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)