Potash Corp. of Saskatchewan (TSX: POT; NYSE: POT) has posted a 46% drop in its fourth quarter 2013 earnings as well as a weaker than expected 2014 guidance, as tough market conditions linger.
Fourth quarter earnings were US$230 million or US26¢ per share, which include a US$60-million severance related charge due to staff reductions and operational changes announced last December to lower operating costs. In comparison, the Saskatoon-based firm earned US48¢ per share in the same period of 2012.
Once adjusted for the one-time charge, earnings per share were US31¢, below the consensus analyst estimate of US33¢.
“It was a challenging quarter,” Bill Doyle, PotashCorp’s CEO, said on a conference call …
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