PotashCorp Sets Own Record
A record fourth quarter takes Potash Corp. of Saskatchewan Inc. (PotashCorp) over the top.
PotashCorp announced on Monday (Jan. 28) that its fourth-quarter earnings in 2007 enabled the company to set a record full-year net income of $1.1 billion. The fourth-quarter earnings — $1.16 per share, a 100 percent increase over the same period last year — were the highest quarterly earnings in company history.
For the year, the company earned $3.40 per share, a jump of 72 percent over 2006 earnings. This is the fourth consecutive year of record earnings for PotashCorp.
With strong market conditions and rising prices for all three nutrients, gross margin for the quarter climbed to a record $535.0 million, up $235.7 million from last year’s fourth quarter, and raised total 2007 gross margin to $1.9 billion, surpassing the previous high of $1.1 billion set in 2005.
"Our record performance for the quarter and the full year reflect the increasing potential of our company," says PotashCorp President and CEO Bill Doyle. "For nearly two decades we have carefully assembled and managed our world-class assets with a long-term view. With growing demand and strong market conditions, we have reached new heights in each of the past four years. More important, we are looking ahead and preparing ourselves for expected future growth that we believe will continue to deliver greater value for our customers and investors."