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K+S tops third-quarter core earnings estimates on higher prices, early de-icing salt sales

By Reuters News

Nov 10 (Reuters) - German potash and salt miner K+S SDFGn.DE reported better-than-expected third-quarter core earnings on Tuesday, bucking a sector-wide trend thanks to strong demand for de-icing salt.

Peers Canada's Nutrien NTR.TO, Norway's Yara YAR.OL and US-based Mosaic MOS.N gave profit forecasts below estimates, as lower volumes, partly the result of cost-driven production cuts, and high prices for some fertilizers weighed on the sector.

  • K+S's earnings before interest, taxes, depreciation and amortization (EBITDA) were €108 million ($121 million) for the July-September period, 5% above analysts' expectations, according to a poll by Vara Research

  • Pricing led the beat in K+S's agricultural segment, as volumes fell year-on-year by 0.13 million tonnes, while early de-icing salt sales lifted the industrial business

  • It also tightened its full-year EBITDA forecast to between €700 million and €750 million, from €680 million to €760 million previously.

($1 = 0.8961 euros)

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