July 27, 2017 / 10:32 AM / 4 months ago

CORRECTED-UPDATE 1-Potash Corp's Q2 revenue beats as potash sales rise

(Corrects potash sales figure in paragraph 3 to 2.4 million tonnes from 2.1 million)

July 27 (Reuters) - Canada’s Potash Corp of Saskatchewan reported better-than-expected revenue on Thursday as it sold more potash at higher prices compared with last year.

U.S.-listed shares of the company rose 3.1 percent in pre-market trading to $18.24.

The world’s third largest potash producer said potash sales jumped 11.2 percent to 2.4 million tonnes in the second quarter ended June 30.

Average realized price for potash rose to $174 per tonne from $154 per tonne a year ago, reflecting a continued recovery in global spot prices, the company said.

Potash market has rebounded since last year as agronomic need and affordability supported demand, especially in offshore markets, and contributed to modestly higher prices.

Potash Corp forecast global demand of 62-65 million tonnes this year, up from an earlier forecast of 61-64 million tonnes.

Net earnings rose to $201 million, or 24 cents per share, from $121 million, or 14 cents per share, a year earlier.

On an adjusted basis, it earned 16 cents per share, missing analysts’ average estimate by 2 cents, according to Thomson Reuters I/B/E/S.

The Saskatoon, Saskatchewan-based fertilizer producer’s revenue rose 6.4 percent to $1.11 billion, beating estimate of $1.09 billion. (Reporting by Ahmed Farhatha in Bangalore and Rod Nickel in Winnipeg, Manitoba; Editing by Amrutha Gayathri)

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