Fertilizer firm Potash Corp. of Saskatchewan (NYSE: POT) reported today that its fourth-quarter profit more than doubled, boosted by higher prices, but the firm warned that first-quarter and 2009 earnings will fall short of analysts' expectations. For the recently concluded quarter, POT banked a profit of $788 million, or $2.56 per share, on sales of $1.87 billion. Ahead of the report, Wall Street was expecting earnings of $2.28 per share on revenue of $1.82 billion.
Going forward, Potash Corp. said that 2009 potash shipments will be flat to slightly lower than 2008 levels, though it expects demand will gradually recover during the second half of the year. As a result, the company expects a first-quarter profit of 70 cents to $1 per share, and full-year earnings of $10 to $12 per share. Both figures fall woefully short of analysts' consensus estimates, which call for a first-quarter profit of $1.81 per share and 2009 earnings of $12.72 per share.
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