Potash Corp Loses Earlier Gains; Now Down 2%, Stuck Below $53 Mark After Q1
Potash Corp (POT.TO), the world's largest fertilizer maker, is now down more than 2% and stuck below the $53 mark. While the stock dipped in the early minutes of trading, following the release of its Q1 result, it recovered and rose to a day high $54.95 within another 30 minutes or so. But all hopes of a positive day quickly evaporated and the stock has basically been on the decline for more than four hours.
POT said net income rose in the first quarter to $732 million or 84 cents a share, from $444 million or 49 cents a share in the year earlier period on increased demand for crop nutrients owing to high grain prices. Quarterly revenue rose almost 30% to $2.20 billion.
Analysts on average had forecast earnings of 80 cents a share, on revenue of $2.01 billion, according to Thomson Reuters I/B/E/S.
Potash Corp expects second-quarter net income to be in the range of 70 cents to 90 cents per share, with full-year earnings in the range of $3.00 to $3.40 per share. Analysts are looking for second-quarter earnings of 84 cents and full-year earnings of $3.29, according to Thomson Reuters I/B/E/S.
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