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CORRECTED-UPDATE 1-Fertilizer maker Agrium's 2016 profit forecast misses estimates

Published 2016-02-09, 10:20 a/m
CORRECTED-UPDATE 1-Fertilizer maker Agrium's 2016 profit forecast misses estimates
AGU
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(Corrects Thomson Reuters I/B/E/S earnings estimate to $7.01
per share from $7.03 in second paragraph)
Feb 9 (Reuters) - Agrium Inc AGU.TO AGU.N , a Canadian
fertilizer and farm products retailer, forecast
lower-than-expected profit for 2016, blaming weak prices.
The company said it expects to earn $5.50-$7.00 per share in
2016, slightly below analysts average estimate of $7.01,
according to Thomson Reuters I/B/E/S.
Agrium is North America's biggest retail seller of seed,
fertilizer and chemicals directly to farmers and is also a
producer of nitrogen, potash and phosphate fertilizer.
The company said its sales volumes rose in the in the fourth
quarter ended Dec. 31, but weaker prices dragged down total
sales.
Agrium's sales fell 11 percent to $2.41 billion, missing
analysts' estimate of $2.85 billion.
The company's net earnings from continuing operations more
than tripled to $200 million, or $1.45 per share, helped by
lower costs at its wholesale business and higher earnings from
its retail division.
Excluding items, it earned $1.52 per share, above analysts
average estimate of $1.38.

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