Israel Chem Q1 profit, revenue fall on lower potash prices

TEL AVIV, May 12 (Reuters) - Israel Chemicals (ICL) reported lower quarterly earnings that met estimates, as sales fell due to lower prices for potash and phosphates and a delay in the signing of a potash supply contract in China.

The coronavirus outbreak “did not have a notable impact” on first quarter results but could affect annual results, ICL said on Tuesday.

ICL earned 5 cents per diluted share in the first quarter, down from 11 cents a year earlier. Sales declined to $1.32 billion from $1.42 billion.

Analysts on average forecast adjusted EPS of 5 cents on sales of $1.25 billion, according to I/B/E/S data from Refinitiv.

ICL last week signed contracts for the sale of 910,000 tonnes of potash to customers in China.

The company said it would pay a quarterly dividend of $30 million, equal to 50% of its net profit. (Reporting by Tova Cohen; Editing by Steven Scheer)