per second of morning. delivered $XXX XXXX for earnings you and joining quarter Thank of of our EBITDA adjusted $X.X earnings revenues call. billion, Good $X.XX. adjusted million Mosaic share
a from the restrict discuss agricultural impact. First, to I'd important having Where the very constructive, fundamentals The remain demand continues agricultural like to war of Ukraine supply for and is major broader Geopolitical world's struggling are up. regions. events market. supply global in strong is crops one most to keep
terminals. by Initiative and followed grain bombing Black the of Grain Sea month, several UN collapsed the Last was
versus year, a as wheat expect corn which much was we of as down result, year. and a itself to be As exports in down by last XX% Ukrainian
by global and fertilizer impacted effect need hurting one exacerbated increase is El resistance part negatively crop needs, Around the potash, situation year on underapplication yields dry which of having across conflict production. drought profound nutrients, a the This increasing Southeast crop conditions world, production is crucial could cropping Nino problem. will American Australia. be meet is North growers for is weather consumption by mean this applications. maximize and Asia and and To extremes are which yields But especially supply only intensity, to resilience. of
of The afford is soybean, supply by replaced Grain sourced production from other and regions. Sea is over crop world can't X and deal. multiple million This importing months years XX Today, corn the tonnes underfertilization be China's beef. levels Black China of shortfalls. Roughly wheat must of last record imports the that were
will and export the government Europe, beyond shortfall Countries across Recently, Ukrainian remains on rice of need focus supply. ensure extends white non-Basmati The and adequate affordability. lost food domestic Africa to supply. responded by China. the security India, Asia to In replace the banning
demand global demand and strong fundamentals dynamics use of continue are will and years, for markets. several demand a ratios, pressure next ag put lead fertilizer supply strong to several robust Constrained All which these at already the already in on stock constructive together to market. continue we're strong The key multiyear seeing ag to should our support lows.
to channel depleted In market. application Since demand North spring oilseeds customers sustained looking America, back strong inventory the spring, affordability, have replenish. to inventories, brought improved grain destocking season customers the for now are which a and and fertilizer
favorable move Mississippi beginning we constraints any and the backups. to are River to persist, Logistical trucking economics supplies early water leading is retailers with low the In grower market as to but expected. limited associated capacity avoid Brazil, secure levels on
drive returned the Like inventories the trying and to to India, of in monsoon approaching this expected growers of strong ahead grower demand imports to year. fast are we be Phosphate tonnes In was rest throughout but earlier demand season. window, customers Zafra strong the below have fertilizer. seen In-country are North well the the for typical deferred saw America, secure year the to enough into rains levels have are market. late been
Switching a earlier to rail China year, level the Sanctions After Belarusian off. surge potash to to volumes exports. restrict in supply. to started continue
potash continue capacity We X In completed America, of end terminal Portland to ongoing exports be of by tonnes, and at Canpotex's events. XX to year. to constrained by should be is million in the port been the expect below million Belarusian their historic million X range the which Repairs well multiple North terminal are tonnes. has
In this deal, temporary to labor finalize shipments. strike Vancouver, be not of continues of and the States we in Terminal, work shortly. some, impact resulted is all Southern in making and a XX-day the Canada resolved to alternative Eastern a likely use hope of international but will and but new ports a United curtailment mitigate the Canpotex Neptune on in
We constrained expect supply well. phosphate as
China changes to China's environmental permanent their ensuring exports several security both expected by the foreseeable on capacity. to demand, last limit to supply are which also years, closure is while the adequate focusing also future. meeting of Over industrial domestic for policy domestic of of XX% rising food led the
phosphate additional finished XXXX. Industrial expected than production particularly is several in to tonnes million XXX,XXX production over production, by equivalent next LFP demand, tonnes X.X to Last years. in grow fertilizer doubled dramatically the an more expected of grow China's is to year, lithium iron and
will phosphate continue from away to volumes production. market This fertilizer new take
roughly are China's X is out and the as recovery the over on expect market, XXXX This export risen be into the constructive this tonnes Overall, the and higher. stage market expected. of or positioned the year have second half range of and levels. believe move we million to We are to million In tight to playing well business prices following. year fertilizer sets to stabilized moving exports XX% prices We our this below beginning a for in recovery. capitalize volumes last are have now a prices XXXX. is potash month, while Phosphate X
to our business in we've the position our as to supplier invested reliable maintain Over last a years, customers. several
on our in-country work to distribution integral our addition remaining necessary invested are our in examples services In our of the we've These revitalizing fleet, include also of infrastructure the the logistics to our overhauling around that golf assets, facilities done production share and the rail supply. purchase our sulfur secure deliver of investments to results. sulfur few A product. to we've
potash, of sales quarter the half the second Markets XXXX. improving, we for In while volumes American continue trend of of to reflected global a benefit reflected North throughout season, second bottoming expect the are market. planting spring strong the a prices the
Mosaic Over production managing met carefully and demand the last year, by has inventory.
Colonsay Esterhazy currently production, temporarily market able have summer undergoing We turnaround. low-cost which to capture to opportunities Last restarted become they mine its a replace is our built that's available. system as month, flexible, we
reflects total the MOP the sales successful X.X In of third the X.X This at currently million range program tonne. of XX%. to quarter, mine potash $XXX fill we We of summer in tonnes. very by America, expect a in $XXX million results volumes the which prices North oversubscribed expect to was guidance per
sales In second phosphates, we volumes strong in the quarter. reported
at Our our end of lower the realized stripping costs. and price margin high average range, guidance our was from raw benefited materials
during in discussed reliability. last increases with maintenance targeted short-term increased investments may at our This we business we pushing phosphate in the are require experienced ahead like improving quarter, As quarter. second we
in order at with million to have tonnes $XXX to a per $XXX third the committed the of we DAP today. solid prices anticipate in the total X.X tonne. priced million range and ahead to XX% range We and Looking to book be plant quarter, X.X the of sales
In operating Brazil, our sequential reported we in improvements results.
higher. of Our quarter the committed in distribution XX% as Brazil demand and we third our trend expect moves are volume quarter already priced. that margins recovering, is to continue third and
on time capital to like allocation I'd some spend strategy. our Finally,
was now Our an Esterhazy the in of one investing total business, recently mill mine changed. efficient. which independent and audit shareholders. completed, of world our not and in KX the approach and We the operation strong certainly committed KX potash, remain potash sheet at has to Esterhazy tonnes nameplate balance maintaining potash the In million a largest to capital is expansion returning of most our complex. verified X.X a capacity
a underground hydrofloatation Esterhazy addition optimization, In new also KX at process. mill to the the by debottlenecking begun installing we've
will unlevered at towards of we IRR excess capacity from MicroEssentials Riverview our away commodity costs. production of value-added to minimal operating to $XX continue phosphates, expansion this In through products million capacity XX%. XXX,XXX with in differentiated incremental tonnes after-tax products and This We're investing move in project, an facility. has of up add production additional which the
the an just products. of the ahead $XX to sales This about year's Following American after-tax which expansion This launch MicroEssentials Pro, of specialty expected investment year, is be excess be comes of next with million unlevered which XX%. expansion, generation is of complete the in the of North by a next MicroEssentials. half value is volumes higher IRR will our end phosphate of
current per yield a see roughly will growers acres generation that indicate X% bushels on Brazil in versus of of X or trials field MicroEssentials. Our bump soybean acre
MicroEssentials traditional or MAP on the five bushels Against through new Pro XXXX. extends solutions, acre. nearly advantage an yield provides an The X% formulation patent
very are excited builds the creation our growers, customers Pro, shareholders. foundation of already an on for the MicroEssentials and for about We which launch of value strong our
also fertilizer, addition phosphate battery for In phosphoric we're exploring market. entry to phosphate purified acid the higher-grade iron into lithium
with together OEMs on and commercial $XX developing Board million an and work work manufacturers, approved of this discussions Directors to has validated a initial has and constructive commence with battery plant. engineering Our opportunity additional our
Brazil. in distribution X facilities million-tonne don't currently our We an Mosaic Palmeirante, have the of presence this our distribution area. high-growth Northern building In into we're the in a Fertilizantes region, footprint business, extend in will state facility blending so attractive Tocantins and much in
$XX capital in this unchanged expectations after-tax to $X.X our This million In year at an spending of investment IRR unlevered billion. an billion XX%. $X.X is total, with excess remains
is Our balance strong. sheet
we flexibility quarter, million to additional a our facility, credit manage us capital. which the $XXX During entered gives into
on to is dividends shareholders. shareholders capital through Our returned All share final to be cash buybacks. focus will and return excess
of Year-to-date, our we're ahead target.
and last we've still good float shares the believe value. of our Over our repurchased months, XX represent XX%
our dividend $X.XX per further time. is today positions regular share, consider to us and business over increases Our
years. Mosaic up, resilience we last to have the earnings sum the over continues To several power demonstrate created and
of strong markets beyond Mosaic farmers fertilizer and positive. meet their production continue The the is demand in to and that Our food world's second success, need. our quite results year quarter will despite maximize strong critical and to deferred crop and for incentive have outlook Fertilizer many were to is remainder demand. meet the global
