Potash Corp. of Saskatchewan Inc. (NYSE:POT) (TSE:POT) by all measures had a solid quarter, as earnings were over double what they were in the second quarter last year and revenue soared.
Earnings surged $472 million, or $1.55 a share, a major improvement over last year's $186.2 million, or 61 cents a share. Revenue for the quarter grew from $856 billion last year during the same quarter to $1.44 billion.
Analysts had been looking for earnings to come in at $1.19 a share, so Potash blew past those expectations. They also exceeded expectations for revenue, where analysts estimated $1.40 billion.
The company was led by increased sales of potash in the quarter, which rose over three times what they sold last year, generating $641 million, up from $210.7 million last year.
One negative factor was the fall in potash prices for the quarter, shrinking 35 percent to $309 a ton. Volume was able to overcome that though.
Sales of phosphate gained also, although much more moderately, reaching $363.5 million, from the $324.7 million last year. Pricing was better this time for phosphate, increasing 13 percent to $458 a ton.
Nitrogen sales were also much higher growing from $320.6 million last year to $433.3 million this year. Prices for nitrogen grew 20 percent, with volume up to 1.3 million tons from 1.2 million.
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