Potash Corp. sales surge, sees global demand rising

OTTAWA — Potash Corporation of Saskatchewan Inc. said Thursday second-quarter profits more than doubled on increased sales.

Potash Corp reported second-quarter earnings of $472-million, or $1.55 a share, compared with $186.2-million, or 61 cents a share, in the same period a year earlier.

The average estimate of analysts surveyed by Bloomberg was for profit excluding one-time items of $1.21 cents a share.

The Saskatoon-based fertilizer giant said sales increased 68% to $1.4-billion as global market conditions improved and potash prices fell.

“As we have stated in the past, fertilizer applications can be deferred, but cannot be ignored. With growing demand for food and supportive crop economics, farmers have been motivated to begin addressing nutrient deficiencies in their soils. We believe this has established a strong foundation for improved fertilization practices and for the growth of our company,” Potash Corp president and chief executive officer Bill Doyle said in a release.