Agrium forecasts smaller-than-expected quarterly profit

(Dave Bedard photo)

Reuters — Fertilizer and ag retail firm Agrium said Wednesday it expected third-quarter earnings from continuing operations of 45 cents to 55 cents per share, falling short of Wall Street expectations.

Analysts were expecting Agrium to report third-quarter earnings of 68 cents, according to Thomson Reuters I/B/E/S.

Two of Calgary-based Agrium’s major fertilizer production facilities are currently offline, but the company said stronger results from nitrogen sales would offset the impact.

The company’s Vanscoy, Sask. potash mine has halted production so the company can tie in an expansion project. Agrium’s Redwater, Alta. nitrogen plant is down for replacement of a major piece of equipment.

The company said fourth-quarter earnings looked to be similar to those of a year earlier.

Reporting for Reuters by Rod Nickel in Winnipeg.

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