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Business 11:05am - 1,142 views
Potash Corp. of Saskatchewan Inc. (TSX:POT) 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.
PotashCorp now expects to earn between 45 and 65 cents per share this year, about 25 per cent better than its previous estimate.
The Saskatoon-based fertilizer producer, which reports its results in U.S. dollars, says its first-quarter revenue fell eight per cent to US$1.11 billion, 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 — above analyst estimates compiled by Thomson Reuters.
That's double the $75 million or nine cents per share in the first quarter of 2016, which was a difficult year for the fertilizer industry.
Conditions remain difficult for PotashCorp's two other types of crop nutrients, with first-quarter sales volumes, prices and margins weaker for both nitrogen and phosphate fertilizers.
