SASKATOON, SASKATCHEWAN ( TheStreet) -- Potash Corporation of Saskatchewan ( POT) is likely to surge Friday after announcing a massive upward revision of its first-quarter earnings guidance late Thursday after a "sharp rebound" in demand. Potash now expects earnings in the range of $1.30-$1.50 compared with the previous forecast of $0.70-$1.00 per share provided on Jan. 28. The company now expects a record quarter for North American sales volume, along with higher-than-expected margins in nitrogen and phosphate. "Strong farmer returns, a depleted distributor pipeline and the agronomic need to replace soil nutrients have kick-started a potash rebound from 2009 lows," President and Chief Executive Officer Bill Doyle said in a statement. "While we know that growth does not follow a straight upward line, we believe the increase in potash sales volumes this quarter represents the beginning of a return to long-term growth in demand."