Potash Corp Q1 Profit Down; Updates 2014 EPS View - Quick Facts

(RTTNews) - Potash Corp. of Saskatchewan Inc. (POT, POT.TO) said that its net income for the first quarter of 2014 was $340 million or $0.40 per share, down from $556 million or $0.63 per share in the same period last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.

The latest-quarter result included a $69 million or $0.06 per share special dividend from its investment in Israel Chemicals Ltd. (ICL) as well as a $38 million or $0.04 per share non-cash impairment charge related to its investment in Sinofert Holdings Limited.

Quarterly sales fell to $1.680 billion from $2.100 billion last year. Wall Street expected revenues of $1.49 billion.

The company projects net income to be in the range of $0.40-$0.45 per share for the second-quarter. Analysts project second-quarter earnings of $0.49 per share.

For full-year 2014, the company now expects earnings to be in the range of $1.50-$1.80 per share. Analysts project annual earnings per share of $1.65. The company said in January that it expected earnings of $1.40 to $1.80 per share for 2014.