SASKATOON (dpa-AFX) - Potash Corp Of Saskatchewan Inc. (POT, POT.TO) posted lower second-quarter net income of $522 million or $0.60 per share, versus $840 million or $0.96 per share last year. On average, 25 analysts polled by Thomson Reuters expected earnings per share of $1.02 for the quarter. Analysts' estimates typically exclude one-time items.
While the quarterly results reflected strong underlying performance, earnings were impacted by notable items, including a $341 million impairment recorded on our investment in Sinofert Holdings Ltd. and $29 million in items related to its phosphate segment, the company said.
Sales for the recent quarter improved to $2.40 billion from $2.325 billion in the comparable period in 2011. Analysts estimated revenues of $2.34 billion for the quarter.
Looking ahead to the third quarter, net income per share is estimated to be in the range of $0.70 - $0.90, while 23 analysts project third-quarter earnings of $0.95 per share.
In addition, the company has revised its 2012 full-year earnings estimates to $2.80 - $3.20 per share, reflecting the adjustment for the second-quarter Sinofert impairment charge and other factors. Analysts anticipate earnings of $3.47 per share for 2012.
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