BUZZ-Potash Corp: Cuts 2016 profit forecast on weak demand

Thu Apr 28, 2016 9:03am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

** Shares of the world's biggest fertilizer company by capacity down 6.3 pct at $17.10 premarket

** Cuts full-year profit forecast due to weak demand and lower prices

** Forecast cut to 60-80 cents per share from 90 cents-$1.20 per share; analysts' estimate 90 cents per share in profit, according to Thomson Reuters I/B/E/S.

** Sees Q2 profit of 15-25 cents per share, also below average estimate of 27 cents per share

** Cut the upper end of its 2016 potash sales volume forecast to 8.8 mln tonnes from 9.1 mln tonnes; retained the lower end of the forecast at 8.3 mln tonnes

** Reported 79.7 pct fall in Q1 profit, hurt by weak demand and competitive pricing in North America

** Up to Wednesday's close, stock had fallen about 45 pct in the past 12 months