POTASH CORP. OF SASKATCHEWAN $47 (Toronto symbol POT; Aggressive Growth Portfolio, Resources sector; Shares outstanding: 830.2 million; Market cap: $39.0 billion; Price-to-sales ratio: 5.9; Dividend yield: 4.1%; TSINetwork Rating: Average; www.potashcorp.com) sold more potash fertilizer in the latest quarter and is benefiting from lower operating costs. But potash prices remain weak.
In the three months ended December 31, 2014, earnings jumped 77.0%, to $407 million from $230 million a year earlier (all amounts except share price and market cap in U.S. dollars). Per-share earnings rose 88.5%, to $0.49 from $0.26, on fewer shares outstanding.
Sales gained 23.4%, to $1.9 billion from $1.5 billion. The company sold 2.5 million tonnes of potash, up 41.6% from 1.8 million a year earlier. However, the average price per tonne rose just 0.7%, to $284 from $282.
The company also raised its dividend by 8.6%. The new annual rate of $1.52 U.S. a share yields 4.1%.
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