Mosaic''s sales exceed estimates

The Mosaic co. has forecast higher sales of phosphate and potassium for the current quarter after registering larger-than-expected sales for the first quarter.
The company''s net sales fell 21.7% in the first quarter to $ 1.67 billion, but beat the estimate of $ 1.56 billion.
Mosaic unit in Brazil said that in March the country sales doubled in the first 10 weeks, compared with the volume seen in the same period in 2015, with sales of 7.5 million tons, considering offers from all suppliers.
The Mosaic''s phosphate sales forecast in the current quarter from 2.3 million to 2.6 million tons, higher than the 2.2 million ton it sold in the first quarter. In regards to potassium are expected sales of 1.9 million to 2.2 million tonnes in the second quarter, higher than in 1.5 million tonnes in the first quarter.
The rival Potash Corp. reported last month a 80% drop in profit, and the estimated annual profit has been reduced due to falling prices and weak demand.
Mosaic, which cut 8% of its workforce in a Canadian mine in October, on Wednesday reduced its capital spending to 2016 to the range of $ 800 million to $ 900 million from its previous estimate of $ 0.9 billion to $ 1.1 billion.
The company''s net profit fell almost 13 percent to $ 256.8 million, or 73 cents per share in the first half, closed the day on March 31.