Booming fertiliser demand boosts potash miner
Potash Corp of Saskatchewan (PotashCorp) today reported record second-quarter earnings of $2.82 per share ($905.1 million), a 220% increase over the $0.88 per share ($285.7 million) earned in last year’s second quarter. This represents the highest quarterly earnings in company history - 62% above the record $1.74 per share ($566.0 million) set in first-quarter 2008 - and reflects rising global fertiliser demand and the impact of significantly higher prices for potash, nitrogen and phosphate products. Record quarterly gross margin of $1.4 billion was up 187% from the $501.4 million generated in the second quarter of 2007, with all three nutrients making record contributions. Earnings for the first six months of 2008 were $4.54 per share ($1.5 billion), more than triple the $1.50 per share ($483.7 million) earned in the first half of last year and higher than the record $3.40 per share ($1.1 billion) earned for the full year 2007. First-half gross margin reached $2.3 billion, compared to $871.1 million in the first six months of 2007, and has already exceeded the record full-year total of $1.9 billion set last year. (more…)
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