K+S Earnings Off, Revenues Up
K+S Group, Kassel, reported a 52.5 percent drop in third-quarter EBITDA to €36.4 million from the year-ago €76.7 million, citing extreme drought in Europe and higher transportation costs. Revenues, however, were up 15.6 percent mainly due to the new volumes from the Bethune mine in Saskatchewan as well as higher potash prices. Revenues were €840.1 million versus €726.5 million. Operating income (EBIT) was in the loss column at €58.1 million versus the year-ago positive €12.3 million.
K+S has adjusted annual guidance downward to EBITDA of €570-€630 compared to the prior year’s €577 million.