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UPDATE 1-Potash Corp cuts 2016 profit forecast on weak demand, prices

Published 2016-04-28, 06:20 a/m
© Reuters. UPDATE 1-Potash Corp cuts 2016 profit forecast on weak demand, prices
POT
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April 28 (Reuters) - Potash Corp of Saskatchewan POT.TO
POT.N , the world's biggest fertilizer company by capacity, cut
its full-year profit forecast due to weak demand and lower
prices.
Shares of the company, which also reported a 79.7 percent
fall in first-quarter profit on Thursday, were down nearly 4
percent to $17.50 in light trading before the bell.
Potash prices have fallen sharply over the past year due to
overcapacity, declining farm income and weak currencies in major
consumers such as India and Brazil.
The company cut its 2016 earnings forecast to 60 cents-80
cents per share from 90 cents-$1.20 per share.
Analysts on average were expecting 90 cents per share,
according to Thomson Reuters I/B/E/S.
The company's potash sales fell 21.7 percent to 1.8 million
tonnes in the first quarter ended March 31, while average
realized prices slumped 37.3 percent to $178 per tonne.
The company's net earnings fell to $75 million, or 9 cents
per share, in the three months ended March 31, from $370
million, or 44 cents per share, a year earlier.
Revenue fell 27.4 percent to $1.21 billion.

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