Advertisement
Canada markets open in 5 hours 13 minutes
  • S&P/TSX

    22,107.08
    +194.56 (+0.89%)
     
  • S&P 500

    5,248.49
    +44.91 (+0.86%)
     
  • DOW

    39,760.08
    +477.75 (+1.22%)
     
  • CAD/USD

    0.7353
    -0.0019 (-0.26%)
     
  • CRUDE OIL

    81.86
    +0.51 (+0.63%)
     
  • Bitcoin CAD

    95,634.29
    +468.60 (+0.49%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,212.00
    -0.70 (-0.03%)
     
  • RUSSELL 2000

    2,114.35
    +44.19 (+2.13%)
     
  • 10-Yr Bond

    4.1960
    0.0000 (0.00%)
     
  • NASDAQ futures

    18,491.50
    -12.25 (-0.07%)
     
  • VOLATILITY

    12.94
    +0.16 (+1.25%)
     
  • FTSE

    7,950.89
    +18.91 (+0.24%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • CAD/EUR

    0.6811
    +0.0006 (+0.09%)
     

PotashCorp sees prices shrink due to weak market

PotashCorp sees prices shrink due to weak market

PotashCorp is reporting a rocky year for potash prices in its latest financial statements.

In its third quarter earning statement, the company reported potash gross margins of $317 million for the first nine months of the year. Last year at this time, the company had made $1.1 billion, a decrease of $783 million.

The company blames the drop on weak prices globally. The company reported an average price of $150 per tonne in the third quarter, down from $250 per tonne in 2015.

The company's CEO hopes conditions will improve next year.

We will continue with a disciplined approach to our operations and the markets," said CEO Joshen Tilk in a press release. "We expect favourable consumption trends and lower inventories to lead to stronger demand in 2017."

ADVERTISEMENT

The company is also hopeful its merger with Agrium will improve the company's bottom line.

"We believe this transaction will generate significant value for our shareholders, provide multiple paths for growth and enhance our financial flexibility," he said.

Overall, PotashCorp's net income dropped to $81 million in the third quarter from $282 million a year earlier.