Potash anticipates more fertile year ahead
Fertilizer firm’s 2017 outlook now about 25% better than its January earnings estimate
SASKATOON— Potash Corporation says demand for its main product is expected to be strong for the remainder of the year and its 2017 earnings outlook has improved since January.
Potash Corp now expects between 45 and 65 cents per share of profit this year, about 25 per cent better than its previous estimate.
The Saskatoon-based fertilizer producer says its first-quarter revenue was down by 8 per cent at $1.11 billion (U.S.) but that was offset by higher margins for potash.
It had $149 million of net income in the first quarter, equal to 18 cents per share.
That’s double the $75 million, or 9 cents per share, the first quarter of 2016, which was a difficult year for the fertilizer industry.
Conditions remain difficult for PotashCorp’s other two types of crop nutrient, with first-quarter sales volumes, prices and margins weaker for both nitrogen and phosphate fertilizers.