	(229,000)	(75,800)
Operating earnings (loss)	2,468,500)	412,900)	(1,094,900)	928,300)	465,700)
Interest income	25,200)	33,500)	33,100)	49,700)	33,200)
Interest expense	(194,300)	(214,100)	(216,000)	(215,800)	(171,300)
Interest expense, net	(169,100)	(180,600)	(182,900)	(166,100)	(138,100)
Foreign currency transaction gain (loss)	(78,500)	(64,300)	20,200)	(191,900)	49,900)
Other income (expense)	3,900)	12,900)	1,500)	(18,800)	(3,500)
Earnings (loss) from consolidated companies before income taxes	2,224,800)	180,900)	(1,256,100)	551,500)	374,000)
Provision for (benefit from) income taxes	(597,700)	578,500)	224,700)	(77,100)	(494,900)
Earnings (loss) from consolidated companies	1,627,100)	759,400)	(1,031,400)	474,400)	(120,900)
Equity in net earnings (loss) of nonconsolidated companies	7,800)	(93,800)	(59,400)	(4,500)	16,700)
Net earnings (loss) including noncontrolling interests	1,634,900)	665,600)	(1,090,800)	469,900)	(104,200)
Net (earnings) loss attributable to noncontrolling interests	(4,300)	500)	23,400)	100)	(3,000)
Net earnings (loss) attributable to Mosaic	1,630,600)	666,100)	(1,067,400)	470,000)	(107,200)

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 net earnings, culminating in a substantial expansion of both revenue and profitability in the final year of the period.

Revenue and Gross Profitability: Net sales exhibited an overall upward trajectory, increasing from 7.41 billion in 2017 to 12.36 billion in 2021. Gross margin followed a similar pattern, rising from 842.8 million in 2017 to 3.20 billion in 2021. A particularly sharp increase is observed between 2020 and 2021, where gross margin grew by approximately 200%, indicating a significant improvement in the relationship between sales pricing and the cost of goods sold.
Operating Earnings and Non-Recurring Expenses: Operating earnings showed extreme fluctuations, most notably in 2019 when a loss of 1.09 billion was recorded. This downturn was primarily attributable to a substantial impairment, restructuring, and other expense of 1.46 billion. Following this event, operating earnings recovered to 412.9 million in 2020 and surged to 2.47 billion in 2021, reflecting a strong operational rebound.
Net Earnings and Fiscal Impact: Net earnings attributable to the company were inconsistent, moving from a loss of 107.2 million in 2017 to a peak profit of 1.63 billion in 2021. The results in 2019 were heavily impacted by the aforementioned impairment, though a tax benefit of 224.7 million provided a partial offset to the losses. By 2021, the combination of record net sales and disciplined operating expenses resulted in the highest net income of the five-year period.
Interest and Ancillary Financial Items: Net interest expenses remained relatively stable, fluctuating within a narrow range between 138.1 million and 182.9 million, suggesting a consistent debt service burden regardless of operational volatility. Foreign currency transaction gains and losses introduced additional variance, with a notable loss of 191.9 million in 2018 and continued losses in 2020 and 2021.

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