SASKATOON – Potash Corporation of Saskatchewan Inc. (TSX:POT) is reporting $317 million of net income, or 38 cents per share, in the third quarter – missing analyst estimates as tax expenses rose and prices fell compared with a year ago.
The Saskatoon-based fertilizer company had $1.6 billion of sales during the three months ended Sept. 30, which was above estimates and up from $1.52 billion a year earlier.
But PotashCorp’s profit was five cents per share below estimates and down from $356 million or 41 cents per share in the third quarter of 2013.
Analysts had expected earnings to be 43 cents per share and revenue to be $1.53 billion.
The company says the average price it received for a tonne of potash was down compared with last year and a greater proportion of sales were to lower-priced offshore markets during the most recent quarter.
However, PotashCorp says its potash sales volume was 29 per cent higher than a year earlier.
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