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By Rod Nickel
Aug 5 (Reuters) - North American nitrogen fertilizer
producers Agrium Inc AGU.TO and CF Industries CF.N reported
higher second-quarter profits on Wednesday after markets closed.
Agrium's quarterly profit beat expectations for the Canadian
company, while earnings for Illinois-based CF matched the
average estimate.
Agrium 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.
U.S.-listed shares of Agrium, North America's biggest retail
seller of seed, fertilizer and crop chemicals, eased after
normal trading hours, while CF stock gained 1.5 percent.
Less U.S. planting this spring of corn, a crop that uses
much fertilizer, wet weather in the U.S. corn belt and lower
crop prices caused farmers to think twice about spending to
maximize production. Dry conditions in Western Canada also hurt
farmer spending on fertilizer, Agrium said.
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.
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.