MOSAIC CO
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
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Mosaic Fertilizantes
Mosaic Fertilizantes Net Sales and Gross Margin
The following table summarizes the Mosaic Fertilizantes segment’s net sales, gross margin, sales volume and selling price.
| Years Ended December 31, | 2024-2023 | 2023-2022 | |||||||||
| (in millions, except price per tonne or unit) | 2024 | 2023 | 2022 | Change | Percent | Change | Percent | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | $4,422.3 | $5,684.7 | $8,287.2 | $(1,262.4) | (22)% | $(2,602.5) | (31)% | ||||
| Cost of goods sold | 4,015.7 | 5,473.1 | 7,241.6 | (1,457.4) | (27)% | (1,768.5) | (24)% | ||||
| Gross margin | $406.6 | $211.6 | $1,045.6 | $195.0 | 92% | $(834.0) | (80)% | ||||
| Gross margin as a percent of net sales | 9.2% | 3.7% | 12.6% | ||||||||
| Sales volume (in thousands of metric tonnes) | |||||||||||
| Phosphate produced in Brazil | 1,701 | 2,235 | 2,368 | (534) | (24)% | (133) | (6)% | ||||
| Potash produced in Brazil | 201 | 195 | 165 | 6 | 3% | 30 | 18% | ||||
| Purchased nutrients | 7,128 | 7,253 | 6,905 | (125) | (2)% | 348 | 5% | ||||
| Total Mosaic Fertilizantes Segment Tonnes | 9,030 | 9,683 | 9,438 | (653) | (7)% | 245 | 3% | ||||
| Realized prices ($/tonne) | |||||||||||
| Average finished product selling price (destination) | $490 | $587 | $878 | $(97) | (17)% | $(291) | (33)% | ||||
| Brazil MAP price (delivered price to third party) | $605 | $597 | $868 | $8 | 1% | $(271) | (31)% | ||||
| Purchases (’000 tonnes) | |||||||||||
| DAP/MAP from Mosaic | 195 | 341 | 272 | (146) | (43)% | 69 | 25% | ||||
| MicroEssentials® from Mosaic | 989 | 1,019 | 1,271 | (30) | (3)% | (252) | (20)% | ||||
| Potash from Mosaic/Canpotex | 2,195 | 2,067 | 2,276 | 128 | 6% | (209) | (9)% | ||||
| Average cost per unit consumed in cost of goods sold: | |||||||||||
| Ammonia (metric tonne) | $627 | $807 | $1,301 | $(180) | (22)% | $(494) | (38)% | ||||
| Sulfur (long ton) | $173 | $232 | $391 | $(59) | (25)% | $(159) | (41)% | ||||
| Blended rock (metric tonne) | $109 | $122 | $105 | $(13) | (11)% | $17 | 16% | ||||
| Production volume (in thousands of metric tonnes) | 3,501 | 3,457 | 3,598 | 44 | 1% | (141) | (4)% | ||||
The Mosaic Fertilizantes segment’s net sales were $4.4 billion for the year ended December 31, 2024, compared to $5.7 billion for 2023. In the current period, net sales were unfavorably impacted by approximately $870 million of lower finished goods sales prices and by approximately $350 million of lower finished goods sales volumes. This was partially offset by a $20 million favorable impact from sales of other products, primarily sulfuric acid.
The overall average finished product selling price decreased $97 per tonne, to $490 per tonne for 2024, due to the decrease in global prices referenced in the Overview.
The Mosaic Fertilizantes segment’s sales volume decreased to 9.0 million tonnes for the year ended December 31, 2024, compared to 9.7 million tonnes for the prior year period, due to the change in strategic focus discussed in the Overview.
Gross margin for the Mosaic Fertilizantes segment increased to $406.6 million for the year ended December 31, 2024, from $211.6 million in the prior year. The increase in gross margin was primarily due to the focus on obtaining margin over sales volume as discussed in the Overview and lower costs, which had a favorable impact of $1.13 billion, driven by a decrease in product costs for our distribution business, and lower sulfur and ammonia costs in our production business. This was partially offset by approximately $870 million related to the decrease in average selling prices during the current year period, and approximately $40 million due to lower sales volumes in the current year period.
F- 10
The average consumed price for ammonia for our Brazilian operations was $627 per tonne for the year ended December 31, 2024, compared to $807 per tonne in the prior year. The average consumed sulfur price for our Brazilian operations was $173 per long tonne for the year ended December 31, 2024, compared to $232 in the prior year. The purchase prices of these raw materials are driven by global supply and demand, and include transportation, transformation and storage costs.
The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients increased 1% compared to the prior year. For the year ended December 31, 2024, our phosphate operating rate was 78%, compared to 77% in the prior year.
Our Brazilian phosphate rock production increased to 3.9 million tonnes for the year ended December 31, 2024 compared to 4.0 million for the prior year period.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.