Agrium Inc. reported a 56 percent drop in net earnings for the third quarter ending Sept. 30, 2012, to $129 million ($0.80 per diluted share) on sales of $2.96 billion versus the year-ago $293 million ($1.85 million) on sales of $3.14 billion. Excluding major one-time charges, third quarter earnings were $215 million.
Agrium said its Wholesale nitrogen and Retail businesses delivered solid earnings. Gross profit from nitrogen was the highest for a third quarter in history, while Retail EBITDA nearly matched year-ago results. Potash results were impacted by downtime at the company’s mine due to its major expansion as well as a weaker potash market stemming from delayed contracts to India and China.
For more details, see the Green Markets Web Edition November 12.