PotashCorp $201M Q2 profit boosted by tax provision recovery

Potash Corp. of Saskatchewan Inc. (TSX:POT) earned a second-quarter profit of US$201 million, boosted by a one-time tax provision recovery.

The Saskatoon-based company, which keeps its books in U.S. dollars, said the profit amounted to 24 cents per share for the quarter, including eight cents per share due to provincial tax changes.

READ MORE: PotashCorp raises 2017 profit estimate based on strong demand for potash

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That compared with a profit of $121 million or 14 cents per share in the same quarter last year.

Sales in the quarter totalled $1.12 billion, up from $1.05 billion a year ago.

PotashCorp signed a deal last year to merge with Agrium Inc. (TSX:AGU). The company said it expects to complete that deal late in the third quarter this year.

READ MORE: PotashCorp and Agrium to be named Nutrien once merger closes

In its outlook, PotashCorp maintained its full-year 2017 earnings guidance of 45 to 65 cents per share, including merger-related costs expected to be six cents per share.