Potash Corp. of Saskatchewan Inc., one of the world's largest fertilizer producers, reported a 23 percent increase in second-quarter profit Thursday, though results missed Wall Street expectations.
The Canadian company said lower global prices for potash, nitrogen and phosphate fertilizer pressured its results.
"Global fertilizer demand was strong during the quarter, but highly competitive markets around the world had an impact on our results," Potash CEO Bill Doyle said in a statement.
The company reported net income of $643 million, or 73 cents per share, up from $522 million, or 60 cents per share, in the second quarter of 2012.
Revenue fell to $2.14 billion from $2.39 billion.
Analysts polled by FactSet were expecting earnings per share of 80 cents on sales of $2.12 billion.
The company said it expects full-year earnings per share between $2.45 and $2.70 per share. Analysts were looking for $2.81 per share.
Shares of Potash Corp. fell 50 cents to close at $37.44 Thursday.