Canada’s Agrium Q3 net earnings soar to $293m, sales up 52%

03 November 2011 11:53  [Source: ICIS news]

LONDON (ICIS)--Agrium’s third-quarter consolidated net earnings soared to $293m (€214m) from $61m in the same period last year, partly due to higher profits from crop nutrients, the Canada-based agribusiness firm said on Thursday.

Sales for the three months ended 30 September grew 52% year on year to $3.14bn, while earnings before interest and tax (EBIT) jumped to $448m from $106m in the same period in 2010.

“Results from our Retail business were particularly strong this quarter, as we achieved record sales and our second highest earnings for a third quarter,” said Mike Wilson, Agrium president and CEO.

“Agriums Wholesale [segment] results were also the second highest on record for a third quarter, due to yet another quarter of excellent margins supported by strong crop nutrient prices,” he added.

Wilson said that Agrium expects the strength in its business to extend through the autumn application season and into 2012 “due to the continuation of tight agricultural fundamentals providing economic incentive for growers to optimise crop acreage, yields and crop inputs”.

“Despite the recent global economic uncertainty and volatility, we believe that the strong fundamental drivers supporting demand in agricultural and crop input markets remain firmly in place. Consequently, the outlook for Agriums businesses and products is excellent,” added Wilson.

Consolidated net earnings for the first nine months of 2011 more than doubled to $1.18bn from $578m in the same period last year, while net sales grew 47% to $12.29bn.

($1 = €0.73)

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By: Franco Capaldo
+44 (0)20 8652 3214

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