Takeover target Potash smashes profit expectations thanks to strong demand

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first_img KCS-content Thursday 28 October 2010 7:50 pm whatsapp Takeover target Potash smashes profit expectations thanks to strong demand PotasH, the world’s top fertiliser maker, steamrolled quarterly earnings expectations yesterday, on the back of stronger potash demand and higher prices for its nitrogen and phosphate-based nutrients.The Canadian fertiliser maker is currently battling a $39bn (£24.4bn) hostile bid from mining giant BHP Billiton. Potash Corp has flatly rejected BHP’s bid and launched a lawsuit against the Anglo-Australian miner in an attempt to stymie a takeover.Potash Corp said net income in the quarter ended 30 September rose to $402.7m, or $1.32 a share, up from a profit of $247.9m, or 82 cents, a year earlier. Quarterly revenue rose 43 per cent to $1.58bn.BHP launched the $130-a-share bid in August, but Potash’s stock has consistently traded well above that level, indicating that a sweetened bid will be required for the suitor to carry the day.The company’s potash business, which typically accounts for the lion’s share of its profits, generated two-thirds of the company’s gross margin in the quarter, as demand for the key crop nutrient has staged a steady comeback following a lean patch. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyDiscovery23+ Sports Stadiums Around the World That Are Abandoned NowDiscoverySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald whatsapp Show Comments ▼ Tags: NULL last_img read more