Agrium Inc. reported 2015 first quarter net earnings of $14 million ($0.08 diluted earnings per share) compared to the year-ago $3 million ($0.02 per share). The higher earnings were supported by strong margins and operating rates for nitrogen products in Wholesale segment, while some first quarter Retail earnings were pushed into the second quarter as a result of the delayed start to the spring season in the U.S. this year. Sales were $2.87 billion, down from $3.08 billion.
In the Wholesale segment, strong nitrogen performance contributed to Wholesale gross profit of $234 million compared to the year-ago $171 million.
Retail gross profit was $371 million down from the year-ago $387-million and was impacted by slow start to U.S. spring season, shifting earnings into the second quarter.
Agrium announced a 12 percent increase to its dividend, now $3.50 per share on an annualized basis.
Agrium first half guidance is $4.75 to $5.25 diluted earnings per share, though the company updated annual guidance to a more narrow range of $7.00 to $8.25 diluted earnings per share from the previous $7.00-$8.50 per share.