Canada's Agrium raises Q2 earnings guidance by 15%

18 July 2012 14:01  [Source: ICIS news]

TORONTO (ICIS)--Agrium has raised its second-quarter earnings per share guidance by about 15% to $5.40-5.50 as its business saw strong demand throughout June, the Canada-based fertilizer firm said on Wednesday.

"The increase in expected earnings is due to excellent results across our entire crop input business, resulting from the continuation of robust demand through June, despite the very early start to the spring season,” said CEO Mike Wilson.

“The outlook remains very positive, supported by the significant increase in grain and oilseed prices globally due to adverse weather in the US and an expected tightening in international crop input markets,” Wilson added.

First-half earnings per share are expected to come in at $6.72-6.82. The estimate excludes hedging gains or losses and share-based payments expenses in Agrium’s actual first-quarter and estimated second-quarter results, it said.

Agrium will release results for the second quarter ended 30 June on 2 August.

($1 = €0.81)

By: Stefan Baumgarten
+1 713 525 2653

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