Agrium second quarter profits rise 20 per cent from year earlier

CALGARY - Fertilizer producer Agrium Inc. saw a 20 per cent jump in its second quarter profits as demand for its crop inputs business remained strong.

The Calgary-based company reported net earnings of US$860 million or $5.44 per share for the quarter ended June 30, compared to net earnings of $718-million or $4.54 per share a year earlier.

Quarterly revenue came in at $6.8 billion, up from 10 per cent from $6.2 billion a year ago.

The average analyst estimate had been for a profit of $4.65 per share and revenue of $6.5 billion, according to those polled by Thomson Reuters.

Agrium (TSX:AGU) said its results included a pre-tax gain of $3 million on natural gas and other hedge positions, and a pre-tax share-based payment expense of $9-million.

Excluding those items, the company said net earnings would have been $864 million or $5.47 per share for the second quarter.

(The Canadian Press)