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MOS-W3C exam Dumps Source : MOS

Test Code : MOS-W3C
Test appellation : MOS
Vendor appellation : Microsoft
: 17 true Questions

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Microsoft Microsoft MOS

should I heart of attention on MOS certification if I need to drill computing device applications? | killexams.com true Questions and Pass4sure dumps

I lately handed my A+ assessments. i'm planning for my next certification, but i am puzzled. I attain not know which one I should silent take. i need to train desktop functions, youngsters I don't know if getting Microsoft office expert (MOS) certification would bear me able to drill application lessons or a category. i'd in reality admire your response.

if you are looking to drill computing device purposes, exceptionally Microsoft office stuff, you may indeed need to pursue the Microsoft workplace professional (MOS) certification. but here's a collection of certifications that birth at particular person entry stage qualifications, for Microsoft notice, Excel, Outlook, PowerPoint, entry, and venture, then retract on to skilled, master, and master instructor tiers from there. that you can find a complete matrix of total of this stuff at here, to be able to provide you with a kindly suggestion of what's involved in getting where you want to be. you'll absorb to recall a sizable variety of checks (at least a dozen, frequently extra) and disburse as a minimum 18 months to work your self into a spot where that you could qualify as an teacher. but because Microsoft office is silent probably the most ordinary workplace productivity suite world-wide, or not it's besides a very kindly location to focal point your very own and expert development efforts, because it will open alternatives to you anyplace you might want to work.


Isle of Man teen proves he’s one of the vital surest word users on this planet | killexams.com true Questions and Pass4sure dumps

A 15-yr-ancient from the Isle of Man has been named one of the best be cognizant users on the planet.

Adam Drummond gained a bronze medal at the Microsoft workplace expert (MOS) World Championship for his potential of the word-processing program, taking domestic a cheque for $1,500.

The student earned a spot within the ultimate of the competitors, held in Orlando, Florida, after winning the uk and ireland location title in June.

“Coming third region in the gross world become an incredible sentiment and an outcomes I might on no account absorb anticipated when taking fragment in the MOS test Fest at school,” Drummond noted. From the delivery of my event i wished to set the Isle of Man on the map and i in fact respect fancy competing in this worldwide competitors has executed it.

“Taking half in what I at the genesis notion would simply be one simple MOS exam has resulted in many issues, from representing the Isle of Man in London and the world Championships in Florida, to making many fresh pals and informing total of them about the island. These are abilities and experiences for you to linger with me for life. Having total of this on my CV will inevitably capitalize me to physiognomy out above the rest.”

Drummond, who reports at St Ninian’s elevated college, desires to work in the aviation trade and has secured a piece placement at Isle of Man Airport.

Andrew Flood, Chief government of Prodigy studying, which sponsors the MOS event, said: “Congratulations to Adam, here's a bizarre fulfillment and he has been a pretty kindly ambassador for the Isle of Man as neatly as the entire UK & ireland region. The MOS four nations Championship is the spotlight of their 12 months, showcasing the ultimate digital potential within the UK and ireland.

“We’re delighted to peer Adam continue the region’s tradition of success on the earth championship and are already anticipating subsequent yr.”

every diminutive thing you need to comprehend about the MOS World Championship

MOS winner

Now in its seventeenth 12 months, the MOS World Championship is an annual competition that assessments students’ expertise on Microsoft observe, outdo and PowerPoint. The winner of each class is awarded a medal, trophy, certificates and $7,000, in addition to Microsoft prizes. The newest adventure attracted more than 760,000 candidates from 116 international locations – a 35% boost on 2017.

“we're very impressed with the winners of the MOS World Championship and grateful to fulfill so many younger individuals who absorb realized the vigour of Microsoft office skills for productiveness and employability,” illustrious Anthony Salcito, vice president of worldwide training at Microsoft. “MOS certification gives college students tangible proof they be cognizant of the route to exercise Microsoft workplace tools in lecturers and on the job from day one.”

Any scholar aged 13 to 22 who takes an MOS examination in notice, outdo or PowerPoint in the qualifying circular is immediately entered into the MOS Championship in their nation, where they can compete to win a set in the final.

The 2019 MOS World Championship may be held at the fresh york Marriott Marquis in fresh york between July 28 and July 31. additional particulars are due to be introduced in September.

Tags: Isle of Man, microsoft, MOS, workplace, Prodigy, word


Why for those who Get MOS licensed when you absorb a master's diploma in technology? | killexams.com true Questions and Pass4sure dumps

After taking the MOS test, you will find out if you passed or failed immediately.

After taking the MOS examine, you're going to ascertain if you handed or failed instantly.

Comstock/Stockbyte/Getty photos

becoming certified as a Microsoft workplace expert can capitalize you secure a job within the cloud computing traffic -- it could actually even be required through your current or competencies service provider. in accordance with a Microsoft Certification software pride anatomize in April 2012, ninety-one % of hiring managers require certification for brand spanking fresh hires. Your grasp of technology degree can't stand in as a substitution for reputable certification, youngsters the competencies you absorb got accumulated total through your education is probably going to bear your MOS certification system trek easily.




Killexams.com MOS-W3C Dumps and true Questions

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MOS-W3C exam Dumps Source : MOS

Test Code : MOS-W3C
Test appellation : MOS
Vendor appellation : Microsoft
: 17 true Questions

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MOS

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The Mosaic Company Reports Third Quarter 2018 Results | killexams.com true questions and Pass4sure dumps

PLYMOUTH, Minn.--(BUSINESS WIRE)--

Raises Full-Year Adjusted EBITDA and EPS Guidance

The Mosaic Company (MOS) today reported third quarter 2018 net earnings of $247 million. Adjusted EBITDA(1) during the quarter was $606 million, up sequentially and year-over-year. Third quarter diluted earnings per participate (EPS) were $0.64, which included a negative impact of $0.11 per participate from notable items, primarily related to discrete tax items and costs associated with the Vale Fertilizantes acquisition. Adjusted EPS(1) during the third quarter of 2018 was $0.75, ahead of terminal year and the second quarter of 2018.

Year-to-date net earnings were $358 million, and adjusted EBITDA(1) was $1.4 billion, up 71 percent compared to the same age in 2017. Diluted EPS for the first nine months of 2018 was $0.93, or $1.35 excluding notable items, an enlarge of 78 percent year-over-year. Growth in adjusted EBITDA(1) and EPS(1) reflected enhanced operational leverage across the business, the impact of the acquisition, integration and transformation in the Mosaic Fertilizantes segment, as well as improved market conditions.

Highlights:

  • Guiding to full-year adjusted EBITDA(1) in the purview of $1.90 to $2.00 billion, up from the previously increased $1.80 to $1.95 billion range.
  • Raising full-year adjusted EPS(1) guidance to $1.80 to $2.00, from $1.45 to $1.80, due to tenacious underlying traffic performance and lowered expected full-year efficient tax rate.
  • Delivered on Mosaic Fertilizantes synergy targets with $128 million in low realized synergies year-to-date, or $102 million net of costs to achieve them. Raised replete year 2018 net synergy target to $140 to $160 million, and anticipate to achieve the replete $275 million target ahead of schedule.
  • Completed the commitment to repay $700 million of long-term debt, two years ahead of the initial 2020 target, resulting in the Company meeting its through-cycle leverage targets.
  • (1) perceive “Non-GAAP fiscal Measures” for additional information and reconciliation.

    “We saw tenacious fundamentals in the third quarter, and that momentum is continuing,” said Joc O’Rourke, President and Chief Executive Officer. “We’ve increased their replete year earnings guidance to reflect tenacious operational performance across traffic units, as well as improving market conditions. Their excellent progress on the transformational initiatives at Mosaic Fertilizantes is delivering tangible results to the bottom line.”

    Mosaic’s net sales in the third quarter of 2018 were $2.9 billion, compared to $2.0 billion terminal year, primarily driven by the acquisition of Vale Fertilizantes and higher medium sales prices in total three operating segments. Operating earnings during the quarter were $393 million, up from $214 million a year ago, driven by higher low margins in total segments.

    Cash rush from operating activities in the third quarter of 2018 was $524 million compared to $136 million in the prior year. Capital expenditures totaled $241 million in the quarter. The Company completed $400 million of debt retirement in the quarter, $200 million of which was previously announced. Mosaic’s total cash and cash equivalents, excluding restricted cash, were $1.0 billion, largely unchanged from a quarter ago, despite debt retirement. Long-term debt was $4.6 billion as of September 30, 2018.

    “Mosaic has fulfilled their commitment to pay down $700 million of debt by 2020,” said Joc O’Rourke. “Our lower debt levels and stronger earnings outlook bring Mosaic’s equilibrium sheet closer to their through-cycle targets. As they peek ahead, their capital priorities remain unchanged: maintain a tenacious equilibrium sheet and sustain their assets to ensure reliability and the safety of their people, and maintain a balanced approach to investing to grow the traffic and returning capital to shareholders.”

    Phosphates Results*     3Q 2018       2Q 2018       3Q 2017   Sales Volumes million tonnes 2.2 2.3 2.1   Gross Margin (GAAP) per tonne $80 $67 $32   Adjusted low Margin (non-GAAP) per tonne(1) $80 $70 $32  

    *Tonnes = finished product tonnes(1) perceive “Non-GAAP fiscal Measures” for additional information and reconciliation.

    Net sales in the Phosphates segment were $1.0 billion for the third quarter, up from $779 million terminal year, driven by higher medium sales prices and higher sales volumes. low margin was $180 million for the third quarter compared to $67 million for the same age a year ago. The enlarge in the third quarter low margin was primarily driven by higher medium sales prices and operational improvements that lowered controllable operating costs in the segment. terminal year’s age sales volumes and low margin included a negative impact from Hurricane Irma of 220,000 tonnes and $26 million respectively. The current year age reflects the impact of the Plant City idling.

    Potash Results     3Q 2018       2Q 2018       3Q 2017   Sales Volumes million tonnes 2.4 2.4 2.2   Gross Margin (GAAP) per tonne $66 $56 $44   Adjusted low Margin (non-GAAP) per tonne(1) $66 $58 $49  

    (1) perceive “Non-GAAP fiscal Measures” for additional information and reconciliation.

    Net sales in the Potash segment totaled $609 million for the third quarter, up from $474 million terminal year, driven by both higher medium sales prices and higher sales volumes. low margin was $161 million for the third quarter compared to $99 million for the same age a year ago.

    The improvement in low margin was primarily driven by higher medium sales prices, partially offset by timing of turn-around activities. MOP cash costs, including brine management costs, were $79 per tonne. Excluding the 2017 impact related to the resolution of a royalty matter with the government of Saskatchewan, MOP cash costs of production were essentially flat to terminal year’s levels, despite a lower operating rate due to the timing of planned maintenance turn-arounds in the current quarter.

    Story Continues

    Mosaic Fertilizantes Results*     3Q 2018       2Q 2018       3Q 2017   Sales Volumes million tonnes 3.6 1.8 2.2   Gross Margin (GAAP) per tonne $42 $29 $24   Adjusted low Margin (non GAAP) per tonne(1) $42 $29 $24  

    *Tonnes = finished product tonnes(1) perceive “Non-GAAP fiscal Measures” for additional information and reconciliation.

    Net sales in the Mosaic Fertilizantes segment were $1.4 billion for the third quarter, up from $806 million terminal year. low margin was $152 million, compared to $52 million for the same age a year ago. The year-over-year enlarge in low margin was primarily driven by the acquisition of Vale Fertilizantes, as well higher margins in the legacy distribution business.

    Mosaic Fertilizantes achieved $128 million in low synergies year-to-date, or $102 million net of costs to achieve them. For the replete year 2018, Mosaic expects $140 to $160 million of net synergies and expects to achieve its $275 million target well ahead of schedule.

    Other

    Selling, universal and Administrative (SG&A) expenses were $79 million for the third quarter, up from $66 million terminal year, primarily as a result of a larger traffic in Brazil and higher incentive compensation.

    While the reported tax rate during the third quarter of 2018 was 26 percent, excluding discrete items the calculated GAAP efficient tax rate was 19 percent. Mosaic expects to pay minimal cash income taxes in 2018. Mosaic believes there may be continued volatility in its efficient tax rate due to changing interpretations of the fresh tax laws and changes in valuation allowances, but currently expects the 2018 efficient tax rate, excluding discrete items, to be around 20 percent.

    Financial Guidance

    “While they continue to monitor several risk factors, they are optimistic about the outlook for their businesses,” O’Rourke said. “Accelerated Mosaic Fertilizantes synergy capture, continued ramp-up of the Esterhazy K3 mine and improving market fundamentals set Mosaic in an excellent position to create sustainable shareholder value over the long term.”

    Mosaic has updated earnings guidance ranges:

                    $ in billions except per share     2018 Guidance       Reported YTD 9/30/2018 Adjusted EBITDA(1)     $1.9 - $2.0       $1.439 Adjusted earnings per share(1)     $1.80 - $2.00       $1.35 Capital Expenditures     $0.9 - $1.1       $.665

    (1) perceive “Non-GAAP fiscal Measures” for additional information and reconciliation.

    Assumptions embedded in the full-year guidance include:

                    In Millions*     Full-Year 2018 Assumptions       Reported YTD 9/30/2018 Potash tonnes sold**     8.6 – 9.0       6.5 Phosphates tonnes sold     8.2 - 8.5       6.5 Mosaic Fertilizantes tonnes sold     8.9 – 9.2       7.0 SG&A Expenses     $325 - $350       $252

    *Tonnes = finished product tonnes** Full-year sales volume reflects ~400,000 tonne reduction from Canpotex’ change in revenue recognition.

    For the fourth quarter of 2018, Mosaic expects:

                        Sales Volumes      

    Adjusted low Margin(1)

          millions of tonnes*         Potash     2.2 – 2.5       $80 – $90 per tonne Phosphates     1.7 – 2.0       $65 – $75 per tonne Mosaic Fertilizantes     1.9 – 2.2       $35 – $45 per tonne Corporate and Other             $0 – $15 million

    *Tonnes = finished product tonnes(1) perceive “Non-GAAP fiscal Measures” for additional information and reconciliation.

    The Company’s forecasts assume continued tenacious market conditions in potash, as well as elevated operating rates at the three Canadian mines. Phosphates segment outlook reflects underlying firmness in supply and exact dynamics and ordinary year-end seasonality. In the Mosaic Fertilizantes segment, the Company expects the impacts of the higher medium realized selling prices to be partially offset by the recent strengthening of the Brazilian true relative to the U.S. Dollar. In addition to synergy capture progress, Mosaic continues to integrate production and distribution assets to optimize revenues, both of which are expected to capitalize margins in the fourth quarter.

    Risks and factors that could impact fourth quarter results are primarily related to alien currency fluctuations. Risks besides involve second crop planting intentions in Brazil and logistics related disruptions in potash.

    The Company is not providing forward looking guidance for U.S. GAAP reported earnings per diluted participate or a quantitative reconciliation of forward-looking adjusted earnings per diluted participate of non-GAAP adjusted EBITDA. delight perceive "Non-GAAP fiscal Measures" for additional information. EPS guidance is based on introductory estimates of asset values and depreciation for the acquired Vale Fertilizantes traffic which are expected to be finalized during 2018.

    About The Mosaic Company

    The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a lone source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. More information on the Company is available at www.mosaicco.com.

    Mosaic will conduct a conference call on Tuesday, November 6, 2018, at 9:00 a.m. Eastern Time to contend third quarter 2018 earnings results as well as global markets and trends. Presentation slides and a simultaneous webcast of the conference call may be accessed through Mosaic’s website at www.mosaicco.com/investors. This webcast will be available up to one year from the time of the earnings call.

    This release contains forward-looking statements within the import of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the anticipated benefits and synergies of their acquisition of the global phosphate and potash operations of Vale S.A. previously conducted through Vale Fertilizantes S.A. (which, when combined with their legacy distribution traffic in Brazil, is now known as Mosaic Fertilizantes) (the “Transaction”), other proposed or pending future transactions or strategic plans and other statements about future fiscal and operating results. Such statements are based upon the current beliefs and expectations of The Mosaic Company’s management and are topic to significant risks and uncertainties. These risks and uncertainties include, but are not limited to: difficulties with realization of the benefits and synergies of the Transaction, including the risks that the acquired traffic may not be integrated successfully or that the anticipated synergies or cost or capital expenditure savings from the Transaction may not be fully realized or may recall longer to realize than expected, including because of political and economic instability in Brazil or changes in government policy in Brazil such as costs associated with the fresh freight tables; the predictability and volatility of, and customer expectations about, agriculture, fertilizer, raw material, energy and transportation markets that are topic to competitive and other pressures and economic and credit market conditions; the even of inventories in the distribution channels for crop nutrients; the outcome of future product innovations or development of fresh technologies on exact for their products; changes in alien currency and exchange rates; international trade risks and other risks associated with Mosaic’s international operations and those of joint ventures in which Mosaic participates, including the performance of the Wa’ad Al Shamal Phosphate Company (also known as MWSPC), the talent of MWSPC to obtain additional planned funding in acceptable amounts and upon acceptable terms, the timely development and commencement of operations of production facilities in the Kingdom of Saudi Arabia, and the future success of current plans for MWSPC and any future changes in those plans; the risk that protests against natural resource companies in Peru extend to or impact the Miski Mayo mine, which is operated by an entity in which they are the majority owner; difficulties with realization of the benefits of their long term natural gas based pricing ammonia supply agreement with CF Industries, Inc., including the risk that the cost savings initially anticipated from the agreement may not be fully realized over its term or that the charge of natural gas or ammonia during the term are at levels at which the pricing is disadvantageous to Mosaic; customer defaults; the effects of Mosaic’s decisions to exit traffic operations or locations; changes in government policy; changes in environmental and other governmental regulation, including expansion of the types and extent of water resources regulated under federal law, carbon taxes or other greenhouse gas regulation, implementation of numeric water character standards for the discharge of nutrients into Florida waterways or efforts to reduce the rush of excess nutrients into the Mississippi River basin, the Gulf of Mexico or elsewhere; further developments in judicial or administrative proceedings, or complaints that Mosaic’s operations are adversely impacting nearby farms, traffic operations or properties; difficulties or delays in receiving, increased costs of or challenges to necessary governmental permits or approvals or increased fiscal assurance requirements; resolution of global tax audit activity; the effectiveness of Mosaic’s processes for managing its strategic priorities; adverse weather conditions affecting operations in Central Florida, the Mississippi River basin, the Gulf Coast of the United States, Canada or Brazil, and including potential hurricanes, excess heat, cold, snow, rainfall or drought; actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental regulation, Canadian resources taxes and royalties, or the costs of the MWSPC, its existing or future funding and Mosaic’s commitments in support of such funding; reduction of Mosaic’s available cash and liquidity, and increased leverage, due to its exercise of cash and/or available debt capacity to fund fiscal assurance requirements and strategic investments; brine inflows at Mosaic’s Esterhazy, Saskatchewan, potash mine or other potash shaft mines; other accidents and disruptions involving Mosaic’s operations, including potential mine fires, floods, explosions, seismic events, sinkholes or releases of hazardous or volatile chemicals; and risks associated with cyber security, including reputational loss; as well as other risks and uncertainties reported from time to time in The Mosaic Company’s reports filed with the Securities and Exchange Commission. Actual results may disagree from those set forth in the forward-looking statements.

    Non-GAAP fiscal MeasuresThis press release includes the presentation and discussion of non-GAAP diluted net earnings per participate guidance, or adjusted EPS, non-GAAP low margin per tonne, or adjusted low margin per tonne, and non-GAAP EBITDA, and adjusted EBITDA, referred to as non-GAAP fiscal measures. Generally, a non-GAAP fiscal measure is a supplemental numerical measure of a company's performance, fiscal position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles, or GAAP. Non-GAAP fiscal measures should not be considered as substitutes for, or superior to, measures of fiscal performance prepared in accordance with GAAP. In addition, because non-GAAP measures are not determined in accordance with GAAP, they are thus susceptible to varying interpretations and calculations and may not be comparable to other similarly titled measures of other companies. Adjusted metrics, including adjusted EPS, adjusted low margin, and adjusted EBITDA are calculated by excluding the impact of notable items from the GAAP measure. Notable items impact on low margin and EBITDA is pretax. Notable items impact on diluted net earnings per participate is calculated as the notable item amount plus income tax effect, based on expected annual efficient tax rate, divided by diluted weighted medium shares. Management believes that these adjusted measures provide securities analysts, investors, management and others with useful supplemental information regarding their performance by excluding positive items that may not be indicative of, or are unrelated to, their core operating results. Management utilizes these adjusted measures in analyzing and assessing Mosaic’s overall performance and fiscal trends, for fiscal and operating decision-making, and to forecast and scheme for future periods. These adjusted measures besides assist their management in comparing their and their competitors' operating results. They are not providing forward looking guidance for U.S. GAAP reported diluted net earnings per share, low margin per tonne, or a quantitative reconciliation of forward-looking adjusted EPS, adjusted low margin and adjusted EBITDA because they are unable to call with reasonable assurance their notable items without unreasonable effort. Historically, their notable items absorb included, but are not limited to, alien currency transaction gain or loss, unrealized gain or loss on derivatives, acquisition-related fees, discrete tax items, contingencies and positive other gains or losses. These items are uncertain, depend on various factors, and could absorb a material impact on U.S. GAAP reported results for the guidance period. Reconciliations for current and historical periods genesis with the quarter ended December 31, 2016 for consolidated adjusted EPS and adjusted EBITDA, as well as segment adjusted EBITDA and adjusted low margin per tonne are provided in the Selected Calendar Quarter fiscal Information performance data for the related periods. This information is available on their website at www.mosaicco.com in the “Financial Information – Quarterly Earnings” section under the “Investors” tab.

    For the three months ended September 30, 2018, the Company reported the following notable items which, combined, negatively impacted earnings per participate by $0.11:

              Amount Tax effect EPS impact Description Segment Line item (in millions) (in millions) (per share)   Foreign currency transaction gain (loss) Consolidated Foreign currency transaction gain (loss) $ (2 ) $ — $ — Unrealized gain (loss) on derivatives Corporate and Other Cost of goods sold 11 (2 ) 0.02 Integration costs Corporate and Other Other operating income (expense) (3 ) 1 (0.01 ) Costs to capture synergies Mosaic Fertilizantes Other operating income (expense) (4 ) 1 (0.01 ) Realized loss on RCRA trust Securities Phosphates Other non-operating income (expense) (7 ) 1 (0.01 ) Discrete tax items Consolidated (Provision for) capitalize from income taxes — (29 ) (0.08 ) Earn-out obligation Corporate and Other Other operating income (expense) (8 ) —   (0.02 ) Total Notable Items $ (13 ) $ (28 ) $ (0.11 )  

    For the three months ended September 30, 2017, the Company reported the following notable items which, combined, positively impacted earnings per participate by $0.22:

      Amount Tax effect EPS impact Description Segment Line item (in millions) (in millions) (per share)   Foreign currency transaction gain Consolidated Foreign currency transaction gain (loss) $ 58 $ — $ 0.17 Unrealized gain on derivatives Corporate and Other Cost of goods sold 2 — 0.01 Fees related to purchase of Vale Fertilizantes Corporate and Other Other operating expense (6 ) — (0.02 ) Discrete tax items Consolidated (Provision for) capitalize from income taxes — 5 0.01 Pre-issuance hedging loss Consolidated Interest expense, net (2 ) — (0.01 ) Gain on sale of land Phosphates Other operating income 52 — 0.15 Change in Canadian tax regulations Potash Cost of goods sold (10 ) (17 ) (0.08 ) Asset write-off Phosphates Other operating expense (3 ) —   (0.01 ) Total Notable Items $ 91   $ (12 ) $ 0.22    

    Condensed Consolidated Statements of Earnings

    (in millions, except per participate amounts)

       

    The Mosaic Company

         

    (unaudited)

      Three months ended Nine months ended September 30, September 30, 2018   2017 2018   2017 Net sales $ 2,928.1 $ 1,984.8 $ 7,066.8 $ 5,317.5 Cost of goods sold 2,432.6   1,744.0   6,034.6   4,754.8   Gross margin 495.5 240.8 1,032.2 562.7 Selling, universal and administrative expenses 78.5 66.1 251.4 218.2 Other operating expense (income) 23.7   (39.2 ) 110.5   5.9   Operating earnings 393.3 213.9 670.3 338.6 Interest expense, net (40.9 ) (36.2 ) (135.4 ) (98.4 ) Foreign currency transaction (loss) gain (2.2 ) 58.6 (113.1 ) 76.6 Other (expense) income (7.6 ) 1.1   (15.6 ) (2.0 ) Earnings from consolidated companies before income taxes 342.6 237.4 406.2 314.8 Provision for income taxes 90.6   17.6   44.4   4.7   Earnings from consolidated companies 252.0 219.8 361.8 310.1 Equity in net (loss) earnings of nonconsolidated companies (2.3 ) 9.8   (3.9 ) 15.5   Net earnings including noncontrolling interests 249.7 229.6 357.9 325.6 Less: Net income attributable to noncontrolling interests 2.2   2.1   0.2   1.7   Net earnings attributable to Mosaic $ 247.5   $ 227.5   $ 357.7   $ 323.9   Diluted net earnings per participate attributable to Mosaic $ 0.64   $ 0.65   $ 0.93   $ 0.92   Diluted weighted medium number of shares outstanding 387.5 352.2 386.1 351.9  

    Condensed Consolidated equilibrium Sheets

    (in millions, except per participate amounts)

       

    The Mosaic Company

         

    (unaudited)

      September 30, December 31, 2018   2017 Assets Current assets: Cash and cash equivalents $ 1,029.9 $ 2,153.5 Receivables, net 834.9 642.6 Inventories 1,957.1 1,547.2 Other current assets 356.1   273.2   Total current assets 4,178.0 4,616.5 Property, plant and equipment, net 11,891.6 9,711.7 Investments in nonconsolidated companies 828.5 1,089.5 Goodwill 1,753.0 1,693.6 Deferred income taxes 307.7 254.6 Other assets 1,455.9   1,267.5   Total assets $ 20,414.7   $ 18,633.4   Liabilities and Equity Current liabilities: Short-term debt $ 25.7 $ 6.1 Current maturities of long-term debt 61.2 343.5 Structured accounts payable arrangements 504.1 386.2 Accounts payable 839.3 540.9 Accrued liabilities 1,072.1   754.4   Total current liabilities 2,502.4 2,031.1 Long-term debt, less current maturities 4,523.1 4,878.1 Deferred income taxes 1,195.3 1,117.3 Other noncurrent liabilities 1,540.6 967.8 Equity: Preferred Stock, $0.01 par value, 15,000,000 shares authorized, not a bit issued and outstanding as of September 30, 2018 and December 31, 2017 — — Common Stock, $0.01 par value, 1,000,000,000 shares authorized, 389,242,360 shares issued and 385,470,085 shares outstanding as of September 30, 2018, 388,998,498 shares issued and 351,049,649 shares outstanding as of December 31, 2017 3.8 3.5 Capital in excess of par value 983.8 44.5 Retained earnings 10,971.7 10,631.1 Accumulated other comprehensive loss (1,517.7 ) (1,061.6 ) Total Mosaic stockholders' equity 10,441.6 9,617.5 Noncontrolling interests 211.7   21.6   Total equity 10,653.3   9,639.1   Total liabilities and equity $ 20,414.7   $ 18,633.4    

    Condensed Consolidated Statements of Cash Flows

    (in millions, except per participate amounts)

     

    The Mosaic Company

         

    (unaudited)

      Three months ended Nine months ended September 30, September 30, 2018   2017 2018   2017 Cash Flows from Operating Activities: Net cash provided by operating activities $ 523.8 $ 135.5 $ 1,259.8 $ 524.3 Cash Flows from Investing Activities: Capital expenditures (241.0 ) (197.6 ) (665.4 ) (589.9 ) Purchases of available-for-sale securities - restricted (228.5 ) (280.0 ) (486.1 ) (1,546.3 ) Proceeds from sale of available-for-sale securities - restricted 221.1 277.6 470.5 1,533.7 Investments in nonconsolidated companies — (62.5 ) — (62.5 ) Investments in consolidated affiliate — (8.8 ) (3.6 ) (47.7 ) Proceeds from sale of fixed assets 9.3 69.1 9.3 69.1 Acquisition, net of cash acquired — — (985.3 ) — Other (4.7 ) (18.5 ) (0.3 ) 0.3   Net cash used in investing activities (243.8 ) (220.7 ) (1,660.9 ) (643.3 ) Cash Flows from Financing Activities: Payments of short-term debt (31.2 ) (258.0 ) (120.1 ) (523.2 ) Proceeds from issuance of short-term debt 38.0 264.7 145.2 608.1 Payments of structured accounts payable arrangements (144.2 ) (83.0 ) (582.4 ) (238.8 ) Proceeds from structured accounts payable arrangements 259.2 226.4 590.2 473.8 Payments of long-term debt (408.5 ) (2.8 ) (722.4 ) (6.2 ) Proceeds from issuance of long-term debt 0.1 — 39.3 1.5 Cash dividends paid (9.7 ) (52.7 ) (28.9 ) (201.8 ) Other (0.1 ) (0.3 ) (0.5 ) (2.2 ) Net cash (used in) provided by financing activities (296.4 ) 94.3 (679.6 ) 111.2 Effect of exchange rate changes on cash (11.2 ) 18.3   (62.8 ) 22.8   Net change in cash, cash equivalents and restricted cash (27.6 ) 27.4 (1,143.5 ) 15.0 Cash, cash equivalents and restricted cash - genesis of period 1,078.5   699.0   2,194.4   711.4   Cash, cash equivalents and restricted cash - linger of period $ 1,050.9   $ 726.4   $ 1,050.9   $ 726.4     Reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated equilibrium sheets to the unaudited statements of cash flows: Cash and cash equivalents $ 1,029.9 $ 685.7 Restricted cash in other current assets 8.2 7.5 Restricted cash in other assets 12.8   33.2   Total cash, cash equivalents and restricted cash shown in the unaudited statement of cash flows $ 1,050.9   $ 726.4    

    Earnings Per participate Calculation

        Three months ended Nine months ended September 30, September 30, 2018   2017 2018   2017 Net earnings attributable to Mosaic $ 247.5 $ 227.5 $ 357.7 $ 323.9 Basic weighted medium number of shares outstanding 385.5 351.1 384.5 350.9 Dilutive impact of share-based awards 2.0   1.1   1.6   1.0 Diluted weighted medium number of shares outstanding 387.5   352.2   386.1   351.9 Basic net earnings per participate attributable to Mosaic $ 0.64 $ 0.65 $ 0.93 $ 0.92 Diluted net earnings per participate attributable to Mosaic $ 0.64 $ 0.65 $ 0.93 $ 0.92

    View source version on businesswire.com: https://www.businesswire.com/news/home/20181105005933/en/


    The Mosaic Company (MOS) Q3 2018 Earnings Conference call Transcript | killexams.com true questions and Pass4sure dumps

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    The Mosaic Company  (NYSE:MOS)Q3 2018 Earnings Conference CallNov. 06, 2018, 9:00 a.m. ET

    Contents:
  • Prepared Remarks
  • Questions and Answers
  • Call Participants
  • Prepared Remarks:

    Operator

    Good morning, ladies and gentlemen and welcome to The Mosaic Company's Third Quarter 2018 Earnings Conference Call. At this time, total participants absorb been placed in a listen-only mode. After the company completes their prepared remarks, the lines will be open to recall your questions. Your host for today's call is Laura Gagnon, Vice President, Investor Relations of The Mosaic Company. Ms. Gagnon, you may begin.

    Laura Gagnon -- Vice President of Investor Relations

    Thank you and welcome to their third quarter 2018 earnings call. Presenting today will be Joc O'Rourke, President and Chief Executive Officer; and Clint Freeland, Senior Vice President and Chief fiscal Officer. They besides absorb other members of the senior leadership team available to reply your questions after their prepared remarks. The presentation slides they are using during the call are available on their website at mosaicco.com.

    We will be making forward-looking statements during this conference call. The statements include, but are not limited to, statements about future fiscal and operating results. They are based on management's beliefs and expectations as of today's date and are topic to significant risks and uncertainties. Actual results may disagree materially from projected results.

    Factors that could antecedent actual results to disagree materially from those in the forward-looking statements are included in their press release issued yesterday and in their reports filed with the Securities and Exchange Commission. They will besides be presenting positive non-GAAP fiscal measures. Their first quarter press release and performance data attached as exhibits to yesterday's figure 8-K filing besides contain valuable information on these non-GAAP measures.

    Now, I'd fancy to swirl the call over to Joc.

    Joc O'Rourke -- President and Chief Executive Officer

    Good morning, everyone. Thank you for joining us today. Mosaic's momentum continue to build in the third quarter. Their results reflect improved market conditions, as well as the benefits of the many moves we've made to strengthen the company. Their key points today are first; Mosaic has made tremendous progress, we've transformed their businesses and created significant operational leverage. Second, global potash and phosphate market fundamentals are improving; exact growth remains tenacious while supplies materializing slowly. And third, as a result of their increased operational leverage and improving market conditions, they are optimistic about their future, both near and longer term. They absorb a road map to generate significant cash and drive tenacious shareholder returns.

    For the quarter, Mosaic's net earnings were $247 million compared with $227 million a year ago. Year-to-date net earnings were $358 million. They delivered earnings per participate of $0.64 or $0.75 net of notable items a year-over-year enlarge of 78% despite their higher participate count. Just one year ago they announced significant fiscal and operational moves to position the company for success. They idled their Plant City phosphate operations and indicated they would focus on increasing the efficiency and recovery rates at their remaining phosphate plants.

    We announced significant increases in their expected transformational targets related to Mosaic Fertilizantes and they announced their purpose to delever the equilibrium sheet by 2020. Since they announced these actions, they absorb accelerated their progress and created significant earnings leverage as today's results clearly indicate.

    We reported year-to-date adjusted EBITDA of $1.4 billion, they increased their 2018 synergy expectation for Mosaic Fertilizantes and they announced, we've reached their through cycle, debt to EBITDA targets.

    Overall kindly market conditions and robust performance across their three traffic units are leading to better 2018 results than their initial expectations. Today, they increased their guidance for 2018 annual adjusted EBITDA to a purview of $1.9 billion to $2 billion and their adjusted earnings per participate guidance to a purview of $1.80 to $2.00 per share.

    Let's start with Mosaic Fertilizantes, their traffic in South America. Year-to-date, in 2018 Mosaic Fertilizantes has delivered adjusted EBITDA of $277 million compared with the pro forma EBITDA of $50 million a year ago. The performance of that traffic has been helped by excellent Brazilian agricultural market conditions and a weaker Brazilian real, but the key driver of the improved earnings has been their transformation of the business. They are achieving synergies faster than expected and they now anticipate to compass $140 million to $260 million in net savings in 2018.

    We besides anticipate to compass their target of $275 million in net savings, well before the linger of 2020. The transformation of the traffic and the benefits of their upstream, downstream integration are easily visible, both on the ground in Brazil and in their results. Across their plants and mines, employees are energized and they are bringing innovative ideas to help their operating efficiency.

    When they announced the transaction, they expected it to be accretive to earnings. Year-to-date the acquired traffic has added $0.11 per share, inclusive of the impact of issuing $1 billion in debt and 34 million shares. But exclusive of the $8 million reserve in the third quarter for the potential of paying out on the contingent portion of the purchase price.

    Moving onto the phosphate market, which remains relatively tight, prices held constant following a $75 enlarge over the past year. Margins are under a bit of pressure with raw material prices rising, silent fundamentals are very strong. In fact, their outlook for phosphates has continued to help over the past several quarters. Global exact continues to grow and their market analysis team expects another record year for shipments in 2019. Several actions absorb tightened supply including the idling of their Plant City facility, slower-than-expected ramp ups of fresh facilities and reduced Chinese export.

    In 2019, they anticipate global exact growth to outpace supply additions, requiring higher global operating rates and providing support to prices and margins. The market is sentiment a temporary impact from the damp topple in North America. The expectation of an early harvest and in-turn and early topple fertilizer application season has not forward to fruition. Shifts in agricultural seasons can detain or accelerate demand, but they rarely touch the replete year sales.

    It is valuable to recall that this traffic is seasonal as well as cyclical. This expected seasonality is reflected in their guidance for the quarter and for the replete year. The changes we've made in their phosphate traffic magnified the impact of these improving market conditions, transformation is well under route in their phosphates traffic unit, which has produced $653 million of year-to-date adjusted EBITDA, up almost two-fold compared to the same age a year ago. We've made extensive structural permanent changes to the route they operate, resulting in a much more efficient traffic for the long term. They said they would race their remaining plants harder and they have, with operating rates up 7% year-over-year.

    Let's trek on to potash, the potash market is tighter today than it has been in years and prices are stirring up as a result. In addition, the discount they saw recently in the US has largely disappeared. Supply disruptions experienced by some of their competitors and the gradual ramp-up of fresh supply combined with growing global exact absorb driven potash prices higher by approximately $60 per tonne over the prior year.

    The potash traffic unit began its transformation before the other segments as it's consistently lowed cost groundwork demonstrates. The teams that are three world-class potash mines are executing at a very elevated even with tenacious day-to-day production and fancy their other traffic units, excellent safety and environmental performance.

    At the same time, the ramp up of Esterhazy K3 continues according to their expectations. As the transition progresses, they will absorb the talent to drive production cost silent lower with an efficient fresh mine and phasing out of Brine management expenses at K1 and K2. In fact, they completed the conveyor belt tie-in from K3 shaft to the K2 mill this summer.

    Now I'd fancy to swirl the call over to Clint Freeland to contend current age results and near-term guidance. Clint?

    Clint Freeland -- Senior Vice President and Chief fiscal Officer

    Thanks, Joc. During the third quarter, Mosaic generated $0.64 and fully diluted earnings per share, $0.75 per participate after adjusting for notable items and adjusted EBITDA of $606 million. As illustrious earlier, these tenacious results were driven by the combination of continued progress on their cost structure and traffic transformation initiatives across the company and improved market conditions.

    With these tenacious quarterly earnings came tenacious cash rush from operations at $524 million. As you can see, Mosaic ended the third quarter with just over $1 billion in unrestricted cash, roughly in line with the equilibrium at the linger of the second quarter despite paying down $400 million in debt during the quarter, investing $241 million in CapEx and experiencing a $200 million reversal in customer prepayments in Brazil.

    Based on the tenacious fiscal performance to-date and their outlook for the relaxation of the year, they are increasing their replete year earnings guidance for the third time this year. They now anticipate the company to generate adjusted EBITDA of $1.9 billion to $2 billion and adjusted earnings per participate of $1.80 to $2.00.

    In addition to tenacious year-to-date results, their guidance reflects continued strength into the fourth quarter, albeit with ordinary seasonality. The accelerated realization of synergies in Brazil as outlined earlier and a alien exchange rate of roughly BRL 3.7 to the US dollar. The primary risk in their fourth quarter outlook is currency related given the recent volatility of positive currencies particularly the Brazilian real.

    That said, as always, they continue to monitor grain and oilseed prices and international trade developments and any impact that they may absorb on finished fertilizer markets. Mosaic's substantial cash generation over the course of this year has allowed us to pay down $700 million of debt meeting their deleveraging commitment 2 years ahead of schedule. While their debt metrics are now more in line with previously disclosed through cycle target levels, they are cognizant of the cyclical nature of their industry and the necessity for fiscal strength and stability through total parts of the cycle.

    It's valuable to note the sensitivity of their leverage ratio to prices. For example, a $20 per tonne change in product pricing can trek adjusted EBITDA by $340 million and net debt to EBITDA by 0.4 turns. As such, they intend to continue evaluating whether further debt reduction over time as fragment of a balanced capital allocation program is appropriate.

    With that said, their capital philosophy has not changed. Their top priority continues to be ensuring a solid long-term foundation for the company. They will continue to invest in their core assets to ensure they are safe, dependable and efficient operation and maintain fiscal strength and flexibility through prudent equilibrium sheet management.

    Beyond that, they designate capital to the highest risk adjusted recur opportunities available to the company while besides keeping in intelligence that a regular recur of capital to shareholders is a key component to a balanced and efficient capital allocation program.

    With that, I'll swirl it back to you Joc for closing comments.

    Joc O'Rourke -- President and Chief Executive Officer

    Thank you, Clint. They anticipate to absorb many opportunities to grow in the years ahead. Of course, there are many factors they hold an eye on. At the moment, we're monitoring the impacts of the recent election in Brazil and the strengthening Brazilian true as well as Chinese phosphate export volumes. But the cyclical trend for industry is clearly up and Mosaic has earned a very tenacious position from which to outperform. They absorb created a highly efficient, low-cost franchise and they are confident that they absorb the talent and that they will continue to generate the capital necessary to win and grow for the long term.

    Now, I will recall your questions, operator?

    Questions and Answers:

    Operator

    (Operator Instructions) Your first question comes from the line of Steve Byrne.

    Ian Bennett -- Bank of America-Merrill Lynch -- Analyst

    Thank you, this is Ian Bennett on for Steve. The Ma'aden JV that you absorb is not really showing up in equity earnings prerogative now, it seems fancy that's just a little loss. Could you talk a diminutive bit about what your expectation is for operating that facility in terms of when it would hit replete production rates, and when it would contribute to Mosaic's equity earnings?

    Joc O'Rourke -- President and Chief Executive Officer

    Okay. Thank you, Ian. Welcome. If I'm looking at Ma'aden and their involvement in Ma'aden, I would negate look, their expectations for Ma'aden was that over the long term, this would be involvement in one of the largest lowest cost phosphate developments in the world. As such, it was not meant to be an early quick return. And as you know, it's a very large, complicated project. And with those they anticipate at least, it will recall time for that to ramp up. And so their expectations and I reflect you really need to retract to Ma'aden to perceive this official expectations of their ramp up, but as they forward to replete production, that will be a very low-cost producer and they should start to perceive earnings from it.

    Ian Bennett -- Bank of America-Merrill Lynch -- Analyst

    Thank you.

    Operator

    The next question comes from the line of Andrew Wong.

    Andrew Wong -- RBC Capital Markets -- Analyst

    Hi, kindly morning. Thanks for having me on the call. So on the K3 Mine, can you just maybe provide a diminutive bit more updates there when you anticipate it to be fully up and running? What that does for your Brine costs? And maybe just capitalize clarify the conveyor system from K3 through K1, K2; what's the capacity I value within this near term and then over the longer term? Thank you.

    Joc O'Rourke -- President and Chief Executive Officer

    Sure. kindly morning, Andrew. So the K3 in terms of timing, they are on the same schedule. We've been on for some time now, which was to integrate K3 and start-up K3 and slowly ramp it up to completely recall over from K1 and K2 in that 2023 to 2025 time-frame. What is happening today as they mentioned earlier, they absorb just connected the conveyor from K3 to K2 that will allow the start-up of commercial production and ramping up of the incremental 1 million tons that would retract into the K2 and K1 mills.

    Each of those conveyors will be capable of approximately, let's negate 3 million tons of finished product or approximately 9 million tons of ore. So, what that allows us to attain is over time completely bear the production from K1 and K2 from K3. Once that is complete, they will decommission K1 and K2, which will liquidate total brine costs.

    Operator

    Your next question comes from the line of Joel Jackson of BMO Capital Market.

    Robin Fiedler -- BMO Capital Market -- Analyst

    Hi, this is Robin on for Joel, thanks for taking my question. Can you walk us through the cadence of the guidance reduction and for the phosphate margins in terms of both phosphate and feedstock prices? And how attain you anticipate margins to just in Q1 '19 and if you can into the relaxation of the year? Thanks.

    Joc O'Rourke -- President and Chief Executive Officer

    Sorry, Robin, could you iterate the start of that question -- your -- it was a diminutive unclear on the call.

    Robin Fiedler -- BMO Capital Market -- Analyst

    Yes, sorry. So if you can just walk us through more of the cadence of the -- above $10 per tonne low margin decline in the phosphate traffic in terms of both phosphate pricing and feedstock prices in Q4? And just how you anticipate that margin to just in Q1?

    Joc O'Rourke -- President and Chief Executive Officer

    Sure. Okay, great. What I'll attain here, Robin, as I will hand this to Corrine, but as they mentioned in their prepared remarks, there is some margin pressure on, which is ordinary seasonality at the linger of the year and mostly due more than charge due to raw material tightness. One thing I will negate though on this is, although the margins attain tighten, they linger up having a little competitive advantage at these prices of ammonia and beyond because most of their ammonia is based on production costing. So that actually helps us against the competitive market. In terms of the Q1 outlook, let me seek information from Corrine and Mike or Mike to give a few comments.

    Corrine D. Ricard -- Senior Vice President, Commercial

    Sure, thanks Joc. They are seeing a diminutive bit of seasonal charge pressure on the margin. This is pretty ordinary factor. They absorb had a late start to the topple season. And although it's been late now that things absorb gotten moving, we're seeing very big volume movements. And so some of the nervousness in the market that happens at this time seasonally is starting to abate, because of the tenacious movement in the shipments.

    Some of that margin pressure is a diminutive bit of charge compression only in the North American market, which was at a significant premium to the other global markets, as well as a diminutive bit of raw material charge increase. The other thing I would negate about these seasonal dips that they perceive for the winter-fill time age is that, they virtually always perceive that recoup as they Get into those spring season. So it's a very temporary seasonal setback. Mike, attain you absorb anything you want to add?

    Michael R. Rahm -- Vice President, Market and Economic Analysis

    No, the only thing I would add is, if you peek at the seasonal pattern, I value margins in Q4 absorb dropped in 5 of the terminal 5 years, and they absorb rebounded in 4 of the terminal 5 years by more than the seasonal drop in the fourth quarter. So I wouldn't term this just a ordinary seasonal adjustment in margins.

    Joc O'Rourke -- President and Chief Executive Officer

    Mike, attain you want to just give a diminutive color on the market going forward and through Q1 and beyond in terms of the tightness of the phosphate market?

    Michael R. Rahm -- Vice President, Market and Economic Analysis

    Yeah. If you peek at their supply and exact for 2019, they perceive decent growth start on the exact side, we're looking at about 1.8% or 1.2 million metric tons of additional exact in 2019. And that should start I reflect in a ordinary seasonal route as far as positioning for the Southern Hemisphere crop and the Northern Hemisphere crop.

    And what's interesting, if you peek on the supply side, they perceive several puts and takes there. They anticipate that on the negative side, we're seeing a couple of shutdowns in the US or North America with the Redwater plant and the Geismar plant. They are seeing some incremental capacity forward on in terms of a continued ramp up of the Ma'aden joint venture, the Jorf Phosphate Hub number four, as well as some smaller plants coming on stream in Turkey and Egypt.

    So we've set total that together and when you add up, the changes in exact versus the changes in supply, they silent forward up with roughly a balance, not taking into account any changes in China. And their assessment is that, they could perceive 0.5 million to 1 million tonne or more decline in Chinese exports. So what they perceive is a -- another period, much fancy this year or the phosphate market remains in deficit.

    And what we're seeing there is that the world doesn't race out of phosphate. But you perceive pipelines Get drawn down, you maybe perceive a diminutive bit of exact curbed on the edges in some markets and you attain perceive existing producers probably squeezing out a few more tonnes to compass an equilibrium in the market.

    Joc O'Rourke -- President and Chief Executive Officer

    Thanks, Mike.

    Operator

    Your next question comes from the line of Don Carson.

    Jacob Lacks -- Susquehanna fiscal Group -- Analyst

    Hi, this is Jake Lacks on for Don. On capital deployment (technical difficulty) target -- inflection cash rush next year given more (inaudible) today. Can you kind of (technical difficulty) on your priorities there?

    Joc O'Rourke -- President and Chief Executive Officer

    Sure, thanks Jake. Well, I'm going to talk a diminutive bit and maybe hand this over to Clint to talk some more and give us some more color. But to summarize, with the impact of their traffic improvements, obviously the impact of their Brazil acquisition and improved market conditions, this year, we've been able to generate approximately $1.2 billion of operating cash flow, which really highlights just the kind of earning power they absorb created in this business. This, as you mentioned, has allowed us to pay down the $700 million of term loans well ahead of their target, and matter of fact over two years ahead of their schedule.

    So this has set us in a position to really review their overall capital allocation philosophy and targets. So let me hand it over to Clint, just to give a diminutive more color on how we've been thinking about their capital philosophy going forward.

    Clint Freeland -- Senior Vice President and Chief fiscal Officer

    Yeah, thanks Joc and hi Jake. So I reflect when it comes to allocating capital, as we've talked about before their first priority is ensuring as a Company as a really solid fiscal and operational foundation, making positive that the Company's leverage profile and liquidity position is where it should be to remain tenacious and elastic through the cycle. I reflect it's besides valuable to invest appropriately to maintain the safe and efficient operation of their core assets.

    And now beyond that, I would peek to and I reflect they peek to designate capital to the highest risk adjusted recur opportunities available to us. They besides pay a common dividend on their stock and while it's fairly modest at this point, they attain reflect it's an valuable fragment of a balanced allocation program and it will continue to evaluate what that payout looks fancy over time.

    I reflect going forward, when they anticipate earnings and cash rush to be strong, I would anticipate to perceive a balanced capital allocation program where they continue to strengthen the equilibrium sheet, invest to grow the traffic and provide a regular recur of capital to their shareholders. So I reflect that's how they attend to reflect about capital allocation and try to prioritize their program.

    Jacob Lacks -- Susquehanna fiscal Group -- Analyst

    Excellent.

    Operator

    Your next question comes from the line of Jeff Zekauskas.

    Jeff Zekauskas -- JP Morgan -- Analyst

    Thanks very much, two questions. Why attain you reflect Chinese phosphate exports will lessen another 0.5 million tonnes next year. That is what's behind it. And in terms of your cash flows, your receivables jumped up a couple of hundred million dollars sequentially, so did your payables, what's behind that and how did the $200 million reversal of Brazilian prepayments flow-through, was that a capitalize or not a benefit? What line did that touch?

    Joc O'Rourke -- President and Chief Executive Officer

    Sorry, Jeff gash the mic.

    Jeff Zekauskas -- JP Morgan -- Analyst

    Sure.

    Joc O'Rourke -- President and Chief Executive Officer

    First of all, let's talk about Chinese exports and what they reflect of Chinese exports, and I'm going to leave this to Corrine to really talk about, but at a elevated level, they attain perceive energetic things by the Chinese government to reduce both water and air pollution and particularly to reduce pollution along the Yangtze River. And those are now starting to recall outcome and they are increasing the cost to bear phosphates in China, but besides reducing the overall availability of Chinese phosphate. So with that, let me hand that one to Corrine and I will forward back to the cash rush question.

    Corrine D. Ricard -- Senior Vice President, Commercial

    Thanks, Joc. They are seeing a lessen in Chinese export while we've seen a little enlarge year-to-date, January through September in those DAP exports. The MAP exports are off very significantly about 23%. And that really is a result of what Joc was talking about with the environmental pressures happening on producers. There are a number of things happening in the environmental area and that's what we've been talking about for a while on Chinese exports. The first is, there are taxes that absorb been levied against the producers, that are adding $10 to $15 a tonne in their operating costs, because they absorb to pay tax against the environmental pollution.

    The second thing that's happening is higher operating cost, so there is a significant reduction in rock mining because the government has disallowed mining in some environmentally sensitive areas. And so, the Chinese National Bureau of Statistics reports that phosphate rock mining is down 30% through September. So you absorb producers that used to be integrated with the rock mines are now non-integrated producers having to purchase rock from others and rock prices are up significantly. We're besides starting to perceive the start of rock imports into China indicating a shortage of that raw material.

    And then lastly, I would say, either there is significant capital cost at risk here as well. You've got plants that are within the one mile region of the Yangtze River are being forced to relocate and some that are a diminutive farther out from one mile are being told that they absorb significant capital they absorb to disburse to manage their gypsum differently and wield other environmental pollutions differently. And so, they believe and the timing on those changes in those plant relocation is by the linger of 2019. And then some by the linger of 2020 for the capital investments. So they really believe that there will be a watershed year here in 2019-2020 on the environmental impacts affecting these Chinese producers, and they anticipate exports will be down. Again, they are carefully watching these exports and if you recall a rolling 12-month peek at exports, they are down about 11%.

    Mike, anything you want to add?

    Michael R. Rahm -- Vice President, Market and Economic Analysis

    Yeah, just I'd highlight that the rolling 12-month total on September 30th was down, I reflect 1.17 million tonnes from September 30th, 2017. So there has been a substantial decrease. If there are other questions later on maybe they can forward back and talk about a specific example.

    Corrine D. Ricard -- Senior Vice President, Commercial

    Sure.

    Joc O'Rourke -- President and Chief Executive Officer

    Good, Jeff, well, I am going to leave that one there. Obviously the bottom line is, what we're seeing is, we're seeing stuff on the ground and these higher prices are driving probably some higher utilization in plants that may not necessarily absorb otherwise been running at this time. Now we're going to trek on to the question, I'm just going to rephrase this a diminutive bit to bear positive I've got it right. But if I heard you correctly, cash rush from receivables is actually up by two months this year. And you're asking us to clarify what is the impact of the Brazil prepayments on their cash position. I'm going to hand that straight over to Clint who I reflect has a pretty kindly understanding of what you're trying to get.

    Clint Freeland -- Senior Vice President and Chief fiscal Officer

    Yeah, thanks, Joc. So I'll start with the Brazilian pre-payments, those prepayments at the linger of the second quarter were about $500 million in cash and where you perceive that on the equilibrium sheet is in the cash equilibrium and in their payables. And when that reverses, what you absorb is it almost gets transferred from the equilibrium sheet, goes to the income statement where that $200 million reduction in prepayments comes out of the cash balance, and then flows through your P&L and then to the extent that you absorb margin on those sales which obviously you do, that would then forward back through the cash rush statement on to your equilibrium sheet.

    And so net-net, you'll absorb a reduction in overall cash equilibrium for those prepayments, but not the replete $200 million, because you'll linger up with the margin on your equilibrium sheet. I think, the other fragment of your question was around receivables and payable balances, and one of the things that I would assume that you're looking at their equilibrium sheet, recall that they closed on their acquisition on, I believe, January 8th. And so, the outcome of the acquisition and bringing the working capital balances onto the equilibrium sheet is fragment of that delta.

    As you peek at the quarter in particular, I would negate that from a receivable standpoint, they had pretty elevated sales in September in North America, in particular, and so that would absorb been booked into receivables that should again swirl in the fourth quarter. So that would be the yarn around receivables. I reflect payables, nothing really out of the ordinary there, I reflect it's just a matter of timing of various accruals and other things throughout the year. So I would negate nothing of particular note there.

    Joc O'Rourke -- President and Chief Executive Officer

    Okay .Thank you Clint.

    Operator

    Your next question comes from the line of Ben Isaacson.

    Oliver Rowe -- Scotia Capital, Inc. -- Analyst

    Yes, this is Oliver Rowe on for Ben. Thanks for taking my question. So, looking at your phosphate shipment outlook on coast 18, you absorb a meaningful enlarge in shipments to India in 2019. attain you not anticipate any exact destruction from India's rupee depreciating mount in phosphoric acid prices and the higher MRP, which are total impacting affordability? Maybe to set that in another way, if the currency were to revert to and/or the MRP is dropped, would there be further upside to your exact evaluate for India?

    Joc O'Rourke -- President and Chief Executive Officer

    Okay. Thanks, Oliver. I'm going mostly hand this to Corrine, but let me bear a just a universal statement and India probably is the most sensitive to this, but in any situation and next year, I believe, is a situation where we're going to be rather supply constrained in terms of growth. I reflect then at some point, you attain absorb to -- you attain absorb to ration ultimate supply, and so the least affordable markets will absorb to ration their growth. And I reflect that is something that could betide depending on charge movements in India, but it will only be because of those charge movements. So there's obviously some sensitivity to both currency and prices in a market where their product is not sold on the international market, but sold at a control charge in country. Corrine, attain you want to talk about that a diminutive bit, please.

    Corrine D. Ricard -- Senior Vice President, Commercial

    Sure. I reflect there's a couple things that we're watching very closely here, and they absorb been looking to perceive if there's any evidence of exact destruction. And they aren't seeing it yet today. It is sensitive to the currency changes, although seem to absorb stabilized, and they absorb adjusted their MRPs several times throughout the year, and at each level, we're continuing to perceive pharma purchasing. And so as of today, it looks fancy they are continuing to -- we're not seeing exact destruction, we're continuing to perceive tenacious exact for phosphate.

    We besides absorb an enlarge in the 2019 shipments because you've seen a relatively significant reduction in the domestic production and operating rates of the domestic producers. And that needs to be made up with some import volume.

    Joc O'Rourke -- President and Chief Executive Officer

    Okay, thanks Corrine.

    Operator

    Your next question comes from the line of Alex Falcao.

    Alexandre P. Falcao -- HSBC -- Analyst

    Hi, kindly morning. My question is regarding Brazil. What made you enlarge the targets on synergy there? And you said that you're monitoring the fresh government, there is a massive shift in the currency from 450 to 370 now. Just wanted to understand the impacts of that going forward for you, and even which -- I know you guys absorb a very involved hedging policy, and what you are exposed, will you long the currency there or short the currency there. Just wanted to understand what's going to -- that outcome is going absorb going forward? Thank you.

    Joc O'Rourke -- President and Chief Executive Officer

    Okay. Alex. Thank you. So let me hit this in order, if I've got it. There is sort of three aspects here, I just want to hit. First of all, let's talk about the election of Mr. Bolsonaro. Bolsonaro ran on a pro-business, pro agricultural campaign. In fact, Bolsonaro was officially endorsed by the agricultural parliamentary group during the election. So that is a positive from an agricultural perspective. However, in Brazil to bear things happen, you really absorb to build coalitions. So it's a diminutive early to see. The one thing I will say, however though, is his first appointees including his nominee for Justice Minister Sergio Moro, and his nominee for Finance Minister, Paulo Guedes, both been very well received and I believe those bode well for his success which they peek forward to.

    The second question you asked was about the synergies. And what I would negate there is, if they -- what they had was a Brazil team that really took this on and has done a very kindly job of going after synergies and improvement which has set us in a position to achieve more than the $100 million that they originally thought we'd achieve this year. Matter of fact, are $140 million to $160 million, but besides puts us ahead of schedule to achieve their total $275 million of synergies they ultimately anticipate to achieve from that business.

    In terms of the currency and the hedging, I really reflect there's enough detail there that I should hand that over to Clint to talk a diminutive bit about their strategy.

    Clint Freeland -- Senior Vice President and Chief fiscal Officer

    Yeah, hi. Thanks, Joc. So I reflect from a currency hedging standpoint, they typically hedge on a rolling three-month basis to the extent that they are long the BRL. And so when you absorb at least short-term volatility in the BRL, they should generally be hedged against that. Longer-term, they attain besides hedge against some of their BRL expenses. If you recall one of their revenues there are dollar-based and their expenses are BRL-based. And so what they try to attain is to absorb again a kind of a rolling program over time that at least allows us to navigate some of the shorter-term volatility, but I reflect longer term, you are a diminutive more topic to the currency fluctuations that you perceive again over time.

    Joc O'Rourke -- President and Chief Executive Officer

    Thanks, Clint.

    Operator

    Your next question comes from the line of Chris Parkinson.

    Graeme Welds -- Credit Suisse Securities -- Analyst

    This is Graeme Welds on for Chris. I was just wondering about the volume guidance on both kind of the phosphate and the potash side. Around the phosphate side, it looks fancy it Get down a diminutive bit and I reflect at the genesis of the call, you spoke about some seasonal factors, particularly in North America maybe influencing that. I was wondering if you could give any color on the composition of what that volume outlook looks fancy in terms of that MAP versus MicroEssentials, et cetera?

    And then on the potash side a similar question where your volumes expose to be quite strong. I'm just curious where you're seeing kind of most of that strength heading into 4Q? Thanks.

    Joc O'Rourke -- President and Chief Executive Officer

    Okay. Thank you, Graeme. I'm going to hand this over to Corrine, but let me start with the volume guidance for potash. Clearly with the strength and tightness of the potash market globally, we're seeing kindly international exact prerogative now which is more than offset the slight seasonal weakness you might absorb expected at the linger of the ordinary North American season. In terms of phosphate guidance, the volume drop there is ordinary seasonality. That's probably driven mostly by the completion of the biggest season in Brazil and the linger of the North American topple application season. Corrine, attain you want to bear a few comments?

    Corrine D. Ricard -- Senior Vice President, Commercial

    Yeah, not a lot to add there, Joc. I completely accord on the potash side, they absorb big shipments going on and kindly volume expected in the fourth quarter. The only limitation really is going to be just getting total of those logistics to Get that volume moved and the phosphate guidance issue is largely that winter fill season attain they linger the topple season and the peak topple season with a tenacious winter-fill program that moves into December or does it really trek into that January time age and we're forecasting a ordinary amount of winter-fill activity for December rather than what terminal year was an exceptionally big winter-fill early in December.

    Joc O'Rourke -- President and Chief Executive Officer

    Thanks, Corrine.

    Operator

    Your next question comes from the line of Jonas Oxgaard.

    Jonas Oxgaard -- Sanford C. Bernstein & Co., LLC -- Analyst

    Good morning, guys. I'm trying to bear sense of your Q4 guidance. Your phosphate guidance is down, but your potash guidance is up and then your Vale Fertilizantes is down. If I tally them total up, I linger up with about $0.10 reduction, which is usually both, what you usually Get in Q4, and yet your implied guidance for EPS in Q4 is buying us 20 or so am I missing something, or are you being conservative or --

    Joc O'Rourke -- President and Chief Executive Officer

    Sorry Jonas, we're looking at each other to try and understand if they can -- they don't actually. Yeah. As you know, they don't actually give EPS guidance on a division-by-division thing. I'm not positive I know how to reply that. I'm going to hand it to Clint to perceive what he can.

    Clint Freeland -- Senior Vice President and Chief fiscal Officer

    Yeah Jonas. I would maybe suggest that they recall it offline and provide you some clarity. I reflect we're having a diminutive rather of a challenge kind of understanding and answering your question prerogative now, but I reflect they can ensue up with you, if that's OK.

    Operator

    Your next question comes from the line of Adam Samuelson.

    Adam Samuelson -- Goldman Sachs & Company -- Analyst

    Yes, thanks, kindly morning everyone. On the ground coverage, just on the potash side, your guidance for next year on shipments, can you talk about your supply outlook, what's the assumption of incremental capacity coming from K & S? From EuroChem closures and the relaxation of the world. And is there any assumption or early kind of view that Canadian production X, K&S would be up in any material amount in 2019? Thank you.

    Joc O'Rourke -- President and Chief Executive Officer

    Okay. Thanks, Adam. Sure, we'll give you -- I'll Get Mike to give you an overall peek at the S&D, the one thing I would fancy to highlight. I reflect their view is over the next five years, one of the things that will betide is the output of the North American suppliers X, K+S, will actually enlarge as other supply is used up and the market gets tighter, really the only excess capacity out there today sit's with the big two North American suppliers and so with that, I anticipate the utilization rate by those two might well enlarge in the next few years. Mike, attain you want to just give a quick highlight of the S&D?

    Michael R. Rahm -- Vice President, Market and Economic Analysis

    Sure, they actually published this in the Non-Deal road witness report that is on the website. There's detail in terms of their changes in the S&D and in terms of, let me just talk a diminutive bit about 2018 first, and how that carries over. But when they peek at -- there's been a series of either call a supply disruptions or supply changes that absorb probably taken a kindly half million tonnes out of the market.

    So, as you know, the ICL closed their Boulby mine midyear. SQM is maximizing the amount of lithium, they bear versus potassium chloride. K+S had production problems at it's Werra involved with low water levels in adjoining rivers and so forth. So you add that up is about 500,000 tonnes of loss production. Next year, when they peek at this, K+S is going to nearby their Sigmundshall mine, which is probably 450,000 tonnes.

    The Boulby mine produced half of this year, so there will be another half of a year loss there. So when they add up 1.2 or 1.1 million tonnes of exact growth coupled with the supply changes that they see, they witness a deficit of about a half a million tonnes. And again, as they said for phosphate, we're not expecting the world to race out of potash anytime soon, but they attain reflect that implies that pipeline inventories worldwide Get drawn down to very low levels and that prices remain elevated enough to bring supply and exact into equilibrium.

    Joc O'Rourke -- President and Chief Executive Officer

    Thank you, Mike.

    Operator

    Your next question comes from the line of Vincent Andrews.

    Neil Sanyal -- Morgan Stanley -- Analyst

    Hi, this is Neil, calling in for Vincent, a couple of questions on Mosaic Fertilizantes. You accelerated the 2018 synergy capture, but it seems that the low margin per tonne for the segment is being guided down a bit sequentially to $40 per metric tonne at the midpoint versus $42 at 3Q. So what is driving that and then second, total synergies were kept flat at $275 million, is there silent an occasion for additional upside to that number?

    Joc O'Rourke -- President and Chief Executive Officer

    Okay, Neil, thanks. Well, first of all, let me talk about the the Fertilizantes margin for the fourth quarter, that is almost exclusively driven by change of FX. There has been a strengthening of the Brazilian real, particularly after the election of Bolsonaro and whether that holds or not, but it has been given us a short term expectation of a stronger true there.

    In terms of the synergies, they made a conscious decision not to enlarge synergies beyond $275 million and the reason for that was, they in their investment thesis, which they brought out terminal year, they said $275 million was the amount they expected to gain by the combination of the two businesses. They fully anticipate that they will set goals for traffic improvement beyond that, but they attain not believe there are necessarily something that they should call synergies after the original combination of those two businesses.

    So for that reason, they absorb looked at this as being a milestone that we're going to leave as it is. Thanks.

    Operator

    Your next question comes from the line of John Roberts.

    John Ezekiel Roberts -- UBS Securities -- Analyst

    Thank you. In Brazil, does the enlarge in acreage in the shift to soy present any logistical challenges for you to meet demand? attain you absorb any constraints down there in Brazil, given the shift going on?

    Joc O'Rourke -- President and Chief Executive Officer

    Thanks, John. Look, one of the huge advantages they absorb in Brazil is their distribution businesses well positioned in total of the major agricultural areas of the country and they support and supply farmers for a number of crops and when they combine that with a production traffic that is prerogative there as well in the main growing regions. They reflect they are actually the best position to serve the growing soybean market in Brazil and whether it's soybeans, corn or coffee, sugarcane. They believe their distribution traffic in their fresh production traffic are well positioned to serve those.

    Operator

    Your next question comes from the line of PJ Juvekar. And your line is open PJ.

    PJ Juvekar -- Citigroup -- Analyst

    Hello can you hear me. Sorry, kindly morning. Can you talk about Plant City operations. Is it safe to assume that those -- that plant is down and probably won't forward back again. And then secondly, what is your exact expectations for North America given record crop this year, which means record nutrient removal from the ground and besides the shift from soy to corn, that should add some exact for fertilizers here in North America? Thank you.

    Joc O'Rourke -- President and Chief Executive Officer

    Sure, let me talk about Plant City. At this stage on Plant City, sorry. Thanks, PJ. Let me start with Plant City, but Plant City, we're gathering information and we're in energetic discussions with both the federal and state regulators prerogative now and they will be in a position before year linger to bear a decision on Plant City going forward and that's consistent with where we've been before, and they really not able to talk about that until those decisions are fully vetted and made.

    In terms of North American demand, I reflect the simple answer, and Corrine and I were just on a North American customer tour couple of weeks ago and what I would negate there is -- you absorb it absolutely right. The record crops are removing more and more fertilizer from the ground and that is, import that there is an increasing need to supplant that fertilizer. So while they don't anticipate huge growth rates in North America, they attain perceive that market as solid and now as the crops continue to grow, they anticipate a kindly demand.

    The other aspect of it is, they saw in this marketing trip was the trek toward precision agriculture rather than hurting the exact for fertilizer is probably helping the exact for fertilizer because people are pouring the prerogative amount of crop nutrients in the prerogative places and that is really helping both the exact and the usage of that fertilizer.

    Corrine, attain you want to touch on anything else?

    Corrine D. Ricard -- Senior Vice President, Commercial

    Sure, the only thing I would add, so we've got their forecasted shipments for North America for phosphate for 2018 at about 10.2 million. In 2019 purview is 9.8 to 10.1, so very similar. I reflect in 2018, what you saw was a diminutive bit of a front-end pile of the shipments, after they announced that Plant City closure, people were pretty optimistic about where prices would retract and they started loading up a diminutive heavier than the ordinary shipment. But they anticipate it to be relatively flat, diminutive bit the same on the potash side, there was just a diminutive bit of add inventory build. Mike, you want to add?

    Michael R. Rahm -- Vice President, Market and Economic Analysis

    I guess only I would add is that as they said before both the agronomic and the economic exact drivers remain strong. We've talked about the big withdrawals, but I reflect another valuable factor is, if you peek at fresh crop prices for corn, soybeans, and wheat despite I think, the perception that things absorb really changed. If you peek at where they're at today versus the terminal 3 years, corn prices are kind of at the top of that 3-year range, wheat prices are above the 3-year purview and soybean prices are kind of prerogative in the middle.

    So, the signals that farmers are getting today are no different than what they absorb been for the terminal 3 years and that combined with the need to supplant nutrients taken out, I reflect bodes well for the exact outlook for next year.

    Joc O'Rourke -- President and Chief Executive Officer

    And I'll just linger by saying, your final question was about the soy to corn shift, that has a big impact on nitrogen demand, but for us, both of those are remarkable crops and we're pretty agnostic as to which crop is grown.

    Operator

    Your next question comes from the line of outcome Connelly.

    Ashish Gupta -- Stephens Research -- Analyst

    Good morning. It's Ashish for Mark. Beyond the Vale asset, you besides picked up the Port and Warehouse assets in the North from ADM. How those assets change your competitive position in Brazil and affected your freight situation?

    Joc O'Rourke -- President and Chief Executive Officer

    Yeah, thanks Ashish. Look, the Port position in TIPLAM in particular, I reflect is what you're referring to, what that has been able to attain for us, is now as an importer, they absorb access to two of very kindly ports; one in Paranagua state and the one at TIPLAM. And if you reflect about Brazil and infrastructure in Brazil, one of the key competitive advantages are -- one of the key competitive issues is access to infrastructure particularly port infrastructure. So as a major importer of both finished product, but besides raw materials, this really helps us better race their upstream and downstream businesses and if you peek at their statements on synergies, a big piece of the synergies or at least a piece of the synergies has certainly been associated with the upstream and downstream benefits of this infrastructure that we've added.

    Operator

    Your next question comes from the line of Michael Piken.

    Michael Piken -- Cleveland Research -- Analyst

    Yeah, hi. Most of my questions absorb been answered, but just wanted to sort of Get a sense, you guys mentioned on the prepared remarks that you're seeing some of your competitors tie on potash supply prerogative now. Were you referring to the ramp ups of some of the future capacity or were you referring to existing competitors and what does that meant in terms of the amount of tonnage you absorb booked maybe in some of those, China and India contracts? Thanks.

    Joc O'Rourke -- President and Chief Executive Officer

    Okay. Thanks, Michael. Look, I reflect it's both, certainly the fresh suppliers absorb been slower to forward up than one would absorb expected or one might absorb expected. But besides there has been shutdowns in terms of ICL's talent as an case and there has been a refocus in terms of SQM's operations focusing more on lithium and stirring away from potash and then of course there has been environmental issues in Germany that absorb besides impacted supply and even some possible Russian supply, which we're not clear on what that -- whether it has or has not, but I value what we're seeing experientially, is a tighter market than they absorb had previously. And that's obviously being reflected in shipment volumes for us and Canpotex as well as charge movement.

    Operator

    And your final question comes from the line of Duffy Fischer.

    Patrick Duffy Fischer -- Barclays -- Analyst

    Yes, kindly morning. Question around the capital, so you called out that your debt is now down to the -- through the cycle even you need, I was unclear does that value you silent want to pay down a diminutive bit now or maybe at some future point, you would settle to pay down a diminutive bit more as they trek maybe to a rollover and toward a trough.

    And then on the capital allocation side, you talked about the risk adjustment you make. Could you maybe just highlight if you looked at negate Fertilizantes versus a stock buyback, what would be the delta in the recur that you would need or that the risk rate that you would exercise in those types of investments?

    Joc O'Rourke -- President and Chief Executive Officer

    Okay, Duffy. Well, let me, let me first highlight they set their near-term target of paying down $700 million and returning to a debt ratio of below 2.5 to 1. Now that's been achieved, as they peek the longer term, they are not only looking at what the instantaneous debt ratio is, but how are they positioned throughout the cycle. So not only at the middle of the cycle or the top of the cycle, but besides how would they be positioned at the bottom of the cycle.

    So, they really want to reflect that through carefully and how we're going to address that before they recall any steps to either pay down more or not, pay down more debt. In terms of your question on the risk reduction and rather than hand this to Clint, which I could do, I reflect what I would negate is they would peek at participate repurchases as being a cost of capital recur to shareholders as opposed to an investment of some sort.

    In terms of the risk-adjusted rate of return, they would absorb to peek at currency risks, geographic risk, technical risk, et cetera, and then negate how much above that -- above the cost of capital does that absorb to be for it to be an intelligent investment for us to make.

    So, with that, I would fancy to thank everybody who has been on the call, but I would fancy to emphasize before they leave a couple of their key messages; first, Mosaic has made tremendous progress, we've transformed their traffic and created substantial earnings potential.

    Secondly, their phosphate and potash market fundamentals absorb continued to be constructive.

    And third, they are highly optimistic about both the short and long term. Simply put, we've created an efficient franchise that is generating tenacious returns and they anticipate their momentum to continue to grow. Thank you for joining the call.

    Operator

    This concludes today's conference call, you may now disconnect.

    Duration: 57 minutes

    Call participants:

    Laura Gagnon -- Vice President of Investor Relations

    Joc O'Rourke -- President and Chief Executive Officer

    Clint Freeland -- Senior Vice President and Chief fiscal Officer

    Ian Bennett -- Bank of America-Merrill Lynch -- Analyst

    Andrew Wong -- RBC Capital Markets -- Analyst

    Robin Fiedler -- BMO Capital Market -- Analyst

    Corrine D. Ricard -- Senior Vice President, Commercial

    Michael R. Rahm -- Vice President, Market and Economic Analysis

    Jacob Lacks -- Susquehanna fiscal Group -- Analyst

    Jeff Zekauskas -- JP Morgan -- Analyst

    Oliver Rowe -- Scotia Capital, Inc. -- Analyst

    Alexandre P. Falcao -- HSBC -- Analyst

    Graeme Welds -- Credit Suisse Securities -- Analyst

    Jonas Oxgaard -- Sanford C. Bernstein & Co., LLC -- Analyst

    Adam Samuelson -- Goldman Sachs & Company -- Analyst

    Neil Sanyal -- Morgan Stanley -- Analyst

    John Ezekiel Roberts -- UBS Securities -- Analyst

    PJ Juvekar -- Citigroup -- Analyst

    Ashish Gupta -- Stephens Research -- Analyst

    Michael Piken -- Cleveland Research -- Analyst

    Patrick Duffy Fischer -- Barclays -- Analyst

    More MOS analysis

    Transcript powered by AlphaStreet

    This article is a transcript of this conference call produced for The Motley Fool. While they strive for their ludicrous Best, there may be errors, omissions, or inaccuracies in this transcript. As with total their articles, The Motley Fool does not assume any responsibility for your exercise of this content, and they strongly encourage you to attain your own research, including listening to the call yourself and reading the company's SEC filings. delight perceive their Terms and Conditions for additional details, including their Obligatory Capitalized Disclaimers of Liability.

    Motley Fool Transcribers has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.


    Mosaic's (MOS) Q3 Earnings Top Estimates, Ups FY18 View | killexams.com true questions and Pass4sure dumps

    The Mosaic Company (MOS - Free Report) logged a profit of $247.5 million or 64 cents per participate in the third quarter of 2018 compared with $227.5 million or 65 cents in the year-ago quarter.

    Adjusted earnings of 75 cents per participate for the reported quarter beat the Zacks Consensus evaluate of 64 cents.

    Net sales rose roughly 47.5% year over year to $2,928.1 million in the quarter, mainly driven by the Vale Fertilizantes acquisition and higher medium sales prices across total segments. The device missed the Zacks Consensus evaluate of $2,936.5 million.

    Segment Highlights

    Net sales from Mosaic’s Phosphates segment amounted to $1 billion in the quarter, up from $779 million in the prior-year quarter. Higher sales were driven by higher medium sales prices and sales volumes. The segment’s low margin increased to $180 million from $67 million in the year-ago quarter, mainly driven by higher medium sales prices and operational improvements, which reduced controllable operating costs.

    Potash division’s sales rose around 28.5% year over year to $609 million in the quarter on the back of higher sales volumes and medium sales prices. low margin in the quarter was $161 million, up from $99 million in the year-ago quarter. The mount was primarily driven by higher medium sales prices, which was partly offset by the timing of turn-around activities.  

    Net sales in the Mosaic Fertilizantes segment were $1.4 billion, up from $806 million in the year-ago quarter. low margin increased to $152 million from $52 million in the year-ago quarter on the back of the Vale Fertilizantes acquisition along with higher margins in the legacy distribution business.

    Financials

    As of Sep 30, Mosaic had cash and cash equivalents of $1,029.9 million, up around 50.2% year over year. Total long-term debt rose roughly 21.5% year over year to around $4,523.1 million.

    Cash rush from operating activities was $524 million in the reported quarter, up from $136 million a year ago. Mosaic’s capital expenditures were $241 million in the quarter.

    Outlook

    Mosaic raised adjusted earnings per participate (EPS) guidance for 2018, considering tenacious traffic performance and lower expected efficient tax rate for the year.

    For 2018, the company now expects adjusted EPS in the purview of $1.80-$2.00 per share, up from the prior view of $1.45-$1.80 per share.

    The company besides expects adjusted EBITDA for 2018 in the corps of $1.90-$2 billion, up from the previous view of $1.80-$1.95 billion.

    Mosaic expects phosphates sales volumes in the corps of 1.7-2 million tons for the fourth quarter of 2018. The segment’s adjusted low margin is expected in the corps of $65-$75 per ton. Per the company, outlook for the Phosphates segment reflects underlying firmness in exact and supply dynamics as well as ordinary year-end seasonality.

    Potash sales volumes absorb been forecast in the purview of 2.2-2.5 million tons for the fourth quarter and the adjusted low margin is anticipated in the corps of $80 to $90 per ton. Mosaic expects market conditions to linger tenacious in potash along with elevated operating rates in the three Canadian mines.

    Sales volumes in the Mosaic Fertilizantes segment absorb been forecast in the corps of 1.9-2.2 million tons for the fourth quarter. The company besides projects adjusted low margin for the unit in the corps of $35-$45 per ton. Per the company, impacts of the higher medium realized selling prices are likely to be partly offset by the strengthening of the Brazilian true relative to the U.S. Dollar. Additionally, Mosaic continues to integrate production and distribution assets to optimize revenues. The trek is expected to boost margins in the fourth quarter.

    Price Performance

    Mosaic’s shares absorb gained 16.9% in the past six months compared with the industry’s 11.2% rise.

    Zacks Rank & Other Stocks to Consider

    Mosaic currently sports a Zacks Rank #1 (Strong Buy).

    A few other top-ranked stocks in the basic materials space are Methanex Corporation (MEOH - Free Report) , CF Industries Holdings, Inc. (CF - Free Report) and KMG Chemicals, Inc. (KMG - Free Report) , each sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

    Methanex has expected long-term earnings growth rate of 15%. Its shares absorb rallied 26.7% in the past year.

    CF Industries has expected long-term earnings growth rate of 6%. Its shares absorb gained 34.1% in a year.

    KMG Chemicals has expected long-term earnings growth rate of 28.5%. Its shares absorb rallied 43.2% in the past year.

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