SNN file photo by Peter Wilson
SASKATOON — Potash Corp. of Saskatchewan (TSX:POT) says it has reached a new first-quarter profit record as the company benefits from a stronger fertilizer market.
The world's biggest producer of the nutrient used in fertilizer posted net income of $732 million, compared to $444 million a year ago.
On a per share basis, the company performed above analyst expectations of 76 cents per share, posting earnings of 84 cents per share, above 49 cents per share posted a year earlier.
Sales rose to $2.2 billion from $1.71 billion as the company said potash demand rose to near-record levels in all of its major markets.
Potash became the target of a nearly US$40-billion hostile takeover offer by Anglo-Australian mining giant BHP Billiton last summer.
However, company management staunchly rejected the BHP bid as too low with president and CEO Bill Doyle saying at the time that the fertilizer market was set to grow in leaps and bounds.