logo-loader
viewAgrium Inc.

Agrium lifts Q2 profit guidance by 15-pct on robust demand

share_price_up350_5006d6c0374c9.jpg

Fertilizer giant Agrium (NYSE:AGU) (TSE:AGU) raised second-quarter earnings guidance by 15 per cent thanks to continued robust demand, marking a record for the company.

The Calgary, Alberta-based company offers fertilizer products to those in agricultural, industrial and export markets.

Agrium said it now expects to see second-quarter earnings of between $5.40 and $5.50 per diluted share. That compares to the June forecast of $4.18 to $4.78 per share.

Analysts polled by Bloomberg expect per-share earnings of $4.71 for the second quarter.

"The increase in expected earnings is due to excellent results across our entire crop input business, resulting from the continuation of robust demand through June, despite the very early start to the spring season," chief executive Mike Wilson said in a statement.

Shares, in late morning trade, rose 2.91 per cent touching $96.64 each on the Toronto Stock Exchange. At one point, Agrium’s stock reached $96.91 per share.

The CEO noted second quarter earnings before interest, taxes, depreciation and amortization for all three business units will be higher than the same period last year.

"The outlook remains very positive, supported by the significant increase in grain and oilseed prices globally due to adverse weather in the U.S. and an expected tightening in international crop input markets."

Agrium is slated to release second quarter results on August 2.

Quick facts: Agrium Inc.

Price: - CAD

TSX:AGU
Market: TSX
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Alpine 4 Technologies growth continues in Q-1 of 2020 with a nice jump in...

Alpine 4 Technologies (OTC: ALPP) CEO Kent Wilson joined Steve Darling from Proactive Vancouver to share news about the company’s 1st Quarter financial numbers that some very good growth. Wilson shares the numbers and some of the highlights. Wilson also talked about the company’s strategy when...

1 hour, 48 minutes ago

2 min read