K+S ups earnings forecast on soaring potash prices

FRANKFURT, July 31 (Reuters) - Germany's K+S SDFG.DE has raised its earnings guidance for this year thanks to soaring potash prices, sending its shares up on Thursday.

K+S said in a statement it now expects earnings before interest and taxes before market value changes of between 1.4-1.6 billion euros ($2.19 billion - $2.50 billion), up from previous guidance of at least 1.1 billion euros.

The world's fourth-largest potash supplier also said it had raised its standard potash prices in Europe on Wednesday by another 40 euros to 600 euros per tonne.

The last time it raised its prices was in June.

"Moreover, on the global markets it is foreseeable that a price level of $1,000 per tonne of potassium chloride will have been established during the fourth quarter," it added.

The company also said it expected a strong second quarter. Its results are due on Aug. 13.

Shares in K+S were up 6.9 percent at 78.3 euros at 1100 GMT, compared with a 1 percent increase in the German mid-cap .MDAXI index. (Reporting by Mantik Kusjanto)