The Mosaic Company (NYSE: MOS) reported Q1 EPS of $0.00. Revenue for the quarter came in at $1.58 billion versus the consensus estimate of $2.54 billion.

The effective tax rate in the quarter included a $9 million discrete income tax expense primarily related to stock compensation, outlined in the notable items table. The effective tax rate, excluding discrete items, was nine percent during the quarter.

Financial Guidance

"Mosaic is well positioned to capitalize on the gradual recovery in potash and phosphate markets,\" O\'Rourke said. \"In the meantime, we are focused on controlling our costs, managing capital expenditures and looking for additional opportunities to create sustainable long-term value for all of our stakeholders."

Total sales volumes for the Phosphates segment are expected to range from 2.3 to 2.6 million tonnes for the second quarter of 2017, compared to 2.4 million tonnes last year. Mosaic\'s realized DAP price, FOB plant, is estimated to range from $320 to $340 per tonne for the second quarter of 2017. The segment gross margin rate in the second quarter is estimated to be around ten percent, and the operating rate is expected to be in the mid 80 percent range.

Total sales volumes for the Potash segment are expected to range from 2.0 to 2.3 million tonnes for the second quarter of 2017, compared to 2.0 million tonnes last year. Mosaic\'s realized MOP price, FOB plant, is estimated to range from $170 to $185 per tonne. Mosaic\'s gross margin rate in the segment is expected to be in the low 20 percent range. The operating rate is expected to be in the low 90 percent range.

Total sales volumes for the International Distribution segment are expected to range from 1.4 to 1.7 million tonnes for the second quarter of 2017, compared to 1.4 million tonnes last year. The segment gross margin per tonne is estimated to be approximately $20.

For calendar 2017, Mosaic\'s full year estimates remain unchanged. Mosaic estimates:

• SG&A expenses to range from $295 to $310 million.
• Canadian resource taxes to range from $85 to $135 million.
• Brine management costs to range from $160 to $180 million.
• Capital expenditures in the range of $800 to $900 million and equity investments in MWSPC of approximately $150 million.
• Full-year effective tax rate to be in the upper single digits.
• Phosphates sales volumes in the range of 9.5 to 10.25 million tonnes.
• Potash sales volumes in the range of 8.0 to 8.75 million tonnes.
• International Distribution sales volumes in the range of 7.0 to 7.5 million tonnes.

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