Potash Corp up more than 4%, Well Off Yr High Hit Earlier on Q4 result
Potash Corp (POT.TO) is up more than 4% but well off a new year high of $177.84 touched earlier after the company released its Q4 results. More than 1.3 million shares have changed hands.
POT said on Thursday that fourth quarter net income more than doubled to $482.3 million or $1.61 a share, from $239.2 million or 79 cents a share in the previous corresponding period. POT lifted its 2011 earnings forecast to a range of $8.40 to $9.60 a share, up from $8 to $8.75 a share back in October.
Potash Corp, the target of a failed US$39 billion hostile bid from BHP Billiton last year, said costs associated with defending its independence reduced its profit in the quarter by 16 cents a share.
On Wednesday, the Potash Corp increased its dividend and announced a 3-for-1 split of its common shares to help improve trading liquidity following the recent jump in its stock price.
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