CROPS NEWS
Potash's Third-Quarter Profit Sinks 45%
Thu Oct 24, 2013 02:49 PM CDT

(Dow Jones) -- Potash Corp. of Saskatchewan, the world's largest potash miner by capacity, posted a 45% drop in third-quarter profit, saying the market went into paralysis after the break-up of one of the sales partnerships that had underpinned a de facto cartel for this key fertilizer ingredient.

Underscoring the uncertainty, the Saskatoon, Saskatchewan-based company reduced its 2013 earnings guidance for a second time this year, to between $2 and $2.20 a share from its most recent forecast of $2.45 to $2.70 a share. That move took many analysts by surprise.

Potash Corp. said key potash buyers, like India and ...

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