PotashCorp citing challenging fertilizer market conditions saw a 45 percent drop in net income for the fourth quarter ending Dec. 31, 2013 to $230 million ($0.26 per diluted share) on sales of $1.54 billion compared to the year-ago $421 million ($0.48 per share) and $1.64 billion, respectively. The results included $60 million in severance-related costs from workforce reductions announced in December.
“Pricing headwinds—most notably in potash, weighed on our performance, although there were signs as the quarter came to a close that the uncertainty in global markets was beginning to abate,” said PotashCorp CEO and President Bill Doyle.
For the year, net income was off only 14 percent to $1.78 billion ($2.04 per share) on sales of $7.3 billion, down from 2012’s $2.08 billion ($2.37 per share) on sales of $7.93 billion.
PotashCorp gave first quarter 2014 guidance of $0.30-$0.35 per share and full-year guidance of $1.40-$1.80 per share.