Potash is a bright star for Potash Corp. of Saskatchewan (POT-T) as sales continue to surpass previous highs. The company posted record earnings of $71.4 million in the third quarter, on net sales of $573.8 million for its potash, phosphate and nitrogen products.
These results compare with net income of $46.8 million on net sales of $342.1 million in the third quarter of last year.
PCS pulls potash from eight mines in Saskatchewan, New Brunswick and Utah, and handles export sales for the largest producer in New Mexico.
Saskatchewan potash is sold offshore through Canpotex, the export sales agency for 57.5% of those sales. Offshore sales of potash from other mines are conducted by PCS Sales.
The company’s potash reserves are North America’s largest, and its phosphate reserves will last more than 50 years, operating at full capacity. In nitrogen, the company has long-term contracts tying gas prices to the price of ammonia.
PCS is the world’s largest fertilizer company, producing all three primary plant nutrients.
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