Investing.com - Financial Markets Worldwide
💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadExplore for free

UPDATE 1-Potash Corp's profit misses estimates, slashes dividend

Published 2016-01-28, 06:43 a/m
© Reuters. UPDATE 1-Potash Corp's profit misses estimates, slashes dividend
POT
-

(Adds details, background)
Jan 28 (Reuters) - Potash Corp of Saskatchewan POT.TO
POT.N reported a lower-than-expected quarterly profit and
slashed its quarterly dividend, hurt by weakening fertilizer
prices.
Potash prices have fallen sharply over the past year, under
pressure from bloated capacity, soft grain prices and weak
currencies in major consumers such as India and Brazil.
"Weaker fertilizer prices late in the year reduced our
earnings for the quarter, giving rise to a more cautious outlook
for all three nutrients as we begin 2016," Chief Executive
Jochen Tilk said in a statement on Thursday.
The company forecast 2016 earnings of 90 cents to $1.20 per
share. Analysts on average were expecting $1.33, according to
Thomson Reuters I/B/E/S.
The world's biggest fertilizer company by capacity said
average realized price for potash fell 16 percent to $238 per
tonne in the fourth quarter, while nitrogen prices fell 29
percent to $288 per tonne.
Net earnings fell to $201 million, or 24 cents per share, in
the quarter ended Dec. 31, from $407 million, or 49 cents per
share, a year earlier
Revenue decreased nearly 29 percent to $1.35 billion.
Analysts on average expected earnings of 30 cents per share
and revenue of $1.44 billion, according to Thomson Reuters
I/B/E/S.
The company lowered its quarterly dividend by 34 percent to
25 cents per share.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.