Mosaic misses quarterly profit estimates, finance chief to retire
Mosaic had cut its Q3 production forecast following equipment failures in Canada and hurricanes at the US Gulf Coast.
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…)
