PotashCorp Reports First-Quarter Earnings of $0.18 per Share

Listed: TSX, NYSE
Symbol: POT
Key Highlights

• First-quarter earnings of $0.18 per share
• Cash provided by operating activities of $223 million
• Rocanville ramp-up well underway; on track to reduce company-wide potash cost of goods sold by approximately $10 per tonne in 2017
• Full-year 2017 guidance increased to $0.45-$0.65 per share, including merger-related costs of $0.05 per share

CEO Commentary

“Potash market fundamentals continued to improve in the first quarter, creating a supportive earnings environment,” said PotashCorp President and Chief Executive Officer Jochen Tilk. “We expect improved consumption trends and nutrient affordability in key markets to support potash demand and our results through the remainder of 2017.”
“Our potash portfolio optimization and cost reduction strategy, which includes the ramp-up of our low-cost Rocanville mine, also contributed to stronger first-quarter results. We are well into our Canpotex allocation audit process at Rocanville and anticipate our sales entitlement will increase for the second half of the year.
“We are also making good progress on our merger of equals with Agrium. We continue to work through the regulatory process in key jurisdictions and remain confident the transaction will close mid-2017. Our integration teams are working hard to position the combined company for growth – including achievement of our synergy targets – and to ensure we can create value for all our stakeholders,” said Tilk.

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