Mosaic is among the world's largest fertilizer companies. Source: Mosaic analyst day presentation, March 2015.

The Mosaic Company (NYSE:MOS) sprang a surprise when it reported flat net income for 2015 at a time when peers such as PotashCorp (NYSE:POT) and CF Industries Holdings (NYSE:CF) saw their profits tumble. While declining nutrient prices hurt every fertilizer company, Mosaic's focus on phosphate, demand and prices for which was more resilient than other nutrients, coupled with stringent cost control helped it weather the storm. Meanwhile, PotashCorp and CF Industries bore the brunt of slumping potash and nitrogen prices during the second half of 2015.

However, that doesn't mean that Mosaic isn't facing challenges. In fact, it announced plans to curtail phosphate production last month in the wake of volatility in nutrient prices.

So will Mosaic be able to maintain its margins and dividends during these uncertain times? With phosphate markets losing steam, is the company's acquisition of CF Industries' phosphate business proving to be a wrong move? The answers to these critical questions were hidden in Mosaic's recent earnings call. If you missed it, take a look at the following slideshow to find out the surprising answers.

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