PotashCorp Reports 2015 Third-Quarter Earnings of $0.34 per Share Thu October 29, 2015 6:00 AM|PR Newswire | About: POT Symbol: POT Listed: TSX, NYSE (NYX)
Key Highlights
Third-quarter earnings of $0.34 per share1, including $0.03 per share related to notable non-cash charges, primarily in phosphate Annual earnings guidance adjusted to $1.55 - $1.65 per share Preparing for closure of Penobsquis mine and inventory shutdowns at Cory, Allan and Lanigan CEO Commentary
"Broader emerging market concerns have weighed on customer sentiment, contributing to a weaker fertilizer environment in the second half of 2015," said PotashCorp President and Chief Executive Officer Jochen Tilk. "In response, we are moving forward the permanent closure date of our Penobsquis, New Brunswick mine and planning inventory shutdowns in December at three of our Saskatchewan mines. While we anticipate production in the fourth quarter to be reduced by nearly 500,000 tonnes, we do not expect employee layoffs."
"Despite challenges over recent months, we are seeing signs of a shift in focus by distributors and farmers to 2016," Tilk said. "We believe the need for increased global agricultural production coupled with supportive crop prices provides a compelling opportunity for farmers." |