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K+S beats Q2 revenue expectation, narrows EBITDA outlook
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K+S beats Q2 revenue expectation, narrows EBITDA outlook
Aug 13, 2024 10:42 PM

Aug 14 (Reuters) - German potash and salt miner K+S

beat revenue expectations on Wednesday as it released

its second quarter results, helped by higher volume sales in its

agricultural segment.

The firm reported a quarterly revenue of 874 million euros

($960.6 million), 5% above analysts' expectations of 831.7

million according to a consensus compiled by Vara Research.

K+S also narrowed its outlook range for 2024 earnings before

interest, tax, depreciation and amortisation (EBITDA) to 530-620

million euros, from the previously expected 500-650 million.

"Our guidance assumes that the potash price will remain

stable for the rest of the year. And this is also confirmed

after we have recently seen the contracts in China and India and

potash prices remain stable," CEO Burkhard Lohr said.

Potash prices have started to recover and stabilise

following a period of volatility due to Russia's invasion of

Ukraine, which hurt the margins of potash miners.

K+S's positive results echo those of its peers, Canada-based

Nutrien ( NTR ) and Norway's Yara ( YRAIF ), which both beat

estimates as demand for fertilisers picks up.

($1 = 0.9098 euros)

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