Saskatoon-PotashCorp said March 11 that first-quarter earnings are estimated to be in the range of $1.30-$1.50 per share, well above the initial guidance of $0.70-$1.00 per share provided Jan. 28, 2010. The upward revision reflects a sharp rebound in potash demand that is expected to drive a record quarter for North American sales volumes and strong offshore shipments, as well as higher-than-expected margins in nitrogen and phosphate. Any revisions to annual guidance will be addressed in a first-quarter news release issued on April 29, 2010. “Strong farmer returns, a depleted distributor pipeline, and the agronomic need to replace soil nutrients have kick-started a potash rebound from 2009 lows,” said PotashCorp President and CEO Bill Doyle. “While we know that growth does not follow a straight upward line, we believe the increase in potash sales volumes this quarter represents the beginning of a return to long-term growth in demand.”
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