Viterra releases earnings

Regina, Sask.-Viterra reported net earnings of C$96.0 million on sales of $1.4 billion for the fourth quarter ending July 31, 2007, up from the year-ago $13.5 million and $601.1 million. For the year ending July 31, net earnings were $108 million on sales of $2.6 billion, versus the year-ago $531,000 and $1.6 billion, respectively. Viterra is the new operating name for the Saskatchewan Wheat Pool Inc. and Agricore United, (AU). Results for AU are only included for the two months since the acquisition date of May 29, 2007, and are not included in year-ago amounts. Viterra has announced plans to change its financial year-end to Oct. 31. As a result, 15-month results will be released after that date. Sales and other revenues from Viterra’s Agri-Product segment were $588.3 million for the fourth quarter, up from the year-ago $340.0 million. Segment gross profit and net revenues from services rose to $142.9 million, up from $48.0 million, with much of this attributable to improved fertilizer margins. EBIT was up, at $95.9 million from the year-ago $28.2 million. Full-year sales results were $810.6 million, up from $539 million. Gross profit was $183.2 million, up from $77.1 million. EBIT was $93.4 million, up from $14.7 million. Crop protection sales led the way in the fourth quarter, but fertilizer led for the year.