Potash (POT) Shares Rally Sharply Despite Earnings, Guidance Miss
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After opening today's trading session about 2% lower, shares of Potash have now rallied sharply in the face of a Q2 earnings miss and soft Q3 and FY09 guidance. The stock most recently traded at $97.02, up more than 9% from yesterday's close.
Potash reported Q2 EPS of $0.62, down 78% from the same quarter last year, and also 8 cents below the Street estimate. Sales for the quarter fell 67% to $856 million, also missing the analyst consensus. Looking ahead, Potash also issued guidance that was worse than what the Street had been expecting: Q3 EPS of $0.80-$1.20, versus the consensus of $1.56, and FY09 EPS of $4.00-$5.00, versus the Street estimate of $5.24.
Potash reported Q2 EPS of $0.62, down 78% from the same quarter last year, and also 8 cents below the Street estimate. Sales for the quarter fell 67% to $856 million, also missing the analyst consensus. Looking ahead, Potash also issued guidance that was worse than what the Street had been expecting: Q3 EPS of $0.80-$1.20, versus the consensus of $1.56, and FY09 EPS of $4.00-$5.00, versus the Street estimate of $5.24.
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