(Bloomberg) – Mosaic Co., North America’s second- largest crop-nutrient producer, said first-quarter profit dropped 92 percent as farmers bought less potash and phosphate- fertilizer prices plunged.

Net income tumbled to $100.6 million, or 23 cents a share, in the three months ended Aug. 31, from $1.18 billion, or $2.65, a year earlier, Plymouth, Minnesota-based Mosaic said today in a statement. Analysts expected profit of 34 cents, the average of 12 estimates in a Bloomberg survey.

Chief Executive Officer Jim Prokopanko has cut output of potash, a form of potassium, to bolster prices and pare inventories. Prices for phosphate-based nutrients including diammonium phosphate have stabilized after plunging as wheat, corn and soybean futures dropped from record highs last year.

“Potash demand and pricing are the big question marks right now,” Ben Johnson, an analyst at Morningstar Inc., said in an interview before the earnings were announced. “Farmers are still sitting on their wallets. The price risk is to the downside.”

First-quarter net sales fell 66 percent to $1.46 billion, the company said.

Mosaic, 64 percent owned by privately held Cargill Inc., fell 65 cents, or 1.4 percent, to $45.31 at 4:20 p.m. in electronic trading after the close of the New York Stock Exchange. The shares rose 33 percent this year through today’s close.

Potash Corp. of Saskatchewan Inc. is North America’s largest fertilizer producer.

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