The Mosaic Company (NYSE: MOS) reported Q2 EPS of $0.28. Revenue for the quarter came in at $1.75 billion versus the consensus estimate of $2.54 billion.

Financial Guidance

"Mosaic's actions to lower costs and prudently manage capital have positioned the company to outperform as markets improve," O\'Rourke said. "Mosaic is executing well on its strategic objectives, as we continue to capitalize on the long-term secular trends and focus on opportunities to create value for our shareholders."

Total sales volumes for the Phosphates segment are expected to range from 2.2 to 2.5 million tonnes for the third quarter of 2017, compared to 2.5 million tonnes last year. Mosaic\'s realized DAP price, FOB plant, is estimated to range from $310 to $330 per tonne for the third quarter of 2017. The segment gross margin rate in the third quarter is estimated to be in the range of seven to nine 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 1.9 to 2.2 million tonnes for the third quarter of 2017, compared to 2.2 million tonnes last year. Mosaic\'s realized MOP price, FOB plant, is estimated to range from $165 to $180 per tonne. Mosaic\'s gross margin rate in the segment is expected to be in the range of 15 to 18 percent. The operating rate is expected to be in the low 80 percent range.

Total sales volumes for the International Distribution segment are expected to range from 2.3 to 2.6 million tonnes for the third quarter of 2017, compared to 2.2 million tonnes last year. The segment gross margin per tonne is estimated to be in the low $20 range at the current Brazilian real exchange rate.

The Corporate, Other and Eliminations segment is expected to provide a third quarter benefit from realizing the profit in inventory on products sold from our Phosphates segment to our International Distribution segment in the second quarter, ahead of the peak Brazilian demand season in the third quarter.

For calendar 2017, Mosaic now expects:

• Canadian resource taxes to range from $90 to $110 million, narrowed from previous guidance of $85 to $135 million.
• Brine management costs to range from $150 to $160 million, down from $160 to $180 million.
• Capital expenditures in the range of $800 to $850 million down from a range of $800 to $900 million.
• Full-year effective tax rate to be from zero to slightly negative, down from the upper single digits. The variability in the effective tax rate is impacted by changes in the expected annual pre-tax earnings and global earnings mix.
• Potash sales volumes in the range of 8.1 to 8.6 million tonnes, narrowed from 8.0 to 8.75 million tonnes.
• Phosphates sales volumes in the range of 9.5 to 10 million tonnes, narrowed from 9.5 to 10.25 million tonnes.
• International Distribution sales volumes in the range of 6.75 to 7.25 million tonnes, down from 7.0 to 7.5 million tonnes.
• Guidance for SG&A expenses is unchanged and is expected to range from $295 to $310 million.

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