Potash Corporation of Saskatchewan is reporting a lower first quarter profit, year over year.

The mining giant says that earnings were nine cents per share, totalling $75 million, with notable charges of six cents per share, equalling $52 million. That's down from 44 cents per share during the first quarter of last year, which generated $370 million.

Chief Executive Officer Jochen Tilk said in a statement that conditions will improve throughout the year.

"In recent weeks, spot markets have begun to stabilize and customer sentiment is improving. We see better conditions for the remainder of 2016, but recognize that the timing and strength of a recovery is still unfolding."

Tilk added that as a result of some lower prices for nutrients, they had to make some changes.

"We took meaningful steps during the quarter that align with our potash strategy, including the suspension of operations in New Brunswick and production curtailments in Saskatchewan. While these steps impacted our first quarter results, we are confident they best support medium to long term performance."

Weaker prices were felt primarily for potash, which was down $340 million, and nitrogen, which dropped $74 million. Phosphate fell $19 million, for a total gross margin of $234 million. Lower prices were felt due to less demand, according to Tilk.

"In potash, the deferral of new contacts in China led to cautious buying patterns in other regions, result in a weaker demand environment and lower prices."

For the second quarter, PCS expects to have between 15 and 25 cents per share, with the annual outlook pegged between 60 and 80 cents.

Potash sales expectations are projected at 8.3 to 8.8 million tonnes, with the gross margin set between $500 to $700 million. Nitrogen and phosphate is estimated at $600 to $800 million.