U.S. fertilizer giant
Mosaic Co. (
NYSE:MOS,
Stock Forum) said Tuesday it will cut more than 500 jobs in the next 12 months after reporting a 43% drop in quarterly profit.
CEO Jim Prokopanko said the Minnesota company will shed 550 to 560 jobs across the company, using layoffs, attrition, early retirement and eliminating contractors.
Mosaic shares were down 2.3% to $48.54 Tuesday, leaving a market cap of $16.5 billion, based on 340 million shares outstanding. The 52-week range is $64.65 and $39.75.
Net earnings in the first quarter of 2014 were $218 million or 54 cents, compared to $380 million or 89 cents a year ago,
the company said in a press release.