Friday, October 31st7.9°C
23696
23129

Agrium says its results will feel impact of late spring season, plant shutdown

CALGARY - Agrium Inc. (TSX:AGU) expects only a slim profit in the first quarter, just above the break-even point, due in part to a slow start to the spring planting season.

The Calgary-based fertilizer producer and farm-products retailer says the quarter will also be affected by a lag in wholesale prices for crop nutrients, reduced rail availability and an unexpected shutdown at its Carseland plant.

Agrium said a boiler failure at the plant on March 22 reduced the company's availability of urea by approximately 100,000 tonnes and ammonia by approximately 20,000 tonnes in the second quarter of 2014.

The company expects to report its first-quarter results on May 6.

"Agrium will provide guidance for the second quarter with our first quarter results," the company said in a statement.

"Agricultural fundamentals continue to improve and we anticipate a strong spring season which will benefit both retail and wholesale results in the second quarter."

Analysts have been expecting Agrium's profit for the first quarter of 2014 to be well above break-even, although down from a year ago.

Estimates indicate they have been expecting Agrium to report 56 cents US per share of earnings in the first quarter.

In the first quarter of 2013, Agrium had 94 cents US per share of net income under standard accounting and $1.03 per share of adjusted earnings.

Earlier this year, the company had said nasty winter weather was driving up costs at its potash mine expansion in Saskatchewan and making it more difficult for the fertilizer maker to transport its products to market.

A bitterly cold and snowy winter, combined with last year's bumper crop of grain in Western Canada and several other factors, has led to a traffic jam on the railways.

Agrium shares closed down $1.45, or 1.35 per cent, at $106.09 on the Toronto Stock Exchange.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14458.69-68.88
S&P CDNX771.65-9.42
DJIA17195.42221.11
Nasdaq4566.138+16.912
S&P 5001994.65+12.35
CDN Dollar0.8927-0.0007
Gold1172.90-25.70
Oil80.33-0.57
Lumber322.40-1.20
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.11+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.150.00
Cantex0.045-0.015
Anavex Life Sciences0.1711-0.0089
Metalex Ventures0.0350.00
Russel Metals32.22-0.35
Copper Mountain Mining1.97-0.05
Colorado Resources0.14+0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.375+0.005

 





FEATURED Property
2013415698 Balsam Road
5 bedrooms 3 baths
$519,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


22707