Toronto-Led by higher revenues in its major business units, Sherritt International Corp. reported net earnings of C$57.2 million ($0.38 basic earnings per share) for the second quarter ended June 30, 2006, up from the prior year’s $53.7 million ($0.35 per share). Sherritt’s fertilizer business saw operating earnings of $2.9 million and revenue of $29 million for the second quarter, down from the prior year’s $4.5 million and $33.7 million, respectively, due to reduced production and sales volumes reflecting the impact of lower fertilizer demand in western Canada. Fertilizer sales volumes for the quarter totaled 91,386 mt, compared with 108,630 mt for the 2005 quarter. Six-month fertilizer revenue was $32.7 million with earnings at $3 million, also down from 2005’s $38.2 million and $4.7 million, respectively. Six-month fertilizer sales volumes were 100,216 mt, down from last year’s 122,183 mt. Second-quarter amortization expense for fertilizer was $0.8 million for the second quarter and $1.6 million for the first six months, which was comparable to the 2005 periods.
Transparency Across the Fertilizer Value-Chain