02 May 2008 14:04 [Source: ICIS news]
TORONTO (ICIS news)--Agrium posted first-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) of $341m (€222m), up from $42m in the year-earlier period, on strong demand and pricing levels, the Canadian fertilizer major said on Friday.
Net sales for the three months ended 31 March were $1.1bn, up 35% from the 2007 first quarter, and net income was $195m, compared with a net loss of $11m the year before.
"Our impressive first-quarter results are due to the excellent fundamentals for the fertilizer and broader agriculture sector, as well as to the quality of our assets that span the agriculture value chain,” said CEO Mike Wilson.
Nitrogen gross profit was $126m, an increase of $77m from the first quarter of 2007, due to higher realised sales prices for nitrogen products.
Phosphate gross profit reached a record $44m, up from $10m in the 2007 first quarter, as a 63% increase in realised sales prices and an 18% increase in sales volumes more than offset an increase in cost of product sold.
Potash gross profit tripled to a first-quarter record of $87m due to prices that were almost double last year's levels and a 35% increase in sales volumes.
($1 = €0.65)
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