 The Mosaic Company reported net income of $122mn in 3Q24, compared to a net loss of $4mn in 3Q23. Adjusted EBITDA for 3Q was $448mn, reflecting a 25% YoY decline. Net sales stood at $2,811mn, down 21%, primarily driven by lower potash prices. Operating earnings for the quarter were $115mn, a 21% decrease YoY. Phosphate net sales rose by 2% YoY to $1,005mn despite an 11% decline in finished product sales. Adj EBITDA increased to $265mn in 3Q24 compared to $201mn a year ago. This improvement was supported by a 14% increase in average realized phosphate prices. The phosphate operating rate was 66% in 3Q, down from 68% in 2Q. The stripping margin remains elevated in a tight phosphate market. Mosaic anticipates an annualized phosphate production run rate of 7.8-8.2mt by the year-end. The company expects stable phosphate volumes, adjusted for seasonality, once the turnaround is over. Mosaic Biosciences expanded its coverage to 9mn acres in key markets in 2024, up from 3.9mn acres in 2023. In the potash segment, sales reached $526mn in 3Q24, a 27% YoY decline. The gross margin dropped by 42% to $122mn, primarily due to a 19% YoY decrease in potash prices in 3Q. Potash sales were negatively impacted by electrical issues at Esterhazy and Colonsay, as well as a railroad strike. Adj EBITDA for the potash segment was $180mn in 3Q. Mosaic Fertilizantes reported net sales of $1,399mn, a 19% YoY decline. However, gross margin improved by 21% YoY to $128mn, driven by higher MAP prices in Brazil and lower raw material costs. Finished product sales volumes in Brazil fell 6% YoY, mainly due to reduced purchased volumes for distribution. Adj EBITDA for the Brazilian market stood at $83mn. Mosaic highlighted progress on several capex projects, including the completion of an 800kt Riverview MicroEssentials capacity conversion, and a 500kt Esterhazy potash compaction project in 2Q. Esterhazy Hydrofloat milling capacity and a 1mt blending facility in Brazil are on track for completion by the end of 2025. Mosaic is also advancing its cost-reduction initiatives, including a $200mn capex cut in 2024. The company completed $210mn in share repurchases in 9M24.  Mosaic’s results reflect a stabilized phosphate market, while the potash market faces increased volumes from CIS producers, prompting a more conservative forecast. In 4Q24, Mosaic expects to sell 1.6-1.8mt of phosphates at DAP prices ranging between $570-590/t, with stripping margins at historical highs. The company emphasized its ‘margin over price’ strategy, indicating that market growth may not fully translate into higher sales volumes for Mosaic. In the potash segment, Mosaic anticipates sales of 2.2–2.4 mt in Q4 2024, with realized MOP prices in the range of $200–$220 per ton. Looking ahead to 2024, Mosaic projects potash demand will recover to near-record levels, approximating 71–72 mt, with shipments expected to rise to 72–74 mt in 2025. For phosphates, global shipments are estimated at 73–74 mt in 2024 and 75–77 mt in 2025. The Brazilian market remains robust, sustaining historically high shipment levels of 45–46.6 mt. We have adjusted our revenue and cost forecast. We revised our 12-month target price to $33.5 from $36.2 per share, while maintaining our Buy rating.