For the quarter $1.77 v $1.65 expectation, revenues up 65% to $1.81B. For 2011 the company guides to $8.40 to $9.60, vs current $8.89. Based on how poorly these fertilizer companies guided in 2008 and 2009 versus a quickly changing market, take everything with a grain of salt. Even assuming Potash hits $10 EPS in 2011, this is a forward PE of 17.5 (forward, not trailing) for an extremely cyclical company. But increasingly valuation is becoming moot across the market as it was in 1999 - all the central banker liquidity has to go somewhere. Indeed we shall see that same dilemma in Amazon.com (AMZN) in a few hours.
- The company said it expects global shipments of potash to reach 55 million metric tons to 60 million metric tons in 2011, up from 52 million tons in 2010.
- Potash Corp now expects 2011 potash shipments of 9.5 million to 10 million tonnes. It had earlier forecast sales shipments of 9.3 million tonnes.
- The company has earmarked $2.0 billion for capital expenditures in 2011, with $1.4 billion going to potash expansion projects.
- The company will pay out the stock split to shareholders in the form of a stock dividend, with each receiving two additional shares for each one owned on the record date of Feb. 16.