Potash Corp.'s mine in Rocanville, Sask.
Continuing caution among buyers around the world pushed down third-quarter profits by nearly 80 per cent at Potash Corp. of Saskatchewan Inc. as fertilizer sales fell from their pre-recession heights.
For the quarter ending Sept. 30, Potash Corp.'s net income was $248.8 million (U.S.) or 82 cents per share.
That's a drop from $1.2-billion or $3.93 per share in the same period last year.
The Saskatoon-based fertilizer giant, which reports its results in U.S. currency, said Thursday sales fell to $1-billion in this year's summer quarter compared with $3.1-billion in the same period last year.
Potash Corp., the world's largest potash producer, said continuing caution among fertilizer buyers around the world was the main reason for the drop in sales volumes and prices for potash, phosphate and nitrogen.
The company said it estimates fourth quarter earnings will in a range of between 65 cents and 85 cents a share, meaning 2009 year end results would rest at the low end of its previously estimated range.