Reader Abraham notified me that Potash (POT) raised guidance after the bell.... hold on, need to get this egg off my face to read the press release.
Ah yes... now I can see. It would not of affected us much portfolio wise, as we sold a very small position (higher than today's close) in the stock earlier this week waiting to deploy that cash into a coking coal or iron ore stock, but it's good to see. The stock is up 7% in after hours. These fertilizer stocks have been over promising and under delivering for about 6 quarters, so this is an about face.
Press release here.
- Potash Corporation of Saskatchewan Inc. (PotashCorp) today stated that first-quarter earnings are estimated to be in the range of $1.30-$1.50, well above the initial guidance of $0.70-$1.00 per share(1) provided on January 28, 2010.
- The upward revision reflects a sharp rebound in potash demand that is expected to drive a record quarter for North American sales volumes and strong offshore shipments, as well as higher-than-expected margins in nitrogen and phosphate. Any revisions to annual guidance will be addressed in our first-quarter news release issued on April 29, 2010.
- While we know that growth does not follow a straight upward line, we believe the increase in potash sales volumes this quarter represents the beginning of a return to long-term growth in demand.
Looks like analysts were in for mid 90 cents area so a nice increase.