Shares of Mosaic (MOS), a leading fertilizer producer, tumbled 5.52% in pre-market trading on Wednesday, extending its losses following the release of its second-quarter earnings report. The company's financial results, which fell short of analyst expectations, have raised concerns about its performance in an increasingly challenging market environment.

Mosaic reported adjusted earnings per share (EPS) of $0.51 for the quarter ended June 30, significantly below the consensus estimate of $0.73, representing a substantial miss of 30.1%. The company's revenue also disappointed, coming in at $3.01 billion versus the anticipated $3.14 billion. These results indicate that Mosaic is facing headwinds in its core business segments, with higher costs weighing on profits.

Despite the earnings miss, Mosaic provided guidance for the upcoming quarter and full year. The company expects third-quarter phosphate sales volumes to be between 1.8 and 2.0 million tonnes. For the full year, Mosaic projects phosphate production volumes to range from 6.9 to 7.2 million tonnes, with total capital expenditures forecasted between $1.2 billion and $1.3 billion. While these forward-looking statements suggest that Mosaic is working to navigate the current market challenges, investors remain cautious about the company's near-term prospects, as reflected in the pre-market stock price decline.