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Jul 27, 2017

Potash Corp's second-quarter revenue beats as potash sales rise

The PotashCorp Cory Mine facility is pictured near Saskatoon

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Potash Corp of Saskatchewan (POT.TO) reported better-than-expected revenue on Thursday as it sold more potash at higher prices compared with last year.

U.S.-listed shares of the company rose 3.1 per cent in pre-market trading to US$18.24.

The world's third largest potash producer said potash sales jumped 11.2 per cent to 2.1 million tonnes in the second quarter ended June 30.

Average realized price for potash rose to US$174 per ton from US$154 per ton a year ago, reflecting a continued recovery in global spot prices, the company said.

Potash market has rebounded since last year as agronomic need and affordability supported demand, especially in offshore markets, and contributed to modestly higher prices.

Potash Corp forecast global demand of 62-65 million tonnes this year, up from an earlier forecast of 61-64 million tonnes.

Net earnings rose to US$201 million, or 24 cents per share, from US$121 million, or 14 cents per share, a year earlier.

On an adjusted basis, it earned 16 cents per share, missing analysts' average estimate by 2 cents, according to Thomson Reuters I/B/E/S.

The Saskatoon, Saskatchewan-based fertilizer producer's revenue rose 6.4 percent to US$1.11 billion, beating estimate of US$1.09 billion.