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Apr 27, 2017

PotashCorp sees higher demand, raises 2017 profit estimate

Potash Corporation of Saskatchewan

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SASKATOON - Potash Corporation (POT.TO) says demand for its main product is expected to be strong for the remainder of the year and its 2017 earnings outlook has improved since January.

PotashCorp now expects between 45 and 65 cents per share of profit this year, about 25 per cent better than its previous estimate.

The Saskatoon-based fertilizer producer, which reports its results in U.S. dollars, says its first quarter revenue was down by eight per cent at $1.11 billion but that was offset by higher margins for potash.

It had $149 million of net income in the first quarter, equal to 18 cents per share.

That's double the $75 million or nine cents per share the first quarter of 2016, which was a difficult year for the fertilizer industry.

Conditions remain difficult for PotashCorp's other two types of crop nutrient, with first-quarter sales volumes, prices and margins weaker for both nitrogen and phosphate fertilizers.