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.