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Mosaic misses quarterly profit price quotes, finance chief Freeland to retire

Fertilizer producer Mosaic missed Wall Street quotes for thirdquarter earnings on Tuesday, harmed by production snags, and said its Chief Financial Officer Clint Freeland would retire.

Mosaic had cut its third-quarter production projection in September following equipment failures in Canada and cyclones at the U.S. Gulf Coast.

Shares of the company fell 1.7% premarket.

The company also appointed Luciano Siani Pires as its new Chief Financial Officer, who will begin with Jan. 1. Pires is successful Freeland who is retiring from his role as executive vice president and CFO, but will continue as a senior consultant until July 1.

Siani Pires was the group finance chief of Brazilian miner Vale for nearly a decade and likewise served on Mosaic's. board for more than 4 years until August 2022, according to. his profile at the professional networking platform LinkedIn.

His appointment follows the tenth successive quarter where. the Tampa, Florida-based business stopped working to beat market. price quotes, according to information compiled by LSEG.

Mosaic stated its third-quarter net sales declined 21%. compared with a year earlier to $2.81 billion, weighed down by. lower potash prices. Analysts expected net sales of $3.16. billion.

Global potash prices have actually been pressed as materials are. back up to the levels seen before the intrusion of Ukraine, as. top producers Russia and Belarus avoid Western sanctions by. increasing deliveries to Asia and South America.

Mosaic said potash and phosphate producing operations have. returned to regular following the disturbances in the previous. quarter and it anticipated an uptick in sales for both in the. fourth quarter.

The business reported adjusted incomes of 34 cents per share. for the quarter ended Sept. 30, compared with experts' average. quote of 54 cents per share.

Mosaic said its Carlsbad potash operation in New Mexico is. under strategic review.

(source: Reuters)