Potash Corp. raises outlookPotash Corp. raises outlook
Potash Corp.'s mine in Rocanville, Sask.
Fertilizer producer substantially raises profit estimate for first quarter, to between $1.30 and $1.50 a share
Saskatoon — The Canadian Press Published on Thursday, Mar. 11, 2010 6:53PM EST Last updated on Thursday, Mar. 11, 2010 7:21PM EST
Potash Corp. of Saskatchewan Inc. raised its first-quarter earnings guidance on Thursday due to a sharp rebound in potash demand.
The company said it now expects to earn between $1.30 and $1.50 per share in its first quarter, up from earlier guidance of 70 cents to $1 per share.
Potashc Corp. said it expected strong North American sales volumes and offshore shipments, as well as higher-than-expected margins in nitrogen and phosphate.
“Strong farmer returns, a depleted distributor pipeline and the agronomic need to replace soil nutrients have kick-started a potash rebound from 2009 lows,” said Potash Corp. president and chief executive officer Bill Doyle.
“While we know that growth does not follow a straight upward line, we believe the increase in potash sales volumes this quarter represents the beginning of a return to long-term growth in demand.”
The company said any revisions to its annual guidance will be addressed when it reports its first-quarter earnings on April 29.