Fritz Corrigan
Fritz Corrigan
accelerate acute anticipate begins challenges consequences continued current cut decisions delays domestic expect face fiscal fourth high increases industry light limit looking match material production purchasing quarter raw season shipments spring stronger supply third weaker
Looking to the remainder of our fiscal year, we anticipate stronger fourth quarter sales, but expect a much weaker third quarter in light of continued delays in our customers' purchasing decisions. In response, we have cut back our production of potash and phosphates to limit increases in our inventories, especially because of current high raw material costs, and to better match supply with current purchasing activity. As a consequence, the industry may face acute logistical challenges when spring season begins if domestic shipments don't accelerate soon.
business caused company customers delay despite energy executing expect expected focused high improving katrina leading managing material meet operating performed prices producing production purchasing quarter raw record remain result second soaring third
The company performed well in the second quarter despite soaring energy prices, leading to high raw material prices, and production outages caused by Hurricanes Katrina and Rita. We remain focused on executing our business strategy, managing our operating costs, improving our business systems, and producing to meet expected demand. At the same time, energy-driven record high fertilizer prices have caused many of our customers to delay their purchasing decisions. As a result we expect a challenging third quarter.
proud
I can't tell you how proud I am of my people.
actions core culture safety today
Safety is a core part of our culture at Mosaic. Our actions today have demonstrated this.
air clean followed miners procedures saved sealed themselves
Our miners followed these procedures to the letter, and that's what saved them. They sealed themselves in (underground refuges) so they'd have clean air to breathe.
follow huge procedures sigh woods
There was a huge sigh of relief, but they were still underground. We weren't out of the woods yet, and we still had to follow procedures to get them out.