POT crushes Q1 estimates, significantly raises 2008 guidance

The company earned $1.74 per share versus consensus of $1.52.
Earnings guidance for full-year 2008 was steeply hiked up from $6.25-$7.25 per share to $9.50-$10.50 per share. Analysts currently expect $8.62 for 2008.
For the second quarter POT expects to earn $2.20-$2.50 versus $2.27 consensus.
"Another record quarter for our company reflects the ongoing growth in global demand for food and the fertilizers that are essential to maximizing crop production," said PotashCorp President and Chief Executive Officer Bill Doyle. "This is especially true of potash, where we have unmatched assets that continue to elevate our performance. In this environment, we are demonstrating the increasing value of our company - as an essential part of the solution to concerns about the world's food supply."

"The global need to increase food production is real and immediate, and it will be a part of our world for the foreseeable future," said Doyle. "It took nearly a decade to empty the global grain cupboard and we can't refill it overnight. The good news is that the world is more than capable of producing enough food, but improved farming and fertilization practices will be required. With our unique ability to incrementally raise our potash production to meet world demand over the next several years, we look forward to helping farmers increase food production as we deliver continued growth for our shareholders."

IPI pulled back yesterday following its stellar debut on Tuesday. It could be off to the races again today on both the strength of POT's earnings and the saturating media coverage of the global food crunch.