The Mosaic Company (NYSE:MOS) Q4 2025 Earnings call February 25, 2026 11:00 AM ET Company ParticipantsBruce Bodine - President and CEOChris Parkinson - Managing DirectorJason Tremblay - VP of Enterprise Strategy and Business SupportJenny Wang - EVP for CommercialJoel Jackson - Managing Director of Equity ResearchKristen Owen - Managing DirectorLuciano Siani Pires - EVP and CFOMike Sison - Managing DirectorRahi Parikh - Assistant VPVincent Andrews - Managing DirectorConference Call ParticipantsAndrew Wong - ...

Whales with a lot of money to spend have taken a noticeably bullish stance on Mosaic.Looking at options history for Mosaic (NYSE:MOS) we detected 8 trades.If we consider the specifics of each trade, it is accurate to state that 50% of the investors opened trades with bullish expectations and 37% with bearish.From the overall spotted trades, 5 are puts, for a total amount of $175,521 and 3, calls, for a total amount of $362,150.Projected Price TargetsBased on the trading activity, it appears that the signifi ...

The Mosaic Company (NYSE:MOS) Q4 2025 Earnings call February 25, 2026 11:00 AM ET Speaker1Good morning, and welcome to The Mosaic Company's fourth quarter and full year 2025 earnings conference call. At this time, all participants have been placed in a listen-only mode. After the company completes their prepared remarks, the lines will be open to take your questions. Please note, this conference is being recorded. Now I'll turn it over to Jason Tremblay.Speaker7Thank you. Welcome to our fourth quarter 2025 ...

PresentationLet's welcome Ken Seitz, President and CEO, to the stage. We're going to do a fireside chat. So if you want to submit questions, please go on the app, and we'll weave them in. Ken, why don't you kick off maybe like a few minutes, state of the union, what's going on with Nutrien in the markets?All right. Good morning to day 2 of the Mining Conference, day 4 for some of us. Our first session this morning with Nutrien is -- with Nutrien, of course, the largest fertilizer producer, a large retail pl ...

Earnings Forecast: Analysts estimate an EPS of $0.48 and revenue of $2.94 billion for the upcoming quarterly earnings.Strategic Investments: Representative Gilbert Ray Cisneros, Jr. and Gate City Capital Management have shown confidence in Mosaic through significant investments.Positive Impact of Executive Order: President Trump's executive order to boost domestic production of phosphorus and glyphosate could benefit Mosaic.The Mosaic Company (NYSE:MOS) is a leading producer and marketer of concentrated pho ...

分组1 - Adjusted earnings for the fourth quarter reached 88 cents per share, an increase from 75 cents per share in the same quarter of 2024, surpassing analysts' expectations of 77 cents per share [1] - Teck Resources reported a profit of $544 million or $1.11 per diluted share for the fourth quarter, up from $399 million or 78 cents per diluted share a year earlier [10][13] - Nutrien's earnings for the fourth quarter amounted to $580 million, significantly up from $118 million in the previous year, translating to diluted net earnings per share of $1.18, compared to 23 cents in the prior-year quarter [4][7] 分组2 - Nutrien's sales totaled $5.34 billion in the fourth quarter, an increase from $5.1 billion year-over-year, and the company declared a quarterly dividend of 55 cents per share, reflecting a one percent increase from the previous dividend [5] - Teck Resources reported revenue of $3.06 billion for the fourth quarter, up from $2.79 billion in the same period of 2024, with adjusted profit from continuing operations at $1.37 per diluted share, up from 45 cents per diluted share a year earlier [11] - Enbridge's earnings for 2025 are projected to be $7.1 billion, an increase from $5.1 billion in 2024, supported by a secured backlog of $39 billion for various projects [2]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported consolidated net income of $90 million and EBITDA of $591 million [4] - The fourth quarter consolidated net loss was $116 million, with EBITDA of $51 million, impacted by accelerated depreciation and extended downtime [4][5] - The net loss attributable to CVI shareholders for Q4 2025 was $110 million, with losses per share of $1.10 and adjusted EBITDA of $91 million [7] Business Segment Data and Key Metrics Changes - In the petroleum segment, EBITDA for Q4 2025 was $73 million, a significant increase from $9 million in Q4 2024, driven by higher crack spreads and increased throughput [7] - The fertilizer segment reported adjusted EBITDA of $20 million for Q4 2025, down from $50 million in the prior year, affected by ammonia utilization rates and operational issues [11] - The renewable segment experienced a breakeven adjusted EBITDA for Q4 2025, a decline from $9 million in Q4 2024, due to loss of tax credits and reduced throughput [10] Market Data and Key Metrics Changes - Combined total throughput for Q4 2025 was approximately 218,000 barrels per day, with a utilization rate of 97% [8] - Benchmark cracks for Q4 softened to an average of $22.70 per barrel, with realized margins adjusted for various liabilities at $9.92 per barrel [8][9] - RINs prices declined approximately 18 cents per barrel from Q3 2025, averaging $6.05 per barrel for Q4 [9] Company Strategy and Development Direction - The company aims to focus on safe and reliable operations, reevaluating commercial optimization opportunities to improve margin capture in the petroleum segment [18][19] - Plans include expanding asset footprint and pursuing geographic diversity while maintaining disciplined capital allocation [20] - The company is optimistic about refining sector fundamentals, anticipating steady demand growth for refined products and a slowdown in global refining capacity additions [21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding RINs and the potential for full or partial SRE grants for Wynnewood Refining Company [23] - In the fertilizer segment, strong demand for nitrogen fertilizers is expected due to anticipated corn planting increases [24] - The company is optimistic about the Midcontinent market, expecting improved dynamics with new pipeline developments [49] Other Important Information - Cash flow from operations for Q4 2025 was breakeven, with free cash flow usage of $55 million [12] - Total consolidated capital spending for 2025 was $197 million, with projections for 2026 estimated at $200 million to $240 million [13] - The company ended the quarter with a consolidated cash balance of $511 million [14] Q&A Session Summary Question: Expansion plans and asset acquisition strategy - The company is looking for proactive engagement in M&A discussions, focusing on both refining and fertilizer sectors while maintaining financial discipline [28][29] Question: Dividend return expectations - Management indicated that a clear path to further debt reduction is necessary before considering a modest dividend return, emphasizing sustainability in any future dividend [31][33] Question: Ramping up WCS runs at Coffeyville refinery - The company is prepared to increase WCS processing due to favorable market conditions and has upgraded its facilities to handle increased throughput [38][39] Question: RIN prices and blending strategies - Management acknowledged the steep costs associated with RINs and is exploring options to blend more barrels and acquire additional blending capacity [42][43] Question: Capture rates and pipeline projects - The company is optimistic about improving margin capture rates and sees potential benefits from new pipeline infrastructure in the Midcontinent region [46][49]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported consolidated net income of $90 million and EBITDA of $591 million [4] - The fourth quarter consolidated net loss was $116 million, with EBITDA of $51 million, impacted by accelerated depreciation and extended downtime [4] - The net loss attributable to CVI shareholders for Q4 2025 was $110 million, with losses per share of $1.10 and adjusted EBITDA of $91 million [7] Business Segment Data and Key Metrics Changes - In the petroleum segment, EBITDA for Q4 2025 was $73 million, a significant increase from $9 million in Q4 2024, driven by higher crack spreads and increased throughput [7] - The fertilizer segment reported adjusted EBITDA of $20 million for Q4 2025, down from $50 million in the prior year, affected by ammonia utilization rates and operational issues [11] - The renewable segment experienced a breakeven adjusted EBITDA for Q4 2025, a decline from $9 million in Q4 2024, due to loss of tax credits and reduced throughput [10] Market Data and Key Metrics Changes - Combined total throughput for Q4 2025 was approximately 218,000 bbl per day, with a utilization rate of 97% [8] - RINs prices averaged $6.05 per bbl for Q4 2025, a decline from previous levels, impacting the company's capture rate [9] - The estimated accrued RFS obligation on the balance sheet was $72 million at year-end, representing 59 million RINs [9] Company Strategy and Development Direction - The company aims to focus on safe and reliable operations, reevaluating commercial optimization opportunities to improve margin capture in the petroleum segment [18][19] - Plans include expanding asset footprint and pursuing geographic diversity while maintaining a disciplined approach to capital allocation [20] - The company is optimistic about refining sector fundamentals, anticipating steady demand growth for refined products [21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding RINs and the potential for SRE grants, emphasizing the economic harm caused by compliance with the RFS [23] - In the fertilizer segment, strong demand for nitrogen fertilizers is expected due to anticipated corn planting increases [24] - The company is optimistic about the Midcontinent market, expecting improved dynamics with new pipeline developments [49] Other Important Information - Cash flow from operations for Q4 2025 was breakeven, with free cash flow usage of $55 million [12] - Total consolidated capital spending for 2025 was $197 million, with projections for 2026 estimated at $200 million-$240 million [13] - The company completed a $1 billion senior notes offering to extend debt maturity profiles and improve financial flexibility [15][16] Q&A Session Summary Question: Expansion plans and asset acquisition strategy - The company is looking for proactive engagement in M&A discussions, focusing on both refining and fertilizer sectors while maintaining financial discipline [28][29] Question: Dividend return expectations - Management indicated that a clear path to further debt reduction is necessary before considering a return to dividends, emphasizing sustainability [32][33] Question: Ramping up WCS runs at Coffeyville refinery - The company is increasing WCS processing due to favorable market conditions and upgraded facility capabilities [38][39] Question: RIN prices and mitigation strategies - Management acknowledged rising RIN prices and is exploring blending more barrels and acquiring additional blending capacity to mitigate exposure [41][42] Question: Capture rates and pipeline projects - The company is optimistic about improving capture rates and sees potential benefits from new pipeline infrastructure in the Midcontinent [48][49]

Core Insights - Nutrien Ltd. (NYSE:NTR) is considered one of the most undervalued Canadian stocks by hedge funds, with recent price target adjustments indicating a positive outlook despite market caution [1][2]. Group 1: Price Target Adjustments - Scotiabank raised its price target for Nutrien to $70 from $63 while maintaining a Sector Perform rating, advising caution regarding fertilizer markets after the spring season [1]. - Oppenheimer increased its price target for Nutrien to $76 from $64, keeping an Outperform rating, and expects stock performance to be driven by specific company catalysts despite challenges in the broader agriculture sector [2]. Group 2: Industry Themes and Company Segments - Key industry themes identified by Oppenheimer include consolidation, affordability, and innovation, with input demand influenced by customer value perception [3]. - Nutrien operates through four segments: Nutrien Ag Solutions, Potash, Nitrogen, and Phosphate, providing crop inputs and services [3].

Company Closures and Layoffs - CNH Industrial America is closing its Burlington, Iowa plant, resulting in 209 layoffs by May 2026 due to lower backhoe demand [1] - Continental Tire of America will close its Barnesville, Georgia manufacturing plant, laying off 235 employees by the end of 2026, citing long-standing cost-competitiveness issues [2] - Alton Steel Inc. will cease operations in Alton, Illinois, impacting approximately 253 employees, due to structural challenges in the domestic steel industry [3] - Macy's Inc. will close its Owasso, Oklahoma fulfillment center by the end of March, resulting in 993 layoffs as part of a supply chain modernization effort [4] - King Delivery LLC is closing operations in Brooklyn, New York, leading to 153 layoffs [6] - Fresenius USA Manufacturing will lay off 165 employees across three distribution centers due to the divestiture of parts of its logistics operation [7][8] - Kuehne+Nagel Inc. plans to close its Locust Grove, Georgia logistics operation, resulting in 153 layoffs [9] - Legacy Supply Chain is laying off 129 employees across five California locations [10] - American Eagle Outfitters is shutting down its La Palma fulfillment center, eliminating 108 jobs [11][12] - FTI Buyer LLC will close its Cincinnati facility, laying off 104 employees [13] - First Brands Group is closing its Arlington facility, affecting 88 employees [14] - Goodyear Tire & Rubber Co. plans to close its Tall Timbers Mold facility in Findlay, Ohio, resulting in 85 layoffs [15] - Lighteum Medical is laying off 83 employees at its San Diego facility [16] - Plug Power Inc. filed a WARN notice for a mass layoff at its Houston facility, affecting 74 employees [17] - Great Lakes Coca-Cola Distribution will lay off 62 employees in Lansing, Michigan [18] - Waddington North America is closing a facility in Bremen, Georgia, eliminating 49 jobs [19] - Turf Care Supply Corp. will close its blending department, eliminating 46 jobs [20] - Automated Harvesting LLC is closing its Yuma operations, laying off 46 workers [21] - H4 Logistics LLC is closing its Kenosha facility, resulting in 41 layoffs [22] - Tekni-Plex plans to close its Milwaukee facility, impacting 39 employees [23] - GXO Logistics will close its Romeoville facility, laying off 32 workers [25] Industry Trends - Weak consumer demand, excess capacity, contract losses, and network consolidation are leading shippers and logistics providers to shrink operations [5] - Manufacturers tied to industrial freight are cutting output amid slower order volumes and tighter capital conditions, reflecting a freight market struggling to regain momentum [5]