The following is a summary of the The Mosaic Company (MOS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Mosaic reported adjusted EBITDA of $576 million on revenues of $2.7 billion in Q1 2024.

• The company's phosphates segment contributed adjusted EBITDA of $277 million, boosted by tight supply and strong demand from North America.

• The potash segment generated adjusted EBITDA of $281 million, supported by robust spring seasonal demand in North America.

• Mosaic Fertilizantes generated $83 million in adjusted EBITDA from sales of 1.7 million tonnes.

• Potash production cash cost per tonne declined about $10 in Q1 2024 compared with Q1 2023.

Business Progress:

• Mosaic is reducing the number of its third-party contractors, expected to result in $20-$30 million in annual cost savings.

• The company remains on track with a $150 million cost reduction plan and a $200 million cut in capital expenditure for the year.

• The Esterhazy HydroFloat project will add 400,000 tonnes of capacity by mid-next year.

• Mosaic exchanged a 25% stake in the MWSPC joint venture for an approximately $1.5 billion position in Ma'aden shares, aiming to enhance future capital flexibility.

• The long-term outlook for phosphate remains positive due to increasing demand in food, biofuel, and industrial sectors.

• Despite challenging market conditions in Brazil, Mosaic is effectively managing the situation through prioritizing sales to customers with lower credit risks.

• Continued strong demand is expected throughout the year amid constructive fertilizer market fundamentals.

• Mosaic expressed confidence in maintaining strong margins and operational efficiencies, with ambitions of achieving a 2 million-tonne run rate by the end of 2024.

More details: The Mosaic IR

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