Agrium raises Q2 guidance on strong performance

11 June 2008 15:19  [Source: ICIS news]

TORONTO (ICIS news)--Agrium has significantly raised its second-quarter earnings per share guidance, mainly due to the strong performance of its retail and wholesale businesses, the Canada-based fertilizer major said on Wednesday.

 

The company raised its second-quarter guidance to $2.80-3.00, from previously $1.92-2.22. 

 

Agrium's share price soared 7.05% to $98.66 (€64.13) in early morning trading in New York.

 

"Our excellent results are due to strong performance from both our retail and wholesale operations, which is particularly impressive given that the North American spring application season has been hampered by excessively cold and wet weather this year,” said CEO Mike Wilson.

 

“Continued strong global crop prices have created unprecedented demand for crop inputs and we foresee an extended demand-driven cycle," he added.

 

One assumption underlying Agrium’s guidance was that there would be no unfavourable financial impact relating to its joint venture nitrogen fertilizer project in Egypt, it said.

 

However, Agrium earlier on Wednesday warned about the prospects of that project and said shareholders may face a loss.

 

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($1 = €0.65)

By: Stefan Baumgarten
+1 713 525 2653

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