Potash Corp. of Saskatchewan Inc.'s first-quarter net income nearly tripled amid surging demand and prices for fertilizer and one of its ingredients, potash, leading the firm to sharply raise its 2008 earnings forecast. The company posted net income of $566 million, or $1.74 a share, compared with $198 million, or 62 cents a share, a year earlier. Potash had expected earnings of $1.30 to $1.60 a share. Revenue increased 64% to $1.89 billion....MORE
From the National Post:
Potash companies to bear fruit of rising prices
Now that potash prices have broken the $1000 per tonne barrier, it's easy to imagine them staying this high for the foreseeable future, says Citigroup Global markets analyst Daniel Mon.
Mr. Mon was commenting in a note on Uralkali OAO's announcement Wednesday saying its export trader, Belarusian Potash Co., has raised prices of potash in Southeast Asia and Brazil to $1000/tonne as of July 1. "To put his in perspective, prices have now doubled in just four months," Mr. Mon said in a note. Potash began 2007 at $210....MORE
