Mosaic's financial performance during fiscal 2011 reflected both outstanding market fundamentals and strong execution, which combined to drive exceptional top- and bottom-line performance. Mosaic produced strong results for operating cash flow and gross margin, which increased 79 percent and 84 percent, respectively.
Net sales totaled $9.9 billion compared to $6.8 billion in fiscal 2010, primarily due to an improvement in sales volumes and higher selling prices, resulting from strong agricultural fundamentals and industry demand. We are well positioned to thrive as demand continues to grow.
Much of our vision for tomorrow hinges on a solid financial foundation. We start fiscal 2012 financially strong, with a superior balance sheet and cash position of $3.9 billion, additional debt capacity, as well as excellent cash flow prospects. This gives us tremendous flexibility for funding our potash expansion program and other strategic priorities, taking advantage of new opportunities as they arise and returning cash to shareholders.
