Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
- Aggregate Accruals
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Mosaic Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
The analysis of the quarterly financial data reveals several key trends and fluctuations over the observed period.
- Cost of Goods Sold (COGS) and Gross Margin
- Cost of goods sold consistently represents a large proportion of net sales, generally ranging from approximately -70% to nearly -98%. Notably, there was a peak in COGS near the end of 2019 and early 2020, coinciding with a trough in gross margin during the same timeframe. Gross margin fluctuated significantly, with an upward trend emerging from mid-2020 onward, reaching above 30% in early 2022, indicating improving profitability from core operations in recent quarters.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses maintained a moderate but stable range mostly between roughly -2% and -5% of net sales, with some volatility but no strong long-term trend upward or downward, suggesting stable overhead costs relative to sales volume across the periods.
- Mine Closure Costs
- This item appeared with significant negative impact in late 2019 and early 2020, notably showing a sharp negative spike around September 2019, which likely contributed to the negative operating earnings observed in the same time frame. It largely disappeared from the data afterwards, indicating resolution or cessation of such costs.
- Other Operating Expenses
- Other operating expenses were variable but relatively small in magnitude, fluctuating between approximately -7% and +2% of net sales. No clear trend is evident, though occasional spikes in negative values coincide with quarters of reduced profitability.
- Operating Earnings (Loss)
- Operating earnings show considerable volatility, with strong positive margins during most of 2017 and 2018. There was a pronounced decline into negative territory by late 2019, largely recovering in 2020 and improving steadily into 2021 and 2022, reaching over 30% of net sales, reflecting operational recovery and improved efficiency.
- Interest Expense, Net
- Interest expense as a percentage of net sales remained relatively consistent, mostly ranging from about -0.6% to -2.5%. A trend of slight improvement is observed towards the end of the period with lower relative interest expense, which could indicate reduced debt levels or favorable financing conditions.
- Foreign Currency Transaction Gain (Loss)
- This component was volatile with gains and losses fluctuating between roughly -12% and +8%, showing no consistent directional trend over time but indicating currency translation risk affecting earnings in certain quarters.
- Other Income (Expense)
- Other income or expense relative to net sales remained minor and mostly close to zero, with slight positive and negative fluctuations, indicating minimal impact on overall profitability.
- Earnings Before Income Taxes
- Earnings before taxes mirror the trends in operating earnings, with positive values in the first two years followed by sharp declines in late 2019 and early 2020, and a strong recovery through 2021 and 2022. The peaks and troughs correspond with operational performance and extraordinary costs such as mine closures.
- Provision for (Benefit from) Income Taxes
- The tax provision demonstrates considerable variability, with several quarters showing benefits (negative values) and others' tax expenses. Notably, some quarters in late 2017 and late 2019 show significant tax benefits or expenses that influenced net earnings.
- Net Earnings (Loss) Including Noncontrolling Interests
- Net earnings followed a similar pattern to operating earnings, with noteworthy positive earnings collars and declines into losses in late 2019 through early 2020. A recovery trend is observable from mid-2020 continuing into 2022, with net earnings exceeding 30% of net sales at peak, indicating strong overall profitability in recent quarters.
- Net Earnings Attributable to Mosaic
- The net earnings attributable specifically to Mosaic show trends consistent with overall net earnings, affirming the parent company’s substantial share in the profits and losses reported. The recovery and subsequent growth after the downturn of 2019-2020 demonstrate operational resilience.
In summary, the financial data highlights a period marked by significant operational challenges around late 2019 and early 2020, likely associated with high mine closure costs and other factors causing sharp profit declines. Since then, there has been a strong recovery with improving gross margins, stable SG&A expenses, decreasing interest burden, and increasing net profitability, pointing to enhanced operational performance and financial health in recent quarters.