February 7, 2017 / 12:07 PM / in 7 months

Mosaic's sales fall 13.9 pct; company cuts annual dividend

Feb 7 (Reuters) - Mosaic Co reported a 13.9 percent drop in quarterly net sales, and the company cut its annual dividend, as fertilizer producers struggle with a prolonged slump in the market.

The world’s largest producer of finished phosphate products said on Tuesday it would slash its annual dividend by 45.4 percent to 60 cents per share.

Net earnings attributable to Mosaic fell to $12 million, or 3 cents per share, in the fourth quarter ended Dec. 31, from with $155 million, or 44 cents per share, a year earlier.

On a per share basis, the company recorded a charge of 23 cents, compared with 16 cents a year earlier.

Net sales fell to $1.86 billion from $2.16 billion.

Reporting by Vishaka George in Bengaluru; Editing by Sriraj Kalluvila

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