The Mosaic Company reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company achieved net earnings of $104.6 million for the three months ended September 30, 2024, a notable recovery from a net loss of $(153.3) million in the same period of 2023. However, for the nine months ended September 30, 2024, Mosaic recorded a net loss of $(161.6) million, contrasting sharply with net earnings of $22.1 million for the same period in 2023.

Comprehensive income for the third quarter of 2024 was $249.4 million, compared to a loss of $(136.1) million in the prior year. For the nine-month period, comprehensive income was $(122.7) million, down from $885.0 million in 2023. The company attributed the quarterly net income increase to a foreign currency transaction gain of $100.9 million, compared to a loss of $(96.9) million in the previous year.

Mosaic's total assets increased to $23.3 billion as of September 30, 2024, from $23.0 billion at the end of 2023. Current assets rose to $4.97 billion, while cash and cash equivalents decreased to $301.6 million. Short-term debt surged to $751.7 million, up from $399.7 million at the end of 2023, contributing to a rise in total current liabilities to $4.18 billion.

Net sales for the third quarter of 2024 were $2.81 billion, a decline of 21% from $3.55 billion in the same period of 2023. The decrease was driven by lower sales across all segments, particularly in Potash and Mosaic Fertilizantes, which saw net sales drop to $525.7 million and $1.40 billion, respectively. The Phosphate segment reported net sales of $776.7 million, down from $898.8 million in the prior year.

Mosaic's operational performance was impacted by various factors, including lower average selling prices and sales volumes in the Potash segment due to improved global supply and operational issues. The company also faced challenges in the Mosaic Fertilizantes segment, where results were adversely affected by a reserve for bad debt related to a customer bankruptcy.

In terms of strategic developments, Mosaic completed a significant exchange of its 25% ownership in the Ma’aden Wa’ad al Shamal Phosphate Company for shares valued at approximately $1.5 billion. The company also continued its share repurchase program, buying back 1.77 million shares for about $50 million during the quarter.

Overall, while Mosaic showed signs of recovery in net earnings for the third quarter, the nine-month results reflect ongoing challenges, particularly in sales and profitability across its segments.