Posts By Date - Green Markets

Agrium income off in 4Q, year – Alert

February 24, 2015Breaking Industry Newswebster@kennedyinfo.com

Agricultural headwinds and plant downtime impacted Agrium Inc. in the fourth-quarter and full-year 2014. Agrium Inc. reported fourth-quarter net income of $51 million ($0.33 per diluted and basic share) on sales of $2.7 billion, down from the year-ago $99 million ($0.66 per share) and $2.87 billion, respectively. Net earnings from continuing operations were stronger at $70 million versus the year-ago $110 million.

Agrium, which dismantled its Advanced Technology segment in 2014, saw fourth-quarter losses from discontinued operations of $19 million compared to a year-ago loss of $11 million.

“Agrium once again benefited from the strength of its competitive advantages and diversity, delivering solid fourth quarter earnings across the company, despite some headwinds in agricultural markets. We undertook downtime to refresh and expand our potash and nitrogen facilities this quarter, which impacted Wholesale earnings in the short term but will drive higher future capacity and utilization rates. Agrium’s Retail distribution business demonstrated its operational stability in this environment and achieved record earnings again this year, reporting improvements across all target metrics and with EBITDA surpassing $1.1-billion. Nutrient sales this quarter were impacted by a shortened fall application window due to the late harvest and early onset of winter in the U.S., but this will support demand for the coming spring season." commented Chuck Magro, Agrium’s President and CEO.

Full-year net income was $720 million ($4.97 per share) on sales of $16 billion compared to 2013’s $1.06 billion ($7.20 per share) and $15.73 billion. Net income from continuing operations was $798 million versus the year-ago $1.08 billion.

Agrium reported a net loss of $78 million from discontinued operations in 2014, up from 2013’s loss of $13 million.

Israeli union issues ultimatum – Alert

Israel’s powerful Histadrut Labor Federation has issued an ultimatum that it will declare a general labor dispute in all of southern Israel on Thursday, Feb. 26, if a solution is not found for the crisis at Israel Chemicals Ltd. The ultimatum was issued on Tuesday, Feb. 24, by Histadrut Chairman Avi Nissenkorm. Declaring a work dispute would allow the Histadrut to impose a full scale general strike two weeks later.

Nissenkorn said that southern Israel must be saved from layoffs. He said the fight would be escalated. The labor union chairman called on Prime Minister Benjamin Netanyahu to get directly involved to prevent the layoffs at Dead Sea Bromine and Dead Sea Works since they directly involve the country’s natural resources.

On Feb. 24, ICL workers demonstrated in Beer Sheba as part of their effort to get public support. On Sunday and Monday mass demonstrations were held in Dimona and Arad.

The strike itself has turned more acrimonious. The Histadrut charged ICL management with pasting summons for layoff hearings on the doors of employees in the middle of the night while management charged that one of the messengers was attacked while trying to deliver a summons and was later hospitalized.

On Feb. 23, Israel’s Finance Ministry said it is considering intervention in the crisis.