MOS - Earnings call transcript Q1 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, ladies and gentlemen, and welcome to The Mosaic Company's First Quarter 2021 Earnings Conference Call. At this time all participants have been placed in a listen-only mode. After the company completes their remarks, the lines will be opened to take your questions.

Your host for today's call is Laura Gagnon, Vice President, Investor Relations of The Mosaic Company. Ms. begin. may you Gagnon,

Laura Gagnon

President Freeland, as and welcome Officer; will first O'Rourke, Marketing; be and Officer, fireside Chief Chief and call. Clint President XXXX available questions. of members the Opening Vice Executive Q&A. chat a by comments will and provided Global to also your Wang, be President, Financial followed as to Vice Senior you, Strategic other open quarter our earnings Jenny and well leadership Thank team by answer Joc

We making significant projected statements release in as statements and the in expectations on yesterday to that be materially results and cause risks could about limited differ forward-looking will press results based forward-looking our conference those statements Exchange and filed to uncertainties. the financial call. Actual our include, differ to, furnished may from of in Securities results. Factors during today's The and operating future materially not are beliefs this with Commission. results. and date reports They but and included from are management's are subject statements are actual

We financial will non-GAAP measures. be also presenting certain

important press measures. X-K attached yesterday's data, release, filing quarter these on as to also exhibits first Our performance contain information non-GAAP Form

I'd the Now, like call turn Joc. to over to

Joc O'Rourke

through improved to very let's the the combined agricultural you the early cost since continues by year. XX% and level for the year-over-year on Laura, and Thank today. Mosaic rate quarter almost lead up the demand, build. excellent delivered us Difficulty] analyst remainder our highest fundamentals positive to outlook morning. fertilizer for supply Good our call strong tight questions. our global a the of gross joining revenues excellent results prices significantly Higher and with get in structure with driven [Technical at momentum margin

Laura Gagnon

sensitivity demand Joc, prices. impact we to nutrient several and questions affordability, received on have commodity about its

emerging see elasticity markets? much Specifically to tend be? how And you how elastic do does developed in application market demand

Joc O'Rourke

in emerging Thank you. would priced demand by Accepting or developed that elastic, for Generally normal by be then would changes and demand whether acreage is ranges grower fertilizer markets. speaking, within expectations. yield relatively be driven in that to

appears look will and the to they're It crops higher adjust order investment or certainly their of potential. year, this if negatively rates. elevated are year. affordability down, farmer applications that of particularly may or we're if by prices application signs Indian this lower fertilizer conversely and those they such last now retail is growers some the yield maximum However, on impacted maximize upward be adjustments India, of seeing as of price at will return rates their set to year In in government

Laura Gagnon

about our phosphate Juvekar of P.J. had material our sales asked higher impact? sales of sulfur that from drive questions than during the Morgan the our Andrews Stanley few analysts a constraints. both Citi lower being Did volumes volumes inventories? will quarter. And volumes offset production regarding raw despite Vincent and down and further Joc, our inventories Mosaic

Joc O'Rourke

Thank you gentlemen.

is this year, quarter, that's continue lower that we demand normal do time years. At inventories. certainly strong at spring the down for normally end must this Our typical be inventories most of the levels of and you to inventory than where of had typical run the but year our time the the below will understand means we

through the relied phosphate also segment. per XXX,XXX month on we However, tons flowed that

Laura Gagnon

do And of up shortage? prices in around of resolve we the second into sulfur specifically additional we QX phenomenon a Roberts only plans what asked sulfur BMO the have think Joel the elsewhere shortage the could color the place sulfur the is going for North or Jackson situation Do also? and John extend UBS of to American market half year? sulfur

Joc O'Rourke

refineries. supply exacerbated And was This the Thank the in freeze gentlemen. February of impacts that sulfur on molten this XXXX. due was COVID you year, constrained at to

world, a molten So is this ask issue? local right Certainly the around played you sulfur is sulfur global particularly now. is but or when very tight

So than normally a was XX% that we normal and melters in of about we see melted actually up you our would more that will XX%. from actually

do we second expect more us refinery take Now, levels. back which half, activity would in U.S. to recover to normal the

Laura Gagnon

asked over the contract higher Joc, ton India about Canpotex Michael the Byrne than the of updated for that of import Andrew per Ben And be potash XXXX? negotiations What on and price in domestic $XXX new Research, $XXX particular, Piken in ton and China late of with an Scotia, well all per Cleveland effect a Isaacson what China. Steve now for on RBC, XXXX? are America, implications Bank Wong asked In price. about recent of of might they the last contract contract price the with

Joc O'Rourke

we're Thank Look they've demand all three in in seeing this up. strong also go seeing we're America, committed in Brazil, is price you. publicly, and Canpotex markets. through which Southeast Asia, quarter is prices as occurring China strength spot said And in of North

So had those even to contract we tight is outdated. all well out now and is in an by and the of updated see Canpotex' be shown now money as India of which having demand, high seems supply markets which was

they positive the expect So settlement And and earlier forward. things market lead the point we I fall with early in an of potash some for see very at all will next these year. the constructive to or Chinese more is moving

Laura Gagnon

have Berenberg of I Joc, Ben Michael Adrien Piken of a Mosaic of and here. Scotia two Fertilizantes. and Isaacson Tamagno asked have about Cleveland question all part

pricing we Or First, have do margin from a think how guidance you Fertilizantes? Fertilizantes should progression Mosaic for standpoint? as about and margin and pricing

Joc O'Rourke

Thank you.

per that in we impact about provide of give guidance said our DAP in earnings Fertilizantes, of we for Mosaic the have we that materials out pricing Mosaic don't enterprise XX% specific sensitivity Fertilizantes. While occurs

[indiscernible] seen We give our business. to model margins $XX two that ton. you in per distribution information need Now, also you have those range together the we to historically $XX believe of should the

mine related will of for taken they in In the throughout fairly a there in remember lower short-term improve serious COVID temporary with impacted our are and in are as cost, a costs productivity was impact should spot which by conversion COVID rates, one quarter terms nature the are short-term being right Also Brazil our actions and few now. year. to issues

offset increase of real the we're pressures in inflationary depreciation seeing Brazilian the has that Finally, there.

Laura Gagnon

for The in second part increase to follow-up. disconnect a Fertilizantes Could question, realized that price the seeming Joc, much selling versus of discuss a per you sales. magnitude was MAP smaller between prices Mosaic average appreciation

Joc O'Rourke

you. Thank

selling in a our real will realized throughout pricing. average on price of can vary nitrogen, a significant grade lower have season, and Portion impact have includes of that potash them. which materials Our amount phosphate blends and the

– of the significant in committed Beyond pricing portion were and typical Brazil which that that QX, a sales in due country. QX to contributed in lag that constraints to is

Laura Gagnon

demand have is India's our from India in fertilizer received to agriculture questions business, Roberts having would outlook we of higher nutrient prices. several particular, like affordability from asked John about Andrew any resulting impact. for Joc, retail know UBS if on and COVID RBC and Wong also They

Joc O'Rourke

activities. bit Certainly, Thanks, crop point [Technical and of disrupting good and a lockdown. India. near-term And seen in a the to activity gentlemen. we've monsoons as into economics attractive Look in country a pause goes the Difficulty], farmer even is prices favorable COVID still continue

the country see So we're outbreaks. addresses to recent waiting how

by near-term prices. still low strong a underlying is the inventories extremely the crop nutrients as demand COVID While indicated headwind, and significant for remains

not speculate government committed will on believe food security. maintaining to is domestic the but We changes, subsidy

Laura Gagnon

Chinese exports lead Joc, are Citi, pricing of phosphate operating Piken of Seth could Morningstar our demand. P.J. phosphate on for are asked and higher all Juvekar to have concerned rates? in Goldstein thoughts expectations Cleveland of What attractive Chinese Michael for and Research And we XXXX? supply that

Joc O'Rourke

you. Thank

Our in to base at XXXX. and tons exports XXXX we around expect saw case stay X.X phosphate relatively a million we for shows unchanged, them

country. reports internal are even up and latest rates exceeding show, clearly going probably operating but inside China is most the demand to of the Now XX%, that in the

right expected of there. have have let seen that And in target. we so there a on are far going bit structural just some our give I'm year little Also, on occurred of Jenny to the ones changes major China. that exports last background several been So

Jenny Wang

in some Streets last phosphates structure We're in Chinese Sure, Joc. year. the seeing changes since The

didn't industrialized fertilizer DAP, On supply producer have the their largest from the other PXXX. of MAP DPC sales producing shifted side, new to Chinese production

have participations continue of their they to really change use purify in of you to produced in production the the and be the DAP therefore also [indiscernible], vehicle hit we at That side. only to are industry, in in MAP. electrical in demand really little which and Therefore, has production to for increases food grown not going We quarter. example, Domestic on going increased and but going PXXX home, first of Over demand and in see to of shifted the is For see forward. batteries. most phosphates has the is we emerging export see Joc. at growth XXXX this XXXX QX to less

Laura Gagnon

John up both on follow and phosphate specifically cost Isaacson for Joc, trust topic, the marginal cost asked about this producers pricing. have phosphate marginal producers, Ben with Roberts

Joc O'Rourke

outpaced Price the despite that increases, including integrated largely producers material margins Thank China raw the higher production experiencing there point have producers in cost you. Chinese costs. to for those increases most are good

ton cost QX in ton imported ton price on DAP $XXX marginal production per about DAP per higher acid. the phosphoric producers the imported particularly of contract $XXX phosphoric the India, those predominantly about acid the producers than non-integrated per price. new $XX are reliant that now costs are So or Their of and Indian is

Laura Gagnon

Joc, we global distribution have businesses. two questions on

assumption Stephens First, operational the improvements now good even Mark in margin Connelly for across growth. what's cycle our is asked from distribution

Joc O'Rourke

but to combined seen recently. and in margin that that and around targeted higher margin led business, for even economies Historically, seen you, matters this this and Scale Thank and mark. a we've scale India have China. our expand improved we quarter's we've $XX has and of ton ton for our distribution with $XX business a efficiencies of

Laura Gagnon

asked distribution what of India and China to also Wong Andrew RBC earnings. contribute

Joc O'Rourke

gross of businesses upward for by Thank of we held but businesses. by And from in have phosphate two quarter, the half have margin allowed that that In those that million. inside inventory understand and this you, $XX to was was we the a the combined potash, trajectory profit around margin Andrew. which

Laura Gagnon

Joc, we a flow questions allocation. have and few free capital generation cash on

this asks Andrews are What why only Vincent by drivers $XXX cash operations versus First, from by from flow last? cash operations increased million. flow million increased $XXX quarter-over-quarter, the net and year income but

Joc O'Rourke

this hand to to I'm Thank our over going about straight you, to flow. talk cash Vincent. Clint

Clint Freeland

Joc, Thanks, Vincent. morning, and good

are built inventory we're specific that by there in part years. if two inventories about Brazil you think Canada. between some think liquidating of very a inventories to we significant – were movements year, and is where our year the Last mostly had – inventory is I million excess this the where large those of we $XXX year-over-year, I recall,

actually during year think first lot of that out paid the every a meaningful out So but I the what's Those paid accruals our the pretty from of every as in that the accrued the year year-over-year quarter free year, are recall well cash a driving actually accruals also incentive accruals some tax flow and quarter. but primarily that's that hit are every our previous out previous comparison as or first year, of accruals quarter again there year. pay in it, first quarter that in first being short-term some

in So just keep to the things year. mind that in that's each of are first recurring quarter something

Laura Gagnon

Ben has the Second especially generate thoughts CapEx will free if as strong asks KX on winds given allocation, Mosaic related comes year, Isaacson its from flow of revised who question cash this down? Scotia, capital Mosaic

Joc O'Rourke

priorities. no is Thank you, here Ben. answer we're our not The changing simple

to continue like $XXX in in November. this projects year, the XX%. approach Earlier good to couple continue to we've had quick balances million increased our And small, really of debt things to a due projects. business paying quick payback other to committed comes long-term in high number highlight piece that a and is we transformation. investing We've those And And we the shareholders I'd to debt down invest of allocation, payback high our of is out. return here in return meaningfully but return the return projects. We by in repayment, there dividend which capital have

chat. what which that's positions. our exactly is doing And of So, all Thank balancing said remain off ends That frankly, we completely us. you. our to have said all of along, fireside we've committed our they investors what

would I open to for any phone further the the from Now, up lines audience. like questions

Operator

from Byrne of first Thank Bank Instructions] America. question from Your line comes the [Operator of Steve you.

now Your open. is line

question. your ask may You

Steve Byrne

Hi.

maybe five much have on in the into how you third at have causing and even that distribution a building and of sees lofty now than quarter approach? a into volume price, whether inventories interested at that high prices prices you light. MAP quarter of You but third more prices no some are sales forward these reportedly have front you the the sales I Are idea see a compare wait pullback a comment seeing fairly is with forward to right and normal? Or historical in levels. DAP really the and the Can kind channel like

Operator

Standby. group. We've the lost connection to

right back. will be We

Joc O'Rourke

We're operator. back. Hello, Okay.

Operator

That's open. now perfect. your And Steve is Byrne, line

may You your ask question please.

Steve Byrne

guess again? you question, want like Do by me I it didn't Joc. to run Okay. that you

Joc O'Rourke

love would I you too.

think it wasn't love it, I into We your anything so your words got questions. two I about question.

Steve Byrne

there Okay. and It's book. characterize the you sold a both DAP phosphate, more about the How reported outlook third your aggressively really demand How ag could forward pullback and forward rebuild and wait is – is and levels short to into have into until a you later see more some of the risk year? this of that ton a want There much cycle order would distribution at causing XXXs quarter. to in broadly? fall historical that volume MAP Or mid to maybe channel sales the a inventories? we in see relative point, in

Joc O'Rourke

Steve. us Yes, if in have suspect order will, of is with seconds. Thanks, what to terms for referring to forward Again, fill think you I the a last needs. to come summer apologize loss you're I late I for we – of few people Yes. week started connection book, the

as America, for for we starting low, now see So North to fall market the to our but And a think retailers that dip in perspective prices positioning go is is into to earlier. that And you spring larger basically the with of expected frankly, market the is were prices some finished looking the come people in little little fall. summer program. come early from a the we're then for tightness the in globally. the a season It we and material us, have some

season. looking good and aggressive early at as and fall a this we So a good very application were an for sign sign

Operator

of question Next Sachs. we the Goldman have line Samuelson from Adam from

now is line Your open.

You may ask your question.

Adam Samuelson

in the Tampa trying terms Yes, similar versus sure we're your improvement versus of just to out the think morning, second the what about you're along price we're thanks. maybe talking of Good I'm of quarter in Joc. pricing your your, about realizations and kind line gap what seeing gap seems tons? the volume in the phosphate like gone to or up to and Is prices pretty committed NOLA. function the seems shortfall just more. have I'm the published benchmark the It there a wider trying benchmarks make that of be understanding ministry? in

Joc O'Rourke

things Yes. a Well, of Adam. Thanks, I there's couple think, there.

course, them big we was demand not start in wrecking low sell into the inventories we even as spring Of so with. I the QX, in there earlier always than lag we're But season usual, rev this this of because is a QX, until off well there quarter. early great think,

and when that's then and gets that, buy. buying always – prices early the when are that there's people So when there's they the who they

price time. the it it as the for there XXX, in And ending of a only the people was the probably short planned at look to high just better. or for deliveries, time we the period if opposed in was So who'd prices

over going we So into paybacks much anymore. we expect price and into we with now the lower fill. see And the again, to to average carry basically, into raise QX we're don't – that as we'll summer sell the move have fall net

So the light will decrease.

Operator

from from UBS. next Thank of you. question The the John comes line Roberts

is Your line now open.

question. You may ask a

John Roberts

will you maybe you ammonia? phosphate think investments, are comes in potash big further you're distribution since acquisition do Thank integration or back into when think It time from? first improving, be like opportunity in thinking conditions you. Where or or any about sounds not that big do first it comes, but

Joc O'Rourke

look as the to probably talk Yes. I going the way Thanks. about Well, we characterize I'd before in like this to see bank would spend money the we're it. how

and money money to priorities return paying opportunity first about going shareholders. out to extraordinary comes an debt. the talked the we the priorities bunch value our until, about not We've to can anything talked spend So returning the real believe that. continue shareholders, get for be of add down and being a We've if that on the right rush and we're and we where

those, So, I priority. our is three wouldn't think about any being of

we'd – adjusted opportunities, at to they think have risk return. I look all great have return but risk

Operator

Thank you.

Next PJ from from question comes Citi. of Juvekar the line

now line open. Your is

You ask may a question.

PJ Juvekar

Yes. Hi.

couple more in tight? come – that of One you years look at the a a as you lot. is, money they Do and did my questions expect market Russians, today's pay can if still and when at commence what prices, those make were they volumes they OCP here, to here CVD ago the of import than exporting

Joc O'Rourke

Yes. by much into number saying quarter they of such on U.S. Thanks have were been with were par pretty U.S. of a volume one here. imports new think there the the I PJ. into what Start importers that

So it's importers just; different or not that coming this people market. we we've It's into got less important. have different

In with OCP like market, terms – to and XX% come that welcomed with a right doesn't to but now. they're tariff really not I of another or sense OCP, wouldn't India market it being this make into mean, a Russians, go market which whatever, tariffed a is they

the be where without So profits I the which with other would price to markets not North tariff. think this America point. the they'll same are go is There their at highest,

Operator

line of had next Joel We from Markets. the question BMO Jackson Capital comes the from

is line Your now opening.

question ask a You may

Joel Jackson

quite those cap on to for Hi. shares some up out one clean How powder put been in those for check some allocation, Joc. time. have Good you and lock-up are Vale's Maybe morning, to shares saving the maybe day? shares, things the into dry much over cash,

Joc O'Rourke

if at else's back that way no reason is the be the was orderly for we the guess than more different before on market. anyone would the shares, and I would sharers I Thanks, look that more Yes. Well, at buying said sure they're certainly participating really to that there disruptive And to I market. Joel. came we make Vale's think less participating impact would a although look

So at have it what at the or do participate. we those And the our think moment, on with when. this at on position word based going participate to they're Vale stage we time. cash we'll look shares from official We'll don't at would we

aggressively how be look ones they're So sell – to the we'll if but and us participate. much They'll how going when be do at public. to them and they'll they, tell certainly we

Operator

question Mark Connelly line comes of the from Next Stephens. from

now is open. line Your

ask You may question.

Mark Connelly

I about could to for companies talk chem we little that. aspirations hoping you that focused Joc, you. a was and on us Thank biologicals, bit see more your usually seeding

You got a couple of partnerships.

Now you're broad how talking those run nitrogen gamut? give about for a goes Can you your us of soil interest fixing, sense really things, there enhancements. the

Joc O'Rourke

days, trying will essentials, its about if to than making are what the develop. these well looking small, fill system, to And Mark. do Yes. we've thought at a we say, we're can will pipeline be we – to in our with how look, micro what which is would beneficial big really you can doing we but where we took is out lines? use product and for do our extend help look years I system? years think Thanks But Well, right And products it, market. distribution filled I develop, Brazil to How take now different get distribution no over early we instance time. we're investments. mean, that some that got a pipeline these

would market. after just And think our our in We would like I our sound next, go-to-market the then probably year to expect guess, to going Sus-Terra – go-to-market new year two. is that. products now in I or Biome product the [indiscernible] are

likely it So, are have do well long-term I to get mean, we time, are investments that first. over these to into but small

Mark Connelly

you. Thank

Operator

comes Next the Instructions] Thank Adrien from Berenberg. [Operator Tamagno of question line you. from

open. Your is now line

may question. You a ask

Adrien Tamagno

of Good evolution you. morning. phosphate will comment Can please. division, Hello. you utilization of costal Question rate be U.S. Thank on going forward? expected assets

Joc O'Rourke

with better Sorry, is farmers rate hard looking to but from of precision Yes. better one what agriculture, is a U.S. stable at well, particularly the And fertilizers, what higher essentials, market, relatively they that's of particularly is you did their micro of of really the into mature I Look our of the fertilizer. do utilization need a in fertilizers missed are technology in an seeing utilization probably putting phosphates? actually, say the – we phosphate efficiency and benefiting crops. improving advent which are that the things terms usage

Operator

Thank you.

the Goldman Samuelson a of of have We from line Sachs. question comes follow-up Adam

Your line is open.

question. You a may ask

Adam Samuelson

how back Thanks. Joc, bringing that restarting would was to what the just in I take think of it idle capacity from and Colonsay Yes. market bringing the improving of market kind outlook maybe of about wondering space with the kind some potash capacity the on? back or

Joc O'Rourke

fair Yes. because been we're Adam. that bit spending actually important Thanks, potash time on right a of now demand question has That's for strong. an the

meet of the So, customers demand an look we seeing particularly fully expect demand increased our and to internationally. we're

will be probably or two, higher than there may time soon year but So sustained a able long and today. can require back where bell we'll or the up Colonsay required, And that. our suspect enough for price when legitimately because we is needs it KX bring be expect I a to our even now Colonsay, ramping what price supply price or right got also will in our we next little just now it's doing it we're be a plane. But a through

Operator

you. Thank

the next We Tamagno Adrien question comes from line have Berenberg. from the with

is line Your open. now

a ask question. may You

Adrien Tamagno

the for Hello. Thanks follow-up.

QX? are, was So you. operations, in I of lose referring in down nothing we to probably you Thank to your to own XX% the got already market duration the

Joc O'Rourke

Yes.

earlier. that expectations – hard because we've said plants nine limit Our and Adrien probably are next the run be six, will those for will we pretty months like

be, I production limit availability. to near may sulfur think the be least at in term the the will

turnarounds we and to full those to capacity. run close maintenance, a for expect to with So regular those we expect run allowing but

Adrien Tamagno

you. Thank

Operator

Morgan. Zekauskas the Jeff [Operator Next from from comes question Instructions] line of JP

open. is now line Your

You may question. ask a

Jeff Zekauskas

much. very Thanks

place production? tariffs your case? United changed be in equal level sulfur be next of the few they that or tons States in over And shortages, the terms can then second the secondly years, about you they your said quarter in next on of are years would the current to for for base five your phosphate the Given What’s production.

Joc O'Rourke

Okay.

answer. So, let me

First all, X.X in of was quarter about X.X range the in million of I was sales think which, think I and the of last tons. production our

quarter XX I what can at limitations. we're into have And in the I that what need but looking mark from range be probably ton predicting may slightly, where sales. slightly in be production drop would that million is our would we sulfur down for for we expected probably think that, same be above accepting will second X recognize those will

second, your what part repeat I second The just the write Jeff, to your John, part down. the rushed question. was second of it was well of question?

Operator

you. Thank

have from We of… the the question next line comes

Joc O'Rourke

finish let me story. Jeff, the

CVD it question, enough. the I Sorry, down quick locked

the is of terms some forward, and even an review of there is of as damages actual review move in there opportunity of a those amount. that And both yearly the So we for the CVD, level of numbers.

been why in there so what of department commerce we from CVD terms have should some higher. – reasoning and look could believe on be change of be they the actually the the actually either And we rates

be we'll annual they tell what us there, that whether suspect I that, major they can reviews there continue in changes year the or wouldn't that but But see will be whether modified? So in there happens what be two. after or next

Operator

Rikin of comes from had for Thank last the question we Exane. you. line And Patel

now line open. Your is

You ask question. may

Rikin Patel

Hi. for my taking question. thanks Good morning and

used million get to are is more process to on that upper XX million just just you phosphate and thoughts sort takes going might agreed to curious think and puts that required speaking million business, XX one over upgraded ammonia time, Just your guidance on with a input XX Thanks. into that around And I curious forward? on am and how about the broadly tons. key thinking end? factor ammonia just I'm maybe and decarburizing of for how potash what that the your give production and longer shipment any

Joc O'Rourke

appears particularly very let's year-after-year. probably in with where me the Southeast of American I'd use North and Palm Brazil areas. we're although we strong going our fertilizer gain And across the is rebound, saying potash. Asia, If potash it that's again that's be expecting Okay. again, phosphate this in we to to seeing all call will on way it expect be expectations demand Southeast it'll record the Rikin. We're only Thanks, good start look – across big we in with Asia, but use Well, probably India. in seems potash. we're let Brazil the one strong; expect be Asia oil, Indonesia, be at start of a way flat place the by year, seeing sort demand. Malaysia decrease And all year-on-year use, their a of

in So overall the kind could that more we probably be get if base we'll better, XX the would would the – otherwise do those drivers. to be case. XX those be And to the up XX, range is of our

we by we aggressive our ESG fairly will, gases about would targets. reduce you if said greenhouse set We decarburization of terms some In XX%.

over uses gases would the terms a to effort for of can use of we decrease the XX%, lower for ammonia put recycled would power along of cetera, we by would with that time lot see And doing running heat into we're to there how we and our in to other just what our use we lot a I Sorry, those make phosphate couple producers go I businesses. haven't assume we're power. how this uses, bringing buy can intensity nitrogen. et got that nitrogen, We've guess direction. carbon yet. our a a that stage, involves – nitrogen nitrogen greenhouse less are market intensity and usage if to that the our glue of certainly – about we resources really At talking

Operator

queue. Please moment you. the the as have We Thank from don't any of question presenters.

Joc O'Rourke

Yes.

a guess bit we're So thank time. going of you everyone. little to back you I give

of now put by move well the culmination seeing a this see that going quarter markets And all starting And time. effort me year. reap rest to – Let into for really we and we that we into these just that today started the benefit. through what saying, is strength we're second we're of close the have the long forward to

you So productive safe with much for day. thank a that listening. And and have very

Operator

This you today's concludes participating. you. call. for conference Thank all Thank

may You disconnect. now

The Mosaic Company (MOS) 4 May 212021 Q1 Earnings call transcript