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Agrium's profit falls on special items, lower prices

Globe and Mail - Nov 7, 2012

The potash holiday in China and India has claimed a new casualty, with Agrium Inc. of Calgary announcing lower-than-expected profits in the third quarter.

Agrium, part of the Canadian potash marketing giant Canpotex Ltd., said profit fell to $129-million (U.S.), or 80 cents a share, in the quarter, compared to net earnings of $293-million, or $1.85 a share, in the year ago period.

The sharp fall included a non-recurring charge, but Agrium the company said profit was also dragged down by weakness in the potash market.

“Our results this quarter were impacted by the downtime at our potash operations associated with our substantial potash mine expansion and a weaker potash market stemming from uncertainties from ongoing negotiations with India and China,” said Agrium president and CEO Mike Wilson.

Late last month Potash Corp. of Saskatchewan, the world’s largest maker of the nutrient, reported a 22-per-cent drop in profit as it failed to reach supply deals on schedule with its two largest buyers.

Read Full Article from Globe and Mail

- Posted: 2012-11-07 14:41:01

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