PotashCorp Reports Third-Quarter Earnings

PotashCorp (TSX:POT) has reported its third-quarter earnings of $0.10 per share.
As quoted in the press release:

Key Highlights

• Third-quarter earnings of $0.10 per share¹
• Record third-quarter potash sales volumes
• Canpotex² sold out for fourth-quarter 2016
• Full-year 2016 earnings guidance range adjusted to $0.40-$0.45 per share
• Announced agreement to combine in merger of equals with Agrium Inc. (Agrium)

Jochen Tilk, president and CEO, said:

With strong engagement in nearly all key potash markets, we achieved record third-quarter sales volumes, and Canpotex is now sold out through the remainder of the year. Supported by improved market fundamentals, spot prices have increased by approximately 15 percent from the lows experienced earlier in the year. We will continue with a disciplined approach to our operations and the markets and expect favorable consumption trends and lower inventories to lead to stronger demand in 2017.
During the quarter we announced a merger of equals with Agrium to create a world-class integrated global supplier of crop inputs. We believe this transaction will generate significant value for our shareholders, provide multiple paths for growth and enhance our financial flexibility.

Click here to read the full press release.