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Tough decisions at PotashCorp appeared to be paying off as the company released its first-quarter earnings report for 2017.
The company reported earnings of 18 cents a share, double the nine cents a share it reported for the same period in 2016.
The positive news came despite the fact potash prices of $166 a ton still hadn’t recovered to the $178 per ton level seen for the same period last year. The company credited its improved earnings to reductions in its operating costs.
Savings were largely achieved by shuttering or reducing operations at various higher-cost facilities, including 140 layoffs at its Cory, Sask. mine announced in November 2016.
Overall, the company reported it was able to produce potash at a cost of $90 per ton, compared to $128 per ton in the first quarter of 2016.
The company anticipated continued strong demand for potash, estimating it would ship 61 to 64 million tons in 2017, up slightly from the 60 million tonnes shipped last year.
