PotashCorp earns 63 cents per share; nets $556 million in first quarter

SASKATOON – Potash Corp. of Saskatchewan Inc. (TSX:POT) is reported first-quarter earnings $556 million, or 63 cents per share, surpassing the $491 million and 56 cents per share earned in the same period of 2012.

The company says the improvement was partly fuelled by improved global potash demand and its second-quarter earnings guidance is estimated at 70-85 cents per share.

Potash Corp. says earnings before finance costs, income taxes and other expenses reached $1 billion and potash sales volumes increased 78 per cent from the first quarter of 2012.

“With farmers around the world motivated to capitalize on the link between fertility and profitability, the first quarter gave us an opportunity to demonstrate our ability to deliver,” said president and CEO Bill Doyle.

“We had significant growth in our potash performance as global buyers returned to the market in earnest after taking a brief pause late in 2012.”

Potash shipments to all major markets accelerated during the first quarter. Domestic shipments from North American potash producers rose 56 per cent above those of the same period last year.

Offshore shipments from North American producers were 74 per cent above last year’s first quarter.