Toronto-Sherritt International Corp. saw a slight increase in operating losses at its fertilizer business for the year ending Dec. 31, 2007. Losses were C$1 million on increased sales of $64.1 million, versus 2006’s losses of $800,000 and $47.9 million, respectively. Fertilizer volumes were up, at 198,429 mt from 2006’s 151,140 mt. Sherritt said increased revenues were offset by higher operating costs, amortization, and selling costs. Operating costs were impacted by higher maintenance spending associated with the bi-annual acid plant shutdown. Company-wide, Sherritt saw a 51 percent increase in 2007 net earnings to post a record at $370.4 million ($1.79 per diluted share) on sales of $1.34 billion, up from 2006’s $245.6 million ($1.42 per share) and $1.11 billion, respectively. Fourth-quarter net income was $83.5 million ($.36 per share) on sales of $323.6 million, versus the year-ago $78.6 million ($.47 per share) and $304.2 million.
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