Potash lowers 2012, 3Q earnings expectations
NEW YORK (AP) — Fertilizer maker Potash Corp. of Saskatchewan Inc. said Wednesday that its full-year earnings will come in below the low end of its prior forecast mostly because of weaker-than-expected potash sales volumes due to contract delays.
Its stock fell 98 cents, or 2.4 percent, to $40.62 in premarket trading.
The Canadian company previously predicted earnings in a range of $2.80 to $3.20 per share.
Analysts polled by FactSet expected earnings of $3.20 per share.
Potash said it is experiencing delays in new contracts with buyers in China and India.
For the third quarter, the company anticipates earnings at the low end of its prior guidance of 70 to 90 cents per share.
Wall Street expects 82 cents per share.
Potash will report its third-quarter financial results on Oct. 25.