German potash and salt miner K+S confirmed its core profit beat on Monday, as it benefited from a strong European specialty and industry business performances.
The Hessian-based firm posted earnings before interests, taxes, depreciation and amortization of €200-million, 21% above analysts' expectations of €165-million, according to a poll by Vara research.
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' results echo Toronto-listed Nutrien's, which posted a core profit fueled by strong demand for crop nutrients from North America.
However, they contrasted with US-based Mosaic and Norwegian Yara as both reported lower prices weighing down on the companies' earnings.
K+S also confirmed its guidance for 2024, aiming for an EBITDA within a range of between €500-million and €650-million and an adjusted break-even free cash flow.
"The lower end has become less likely with the good first quarter, but the closing in China in particular is still pending" CEO Burkhard Lohr said in an interview.