12:39 PM EST, 11/12/2024 (MT Newswires) -- (Updates with recent stock movement in the first paragraph and CFO appointment in sixth and seventh paragraphs .)

Mosaic (MOS) shares were down almost 9% in recent Tuesday trading after the company's Q3 results failed to meet expectations.

The company reported Q3 adjusted earnings of $0.34 per diluted share, down from $0.68 a year earlier.

Analysts surveyed by Capital IQ expected $0.52.

Revenue for the quarter ended Sept. 30 was $2.81 billion, down from $3.55 billion a year earlier.

Analysts surveyed by Capital IQ expected $3.14 billion.

Meanwhile, the company announced the retirement of Clint Freeland as chief financial officer. Mosaic said Luciano Siani Pires will join as CFO designate on Monday and will succeed Freeland as CFO on Jan. 1, 2025. Freeland will continue as a senior advisor until July 1, the company said.

Siani Pires, a former member of Mosaic's board, joins the company following his tenure at Vale (VALE), where he held various leadership roles, including CFO and, most recently, executive vice president of strategy and business transformation, according to Mosaic.

Price: 25.55, Change: -2.48, Percent Change: -8.85