Income Statement
Quarterly Data

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.

Mosaic Co., consolidated income statement (quarterly data)

US$ in thousands

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	5,373,100)	3,922,300)	3,841,000)	3,418,600)	2,800,700)	2,297,100)	2,457,400)	2,381,500)	2,044,700)	1,798,100)	2,076,300)	2,753,400)	2,176,900)	1,899,700)	2,520,500)	2,928,100)	2,205,000)	1,933,700)	2,091,900)	1,984,800)	1,754,600)	1,578,100)
Cost of goods sold	(3,526,800)	(2,483,200)	(2,692,400)	(2,554,100)	(2,048,400)	(1,862,200)	(2,046,000)	(2,026,400)	(1,787,700)	(1,756,700)	(1,995,600)	(2,473,500)	(1,949,700)	(1,590,200)	(2,054,300)	(2,432,600)	(1,910,400)	(1,691,600)	(1,811,800)	(1,744,000)	(1,562,300)	(1,448,500)
Gross margin	1,846,300)	1,439,100)	1,148,600)	864,500)	752,300)	434,900)	411,400)	355,100)	257,000)	41,400)	80,700)	279,900)	227,200)	309,500)	466,200)	495,500)	294,600)	242,100)	280,100)	240,800)	192,300)	129,600)
Selling, general and administrative expenses	(108,200)	(132,400)	(123,500)	(97,700)	(107,600)	(101,700)	(110,900)	(97,600)	(95,100)	(67,900)	(104,300)	(78,200)	(78,100)	(93,500)	(89,700)	(78,500)	(79,300)	(93,600)	(83,100)	(66,100)	(71,200)	(80,900)
Mine closure costs	—)	—)	—)	—)	(158,100)	—)	—)	—)	—)	—)	(1,108,300)	15,600)	(369,400)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other operating expense	(63,900)	(50,900)	(55,400)	(65,200)	(2,600)	(20,000)	(5,700)	(159,000)	(76,100)	(39,700)	(62,700)	(77,800)	(21,600)	(13,900)	(118,500)	(23,700)	(19,000)	(67,800)	(69,900)	39,200)	(26,500)	(18,600)
Operating earnings (loss)	1,674,200)	1,255,800)	969,700)	701,600)	484,000)	313,200)	294,800)	98,500)	85,800)	(66,200)	(1,194,600)	139,500)	(241,900)	202,100)	258,000)	393,300)	196,300)	80,700)	127,100)	213,900)	94,600)	30,100)
Interest expense, net	(34,100)	(39,300)	(39,000)	(47,800)	(37,300)	(45,000)	(47,200)	(43,000)	(49,300)	(41,100)	(46,700)	(43,200)	(46,000)	(47,000)	(30,700)	(40,900)	(45,100)	(49,400)	(39,700)	(36,200)	(36,400)	(25,800)
Foreign currency transaction gain (loss)	(227,200)	310,700)	(43,700)	(100,100)	111,100)	(45,800)	110,000)	5,800)	34,100)	(214,200)	30,600)	(53,800)	20,800)	22,600)	(78,800)	(2,200)	(78,700)	(32,200)	(26,700)	58,600)	9,100)	8,900)
Other income (expense)	(35,700)	200)	(1,100)	600)	1,400)	3,000)	1,300)	4,700)	2,400)	4,500)	(3,400)	9,700)	(3,700)	(1,100)	(3,200)	(7,600)	(2,400)	(5,600)	(1,500)	1,100)	1,400)	(4,500)
Earnings (loss) from consolidated companies before income taxes	1,377,200)	1,527,400)	885,900)	554,300)	559,200)	225,400)	358,900)	66,000)	73,000)	(317,000)	(1,214,100)	52,200)	(270,800)	176,600)	145,300)	342,600)	70,100)	(6,500)	59,200)	237,400)	68,700)	8,700)
Provision for (benefit from) income taxes	(369,300)	(372,400)	(245,500)	(176,600)	(115,900)	(59,700)	480,900)	(38,100)	2,700)	133,000)	288,800)	(69,200)	51,700)	(46,600)	(32,700)	(90,600)	(3,700)	49,900)	(490,200)	(17,600)	22,600)	(9,700)
Earnings (loss) from consolidated companies	1,007,900)	1,155,000)	640,400)	377,700)	443,300)	165,700)	839,800)	27,900)	75,700)	(184,000)	(925,300)	(17,000)	(219,100)	130,000)	112,600)	252,000)	66,400)	43,400)	(431,000)	219,800)	91,300)	(1,000)
Equity in net earnings (loss) of nonconsolidated companies	35,900)	30,700)	21,000)	(1,200)	(4,500)	(7,500)	(11,500)	(32,500)	(29,800)	(20,000)	(25,100)	(23,000)	(11,200)	(100)	(600)	(2,300)	1,700)	(3,300)	1,200)	9,800)	5,800)	(100)
Net earnings (loss) including noncontrolling interests	1,043,800)	1,185,700)	661,400)	376,500)	438,800)	158,200)	828,300)	(4,600)	45,900)	(204,000)	(950,400)	(40,000)	(230,300)	129,900)	112,000)	249,700)	68,100)	40,100)	(429,800)	229,600)	97,100)	(1,100)
Net (earnings) loss attributable to noncontrolling interests	(7,900)	(3,700)	3,400)	(4,600)	(1,600)	(1,500)	(400)	(1,600)	1,500)	1,000)	29,400)	(4,100)	(2,800)	900)	300)	(2,200)	(200)	2,200)	(1,300)	(2,100)	200)	200)
Net earnings (loss) attributable to Mosaic	1,035,900)	1,182,000)	664,800)	371,900)	437,200)	156,700)	827,900)	(6,200)	47,400)	(203,000)	(921,000)	(44,100)	(233,100)	130,800)	112,300)	247,500)	67,900)	42,300)	(431,100)	227,500)	97,300)	(900)

Net Sales: Net sales show a generally increasing trend from early 2017 through mid-2022, with notable fluctuations. Initially, sales grew steadily from $1.58 billion in Q1 2017 to a peak of $2.93 billion in Q3 2018. A decline followed in late 2018 and early 2019, before recovery and continuous growth into 2021 and a significant surge in 2022, reaching above $5.37 billion in Q2 2022. This suggests overall expansion with periods of volatility.
Cost of Goods Sold (COGS): COGS mirrors the revenue pattern but with more volatility in absolute terms. Costs increased from $1.45 billion in Q1 2017 to a high of $2.43 billion in Q3 2018, then experienced a decline and fluctuated through 2019 and 2020. From 2021 onward, COGS rose sharply, especially in mid-2022 where it recorded $3.53 billion. This indicates rising production costs aligned with sales increases, but with variable cost management.
Gross Margin: Gross margin demonstrated significant improvement over the period. Starting at $130 million in Q1 2017, it peaked notably at $495 million in Q3 2018, then fluctuated downward in late 2018 through 2020. From 2021, gross margin increased substantially, reaching a high of roughly $1.85 billion in Q2 2022. The sharp margin expansion in recent quarters suggests improved profitability and possibly better cost controls or pricing power.
Selling, General and Administrative Expenses (SG&A): SG&A expenses exhibit moderate fluctuations without a clear upward or downward trend. Figures generally range between $66 million and $132 million per quarter. Notable increases occurred in Q4 2019 and Q1 2022, but expenses mostly remain stable in relation to the size of sales and margins, indicating managed operating overheads.
Mine Closure Costs: Mine closure costs appear intermittently, with a major expense in Q2 2019 (-$369 million), followed by recovery and a significant loss of -$1.11 billion in Q4 2019. Sporadic charges were recorded in 2021, notably -$158 million in Q2 2021. These costs have a substantial negative impact in specific quarters, heavily affecting operating results.
Other Operating Expenses: Other operating expenses fluctuate substantially, with some positive and negative swings. Peaks in negative expenses occur during Q4 2018 (-$118 million) and Q3 2020 (-$159 million). The variability suggests exposure to irregular costs or gains unrelated to core operations.
Operating Earnings (Loss): Operating earnings show a pattern of strong growth with significant volatility. After steady increases through 2018, there's a sharp loss in Q2 2019 (-$242 million) and a pronounced loss in Q4 2019 (-$1.19 billion) linked to mine closure costs. Post-2020, operating earnings recover robustly, peaking at approximately $1.67 billion in Q2 2022. This reflects resilience with intermittent severe setbacks.
Interest Expense, Net: Interest expense remains relatively stable between $25 million and $49 million per quarter, showing no clear upward or downward trend. This steady expense suggests consistent debt levels and financing costs.
Foreign Currency Transaction Gain/Loss: Foreign currency effects are volatile, with gains and losses alternating across periods. Significant losses in Q2 2018 (-$78.7 million) and Q4 2018 (-$78.8 million) contrast with gains in Q2 2022 ($310.7 million). This volatility can impact earnings unpredictably.
Other Income (Expense): Other income/expense items generally present minor amounts relative to total earnings, fluctuating between gains and losses without clear trend or pattern.
Earnings Before Taxes: Earnings before taxes are volatile with several quarters of heavy losses, especially in Q4 2019 (-$1.21 billion), largely driven by mine closure and other one-time costs. Earnings generally reflect operating income trends with recovery after 2020 and strong gains in 2021 and 2022.
Provision for Income Taxes: Tax provision exhibits substantial swings, including large benefits of over $490 million in Q4 2017 and liabilities exceeding $480 million in Q4 2020. The tax fluctuations appear related to volatile earnings and possible adjustments for nonrecurring items.
Net Earnings: Net earnings attributable to the company show marked volatility, with losses in Q4 2017 (-$431 million) and especially in Q4 2019 (-$921 million). Following 2020, net income recovered strongly and consistently, achieving peaks of over $1.18 billion in Q2 2022. The data suggest resilience and growth despite periodic setbacks largely caused by operational and non-operational charges.
Equity in Net Earnings of Nonconsolidated Companies: Earnings from nonconsolidated entities are generally small relative to total earnings, mostly negative or modestly positive, indicating limited impact on overall financial performance.

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Mosaic Co. (NYSE:MOS)

Income StatementQuarterly Data

Income Statement
Quarterly Data