The Mosaic Company (MOS) has reported a 57.25 percent jump in profit for the quarter ended Jun. 30, 2015. The company has earned $390.60 million, or $1.08 a share in the quarter, compared with $248.40 million, or $0.64 a share for the same period last year.
Revenue during the quarter went up marginally by 1.94 percent to $2,487.50 million from $2,440.20 million in the previous year period. Gross margin for the quarter expanded 308 basis points over the previous year period to 24.44 percent. Total expenses were 79.50 percent of quarterly revenues, down from 83.48 percent for the same period last year. This has led to an improvement of 398 basis points in operating margin to 20.50 percent.
Operating income for the quarter was $510 million, compared with $403.20 million in the previous year period.
Operating cash flow declines
The Mosaic Company has generated cash of $1,238.60 million from operating activities during the first half, down 12.98 percent or $184.70 million, when compared with the last year period. The company has spent $526.30 million cash to meet investing activities during the first six months as against cash outgo of $1,994.60 million in the last year period.
The company has spent $804.20 million cash to carry out financing activities during the first six months as against cash outgo of $2,344.80 million in the last year period.
Cash and cash equivalents stood at $2,209.90 million as on Jun. 30, 2015, down 6.64 percent or $157.10 million from $2,367 million on Jun. 30, 2014.
Working capital decreases marginally
The Mosaic Company has witnessed a decline in the working capital over the last year. It stood at $3,217.10 million as at Jun. 30, 2015, down 1.50 percent or $49 million from $3,266.10 million on Jun. 30, 2014. Current ratio was at 2.71 as on Jun. 30, 2015, up from 2.70 on Jun. 30, 2014.
Cash conversion cycle (CCC) has decreased to 62 days for the quarter from 66 days for the last year period. Days sales outstanding went up to 24 days for the quarter compared with 22 days for the same period last year.
Days inventory outstanding was almost stable at 76 days for the quarter, when compared with the last year period. At the same time, days payable outstanding went up to 38 days for the quarter from 32 for the same period last year.
Debt increases substantially
The Mosaic Company has witnessed an increase in total debt over the last one year. It stood at $3,845.90 million as on Jun. 30, 2015, up 27.09 percent or $819.70 million from $3,026.20 million on Jun. 30, 2014. Total debt was 21.63 percent of total assets as on Jun. 30, 2015, compared with 16.54 percent on Jun. 30, 2014. Debt to equity ratio was at 0.38 as on Jun. 30, 2015, up from 0.27 as on Jun. 30, 2014. Interest coverage ratio improved to 21.70 for the quarter from 13.40 for the same period last year.
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