Mosaic Co. Q4 FY2023 results: revenue $3.1 billion, down 29.7% on the year

Mosaic Co. (MOS) reported revenue of $3.1 billion for Q4 FY2023, the quarter ended 31 December 2023, down 29.7% on the same quarter a year earlier. Net income was $365 million, down 30.2% on the year, and diluted earnings per share $1.12. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$3.1 billiondown 29.7%

Net income$365 milliondown 30.2%

Diluted EPS$1.12

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	3,150	3,548	n/a	n/a
Cost of revenue	2,590	3,139	n/a	n/a
Gross profit	560	410	n/a	n/a
Gross margin	17.8%	11.5%	n/a
Selling, general and administrative	123	120	n/a	n/a
Operating income	278	146	n/a	n/a
Operating margin	8.8%	4.1%	n/a
Pre-tax income	324	-18.6	n/a	n/a
Income tax	-43.8	-5.9	n/a	n/a
Effective tax rate	-13.5%	n/a	n/a
Net income	365	-4.2	n/a	n/a
Net margin	11.6%	-0.1%	n/a
Diluted EPS	$1.12	-$0.01	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	538	647	n/a	n/a
Capital expenditure	359	412	n/a	n/a
Free cash flow	179	236	n/a	n/a
Free cash flow margin	5.7%	6.6%	n/a
Depreciation and amortisation	258	239	n/a	n/a
Share-based compensation	6.0	6.0	n/a	n/a
Buybacks	150	150	n/a	n/a
Dividends paid	65.1	66.4	n/a	n/a
Dividend per share	n/a	$0.20	n/a	n/a
Diluted shares, weighted	333m	332m	n/a	n/a
Shares outstanding at period end	324m	328m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	23,033	22,654	n/a	n/a
Cash and equivalents	349	591	n/a	n/a
Receivables	1,269	1,399	n/a	n/a
Inventory	2,523	2,453	n/a	n/a
Goodwill	1,139	1,115	n/a	n/a
Long-term debt including finance leases	3,232	2,402	n/a	n/a
Operating lease liabilities	168	169	n/a	n/a
Finance lease liabilities	67.3	n/a	n/a	n/a
Shareholders' equity	12,290	12,050	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,548	3,150	2,679	2,817	2,811	2,816	2,621	3,006	3,452	2,974	2,998	2,824
Cost of revenue	3,139	2,590	2,280	2,423	2,394	2,514	2,132	2,487	2,900	2,631	2,762	2,609
Gross profit	410	560	399	394	417	302	488	519	552	343	236	215
Gross margin	12%	18%	15%	14%	15%	11%	19%	17%	16%	12%	8%	8%
SG&A	120	123	107	128	148	114	123	167	126	119	136	132
Operating income	146	278	173	233	115	99.9	338	244	340	-101	-373	-35.5
Operating margin	4%	9%	6%	8%	4%	4%	13%	8%	10%	-3%	-12%	-1%
Pre-tax income	-18.6	324	25.2	-74.4	174	190	313	564	599	-264	-286	-301
Tax rate	n/a	-14%	25%	n/a	28%	18%	20%	26%	29%	n/a	n/a	n/a
Net income	-4.2	365	45.2	-162	122	169	238	411	411	-520	-258	-273
Net margin	-0%	12%	2%	-6%	4%	6%	9%	14%	12%	-17%	-9%	-10%
Diluted EPS	-$0.01	$1.12	$0.14	-$0.50	$0.38	$0.53	$0.75	$1.29	$1.29	-$1.63	-$0.81	-$0.86
Operating cash flow	647	538	-80.0	847	313	219	42.9	610	228	-56.1	104	167
Capital expenditure	412	359	383	334	241	294	341	305	364	350	357	320
Free cash flow	236	179	-463	513	72.1	-74.8	-298	305	-136	-406	-253	-153
Buybacks	150	150	108	52.0	50.0	25.0	0.0	0.0	0.0	0.0	n/a	n/a
Dividends paid	66.4	65.1	69.7	67.7	66.8	66.5	70.9	70.1	69.5	69.9	70.8	69.9
Shares outstanding	328m	324m	321m	320m	318m	317m	317m	317m	317m	317m	318m	318m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 22 February 2024, accession 0001618034-24-000004: the filing on EDGAR. All of Mosaic Co.'s filings: EDGAR company page.

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