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Potash Corp.'s mine in Rocanville, Sask.
Potash Corp.'s mine in Rocanville, Sask.

Potash Corp. profit doubles Add to ...

Potash Corp. of Saskatchewan Inc. reports second-quarter earnings $472-million, or $1.55 per share - more than double the $186.2 million and 61 cents a share in the same period last year.

This is the second-highest second-quarter total in company history and raises first-half 2010 earnings to $921.2-million, or $3.02 per share.

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Potash Corp says the strong performance reflects the continuing recovery in fertilizer demand and was enhanced by a $69.6-million special dividend from an investment in Israel Chemicals Ltd. in Israel.

"The undeniable need for sustainable food production continued to drive fertilizer demand and our performance in the second quarter," said PotashCorp president and CEO Bill Doyle.

"With growing demand for food and supportive crop economics, farmers have been motivated to begin addressing nutrient deficiencies in their soils."

PotashCorp forecasts 2010 net income per share to be in the range of $5-$5.50, including third-quarter earnings of $0.80-$1.20 per share.

"With the worst of the global recession behind us, the inevitable need for increased food production and proper fertilizer use is being re-established," said Mr. Doyle.

"The demand for food has tightened global grain supplies, increasing the importance of addressing nutrient deficiencies in the soil. This is expected to strengthen demand for all nutrients, especially potash, in the near and long term."

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