UPDATE: Potash Reports 75% Jump In Net Profit, Boosts Forecast

Potash Corp. of Saskatchewan POT reported a 75% surge in its quarterly net profit and raised its earnings forecast for the year. Potash reported its quarterly net profit at $840 million, up from $480 million, in the year-earlier quarter. Its earnings per share surged to $0.96 from $0.53. Potash's revenue climbed 62% to $2.33 billion. However, analysts were expecting earnings of $0.86 per share on revenue of $2.01 billion. For the year, Potash raised its earnings outlook to a range of $3.40 to $3.80 per share, versus analysts' estimates of $2.46 per share. Potash shares closed at $59.18 yesterday.