Agrium Inc. announced today that it expects its 2012 fourth quarter earnings to be slightly above $2.00 per diluted share. This estimate excludes hedging gains or losses, share-based payments recovery for the fourth quarter and non-recurring non-operating gains. Agrium’s previously announced fourth quarter earnings guidance was $1.50 to $1.90 per diluted share on a comparable basis.
Agrium said its Retail business unit is expected to generate over $120 million of EBITDA for the fourth quarter which equates to an expected record year of approximately $950 million of EBITDA in 2012. The Wholesale business also continued to generate better than expected results with EBITDA for the fourth quarter and year anticipated to exceed $500-million and $1.9-billion respectively.
“The increase in our estimated financial results is due to a very strong finish to the fall application season in our North American Retail operations, supported by an extended fall season in the U.S. and continued strength in grain and oilseed prices. Going forward, continued strength in crop prices and low global grain inventories are anticipated to support a strong spring application season in 2013,” said Mike Wilson, Agrium president and CEO.
Agrium’s finalized fourth quarter financial statements and audited annual financial results along with a more detailed review of operations and the outlook for our business will be provided on Feb. 22, 2013.