Calgary — Agrium Inc. reported a 13 percent in drop in net earnings for the second quarter ending June 30, 2013, to $747 million ($5.02 per diluted share) on sales of $7 billion, down from the year-ago $860 million ($5.44 per share) on sales of $6.77 billion. While volumes remained strong, lower prices for some products impacted results, particularly urea, phosphates, and potash, with other products – ammonia and ammonium sulfate – showing higher pricing. Agrium said that despite the less than ideal spring weather in many of its key markets, it had the second highest quarterly earnings in history. Retail reported record second-quarter sales at $5.6 billion, up 7 percent from the year-ago $5.2 billion. Crop nutrient sales were $2.48 billion, up from $2.36 billion. Retail net earnings were $562 million, up from $556 million. Total Retail crop nutrient volumes were up, at 4.1 million mt with an average price of $607/mt versus the year-ago 3.74 million mt ($631/mt). Wholesale net earnings were $453 million on sales of $1.5 billion, versus the year-ago $628 million and $1.65 billion, respectively. Total sales volumes were 2.89 million ($518/mt), down from the year-ago 3.05 million ($540/mt). Six-month net income was off 13 percent, to $888 million ($5.96 per share) on sales of $10.2 billion, down from the year-ago $1 billion ($6.41 per share) on sales of $10.3 billion. Six-month Retail earnings were $534 million on sales of $7.7 billion, down from the year-ago $613 million and $7.67 billion. Crop nutrient sales were $3.29 billion versus the year-ago $3.39 billion, with volumes up at 5.5 million mt ($598/mt) from the year-ago 5.45 million mt ($623/mt). Six-month Wholesale earnings were $780 million on sales of $2.6 billion, down from the year-ago $957 million and $2.8 billion, respectively. Total volumes were 5.2 million mt ($507/mt), down from the year-ago 5.3 million mt ($529/mt).
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