German fertilizer and salt company K+S AG predicted full-year earnings would slip sharply and lowered its sales volume outlook after operating profit plummeted in the second quarter.
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K + S was upgraded to equal-weight from underweight by Morgan Stanley, announcing the market now expects potash prices between $450 and $475 a ton.
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K+S AG, Europe’s leading producer of potash has cut its 2009 and 2010 forecast for worldwide sales of the crop nutrient as demand from farmers slipped.
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K+S dipped 21 percent, the worst performance in the Stoxx 600, after Europe’s leading producer of potash used in fertilizers declared that it expects further significant reduction in revenue and earnings this year.
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German fertiliser and salt maker K+S is bracing for a more significant dip in earnings and sales this year than previously forecast as farmers continue to hold off on potash orders.
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German fertiliser supplier K+S reiterated that it has forecasted a notable dip in 2009 earnings even after it posted first-quarter operating proft that beat expectations on Wednesday.
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K+S advanced 3.1 percent to 46.95 euros as Equinet rated Europe’s leading producer of potash used in fertilizers accumulate in new coverage and set its share-price estimate at 54 euros.
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K+S, Europe’s largest producer of potash used in fertilizers is reported to have lost 2.7 percent to 39.62 euros.
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Shares in K+S AG’s rose this Thursday after the specialty and standard fertilizers supplier reported that it has bought U.S.-based Morton Salt, a move that makes K+S the world’s biggest salt producer and caps months of speculation about its expansion strategy.
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K+S AG, the region’s leading producer of potash used in fertilizers, slipped 2.2 percent after Russia’s OAO Uralkali reported quarterly output tumbled on a sharp drop in demand.
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Saturday, August 15, 2009