Potash Corporation of Saskatchewan Inc (TSX:POT, NYSE:POT) announced that their earnings for Q3 fell by 21 percent per share, year-over-year, due to falling sales to China and India.
As quoted in the press release:
Potash Corporation of Saskatchewan Inc., today reported third-quarter earnings of $0.74 per share ($645 million), which compared to $0.94 per share ($826 million) in the same period last year. Earnings for the first nine months reached $1.89 per share ($1.7 billion), a total that trailed the $2.73 per share ($2.4 billion) earned during the same period in 2011.
PotashCorp President and CEO, Bill Doyle, said:
While Chinese and Indian customers have not engaged consistently, their need for improved soil fertility to increase food production has not subsided. Our diversified fertilizer business and global footprint helped support our results for the quarter and we believe position us well to drive improved results as demand grows.