Calgary-based Agrium Inc. announced today that it expects its second quarter earnings to be in the range of $5.40 to $5.50 diluted earnings per share and the first half earnings to be in the range of $6.72 to $6.82 diluted earnings per share. The estimate excludes hedging gains or losses and share-based payments expense in our first quarter actual results and estimated second quarter results. This revised earnings estimate is approximately 15% higher than the previously announced second quarter guidance level and would represent a record earnings for the second quarter and the first half of the year.
“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. As a result, the second quarter EBITDA3 for all three business units is expected to be higher than the same period last year. The outlook remains very positive, supported by the significant increase in grain and oilseed prices globally due to adverse weather in the U.S. and an expected tightening in international crop input markets. Detailed financials and more colour on our results and the outlook for our business and sector will be provided in our second quarter financial results on August 2, 2012,” said Mike Wilson, Agrium President and CEO.
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