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Fertilizer makers Agrium, CF post higher profits

Published 2015-08-05, 06:10 p/m
© Reuters. Fertilizer makers Agrium, CF post higher profits
AGU
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Aug 5 (Reuters) - North American nitrogen fertilizer
producers Agrium Inc AGU.TO and CF Industries CF.N reported
on Wednesday higher second-quarter profits after markets closed.
Agrium's quarterly profit beat Street expectations for the
Canadian company, while earnings for Illinois-based CF matched
the average estimate.
Agrium's net earnings from continuing operations for the
second quarter rose to $675 million, or $4.71 per share, from
$625 million, or $4.34 per share a year ago.
On an adjusted basis, earnings were $701 million, or $4.90
per share. Analysts on average expected Agrium to earn $4.78 a
share in the second quarter, according to Thomson Reuters
I/B/E/S.
Agrium sales fell to $6.99 billion from 7.3 billion, versus
expectations for $7.3 billion.
Agrium, however, lowered the top end of its 2015 profit
forecast to a range of $7.00 to $7.50 from $7.00 to $8.25 per
share, due to the impact of low crop prices on farmers, and
second-half potash and phosphate prices that are expected to be
lower than previous guidance.
CF's net earnings rose to $352 million or $1.49 per share
from $313 million or $1.22 per share a year earlier.
Net nitrogen sales for the Deerfield, Illinois company fell
to $1.31 billion from $1.45 billion.
Analysts had on average expected CF to earn $1.49 a share on
sales of $1.3 billion, according to Thomson Reuters I/B/E/S.

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