Potash Corp. of Saskatchewan (POT) posted its highest quarterly profit on record in the fourth quarter and sees first-quarter and 2008 earnings well above expectations as the fertilizer maker increased prices amid rising demand for its products. Saskatoon, Saskatchewan-based Potash posted net income of $376.8 million, or $1.16 a share, up from $186 million, or 58 cents a share, a year earlier.
The latest quarter's results include a $26.5 million charge related to investments and a $35.4 million decrease in income-tax expense and future tax liability. Prior-year results included $31 million in income-tax and foreign-currency gains.
Revenue surged 40% to $1.43 billion. The mean estimates of analysts polled by Thomson Financial were for earnings of 98 cents a share on $1.24 billion in revenue. Gross margin rose to 37.4% from 29.3%.
Potash is up 10 premarket to $130. The stock is down from a high of $152 hit on January 15.
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