Potash results boost Israel Chemicals
http://www.globes.co.il/serveen/globes/docview.asp [2008-7-25]
Tag : like phosphates
Potash Corp. of Saskatchewan (NYSE; TSX: POT), which holds 10% of Israel Chemicals Ltd. (TASE: ICL ) broke its own record today when it published its second quarterfinancial report today, giving it a boost in the process. IsraelChemicals fell by 4.4% in morning trading on the back of thedeclines in fertilizer stocks on Wall Street yesterday, but laterrallied following the publication of Potash Corp's results and iscurrently down 0.4%.
Potash Corp. posted a profit of $905.1 million, a 220% jump overthe corresponding quarter in 2007, and 62% more than in thepreceding quarter. Earnings per share totaled $2.82, and grossprofit soared 187% to $1.4 billion.
Potash Corp. raised its full-year earnings guidance by 25% to$12-13 per share from $9.50-10.50, with earnings for the thirdquarter expected to come in at $3.25-3.75 per share. Earnings pershare for the first half of the year more than tripled to $4.54 pershare. "This quarter established a new standard of performance forour company," said Potash Corp. president and CEO Bill Doyle.
Bank Hapoalim analyst Gilad Sarig told "Globes", "What we have seentoday confirms what we thought would happen in this sector. A 75%gross profit on potash leaves no room for doubt. There have alsobeen strong gains in phosphates. An operating profit of 45% at atime like this is extremely rare.
"Potash Corp's guidance reiterates what we have been saying. Theslight fall in commodity prices will not affect margins," addedSarig.
Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2008
Potash Corp. of Saskatchewan (NYSE; TSX: POT), which holds 10% of Israel Chemicals Ltd. (TASE: ICL ) broke its own record today when it published its second quarterfinancial report today, giving it a boost in the process. IsraelChemicals fell by 4.4% in morning trading on the back of thedeclines in fertilizer stocks on Wall Street yesterday, but laterrallied following the publication of Potash Corp's results and iscurrently down 0.4%.
Potash Corp. posted a profit of $905.1 million, a 220% jump overthe corresponding quarter in 2007, and 62% more than in thepreceding quarter. Earnings per share totaled $2.82, and grossprofit soared 187% to $1.4 billion.
Potash Corp. raised its full-year earnings guidance by 25% to$12-13 per share from $9.50-10.50, with earnings for the thirdquarter expected to come in at $3.25-3.75 per share. Earnings pershare for the first half of the year more than tripled to $4.54 pershare. "This quarter established a new standard of performance forour company," said Potash Corp. president and CEO Bill Doyle.
Bank Hapoalim analyst Gilad Sarig told "Globes", "What we have seentoday confirms what we thought would happen in this sector. A 75%gross profit on potash leaves no room for doubt. There have alsobeen strong gains in phosphates. An operating profit of 45% at atime like this is extremely rare.
"Potash Corp's guidance reiterates what we have been saying. Theslight fall in commodity prices will not affect margins," addedSarig.
Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2008
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