May 13 (Reuters) - German potash and salt miner K+S

reiterated its 2024 guidance on Monday after

confirming a quarterly core profit beat driven by an upbeat

performance in Europe on recovering prices and demand.

Potash prices have started to recover after falling last

year from 2022's near record highs due to a drop in demand, as

farmers used up existing fertiliser stocks and cut back on its

use to rein in costs.

After confirming first-quarter earnings before interest,

tax, depreciation and amortisation of 200 million euros ($215

million) - matching consensus-beating preliminary figures

reported in April - the company reaffirmed annual guidance for

EBITDA of 500 million-650 million euros.

A strong start to the year in Europe raises its likelihood

of reaching the higher end of this range, the Hessian-based

group said.

Shares in K+S were down 0.9% at 0922 GMT.

The core profit beat was driven by the Specialty Fertilizer

business as well as an overall good performance in Europe, the

company said.

"Brazil is showing very strong demand and there is hope that

we could see another record here," Lohr added, commenting on

potash demand during a call with analysts.

South-East Asia is the only region where potash market

remains weak, he said.

South America made up 6.8% of the group's sales in the first

quarter, while Asia was responsible for 16.2%.

While the company expects potash supplies from Russia and

Belarus to rise, it does not foresee oversupply in the market

this year as demand is also picking up.

K+S's upbeat results echo those of Toronto-listed fertiliser

group Nutrien ( NTR ), whose core profit was fuelled by strong

demand for crop nutrients from North America.

However, they contrast with those of U.S.-based Mosaic

and Norway's Yara ( YRAIF ), which both said lower prices

weighed on their quarterly earnings.

($1 = 0.9286 euros)