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PotashCorp reports earnings drop on weak markets, lower prices

1:52 PM MDT | October 24, 2013 | Lindsay Frost

PotashCorp’s third quarter earnings took a dive, the company reported, mainly due to weak prices for nutrients, lower potash sales volumes and market uncertainty following the breakup of export cartel Belaruski Potash Corp. (BPC). Net income of $356 million was down 44% year-over-year (YOY) on sales down 28%, to $1.5 billion. Earnings per share of 41 cts/share were lower than analyst expectations of 45 cts/share. The company cut third quarter earnings guidance to 41 cts/share earlier this month, from a previous estimate of 45-46 cts/share. "The most...

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