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Fertilizer maker The Mosaic Co. is more than doubling its annual dividend to 50 cents per share from 20 cents per share.

Its stock added 4 cents to $58.72 in premarket trading.

The company said Monday that its next regularly declared dividend should account for the increase. That dividend is expected to be declared in April.

Mosaic, which is based in Plymouth, Minn., reported in January that its fiscal second-quarter net income fell as the prior-year period benefited from a large after-tax gain. Its performance still managed to beat analysts' expectations.

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