POTASH CORP. OF SASKATCHEWAN $40 (Toronto symbol POT; Aggressive Growth Portfolio, Resources sector; Shares outstanding: 861.6 million; Market cap: $34.5 billion; Price-to-sales ratio: 4.1; Dividend yield: 2.1%; TSINetwork Rating: Average; www.potashcorp.com) is the world’s largest fertilizer producer. It has six potash mines in Saskatchewan and one in New Brunswick.
The company has faced delays in securing new supply contracts with buyers in China. That has lowered its potash shipments. As well, the Indian government has cut fertilizer subsidies.
As a result, Potash Corp.’s earnings fell 21.9% in the three months ended September 30, 2012, to $645 million or $0.74 a share (all amounts except share price and market cap in U.S. dollars). A year earlier, it earned $826 million, or $0.94 a share. Sales fell 7.7%, to $2.1 billion from $2.3 billion.
In response to the slowing sales, Potash Corp. will close its Lanigan and Rocanville potash mines in Saskatchewan for eight weeks later this year. Together, these mines account for about half of its overall production.The shutdown should help stabilize potash prices.
The company should earn $2.88 a share in 2012. The stock trades at a reasonable 13.9 times that forecast. The $0.84 dividend yields 2.1%.
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