Agrium Earnings Beat Estimates as Fertilizer Costs Decline
February 09, 2016
February 09, 2016 by Bloomberg
Agrium Inc., the largest agricultural retailer to U.S. farmers, posted better-than-expected fourth-quarter profit after it implemented cost cuts at its fertilizer unit. Net income rose to $1.45 a share from 33 cents a year earlier, the Calgary-based company said Tuesday in a statement. Profit excluding one-time items was $1.52 a share, beating the $1.38 average of 22 analysts’ estimates compiled by Bloomberg. Agrium’s sales disappointed, declining to $2.41 billion from $2.71 billion, compared with the $2.83 billion average estimate. Its full-year earnings forecast also fell short of expectations. Agrium expects net income of $5.50 to $7.00 a share in 2016, compared with the average $7.01 estimate.