Mosaic
Q1 2022 Earnings Call
May 03, 2022, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, ladies and gentlemen, and welcome to The Mosaic Company's first quarter 2022 earnings conference call. [Operator instructions] Your host for today's call is Paul Massoud, vice president of investor relations and financial planning and analysis of The Mosaic Company. Mr. Massoud, you may begin.
Paul Massoud -- Vice President of Investor Relations and Financial Planning and Analysis
Thank you. Welcome to our first quarter 2022 earnings call. Opening comments will be provided by Joc O'Rourke, president and chief executive officer, followed by a fireside chat, as well as open Q&A Clint Freeland, senior vice president and chief financial officer; and Yijun Wang, senior vice president, global strategic marketing will also be available to answer your questions. We will be making forward-looking statements during this conference call.
The statements include, but are not limited to, statements about future financial and operating results. They are based on management's beliefs and expectations as of today's date and are subject to significant risks and uncertainties. Actual results may differ materially from projected results. Factors that could cause actual results to differ materially from those in the forward-looking statements are included in our press release furnished yesterday and in our reports filed with the Securities and Exchange Commission.
We will also be presenting certain non-GAAP financial measures. Our press release and performance data also contain important information on these non-GAAP measures. Now, I'd like to turn the call over to Joc.
Joc O'Rourke
Good morning. Thank you for joining our first quarter 2022 earnings discussion. I hope you've had a chance to review our posted slides, as well as our news release and performance data, which were made available on our website yesterday. I will provide some additional context before we respond to questions we received last night, and then we'll conclude with a live Q&A session.
Mosaic delivered first quarter net income of $1.2 billion and earnings per share of $3.19, adjusted EPS was $2.41, and adjusted EBITDA was $1.45 billion. Our results continue to highlight the positive evolution of our business, which reflect the contribution from Brazil, the additional production from the restart of Colonsay and the transition to K3, one of the largest and most efficient potash mines in the world. Phosphates segment adjusted EBITDA totaled $632 million, reflecting the impact of strong pricing, which more than offset higher input costs. Potash also benefited from higher prices, as well as the transition to Esterhazy K3 and the elimination of brine inflow management costs.