Mosaic Company (NYSE:MOS) shares are trading lower after the company reported mixed first-quarter results, including an adjusted earnings per share of five cents, below analyst expectations of 24 cents.

Revenue of $2.998 billion came slightly ahead of the $2.897 billion consensus estimate.

Sales volumes stood at 1.9 million tonnes in Phosphate, 2.2 million tonnes in Potash, and 1.6 million tonnes in Mosaic Fertilizantes.

Adjusted EBITDA fell to $416 million from $544 million a year earlier. This is owing to weaker Fertilizantes performance, lower overall volumes, and higher phosphate raw material costs.

Mosaic generated $104 million in operating cash flow, up from $43 million in the prior-year quarter. This is aided by a $122 million reduction in phosphate finished goods inventories.

Free cash flow was negative $253 million, compared with negative $298 million a year earlier, reflecting seasonal trends and the working capital impacts.