Fertilizer maker Mosaic Co’s third-quarter profit more than doubled as farmers seek out plant nutrients to maximize crop yields at a time of low global grain stocks.
Fertilizer companies such as Mosaic have benefited from a supply shortage as sanctions on Russia and Belarus, the world’s second and third-largest producers of potash, have disrupted agricultural markets.
Fertilizer exports from Russia fell by 7% in the first half of this year. Russia is one of the world’s largest suppliers of potash, phosphate and nitrogen fertilizers, producing 13% of the global total.
However, Mosaic, the world’s largest producer of finished phosphate products, saw a 4% drop in production and 10% drop in sales volumes as it incurred damage from Hurricane Ian at the end of September.
Mosaic reported a net income of $841.7 million, or $2.42 a share, in the three months ended Sept. 30, from $371.9 million, or 97 cents per share, a year earlier.
(By Ruhi Soni; Editing by Krishna Chandra Eluri)