Toronto—Sherritt International Corp. reported a 29 percent increase in fertilizer revenues for the year ending Dec. 31, 2011, and a 16 percent drop in volumes. Sherritt attributed the revenue uptick to higher fertilizer prices. Revenues were C$82.5 million versus 2010’s $63.8 million, while volumes dropped to 165,208 mt from 196,090 mt. Cost of sales moved up 10 percent to $59.5 million from 2010’s $54.2 million, indicating an increased operating profit in 2011. 2011 sulfur and sulfuric acid prices were US$238/mt and US$190/mt, up from 2010’s $141.80/mt and $135.97/mt, respectively. Potash royalties for 2011 were up 48 percent to $18.9 million from 2010’s $12.8 million, reflecting stronger prices and production. However, in the fourth quarter they fell 15 percent, or $700,000, reflecting lower prices and production volumes. Fourth-quarter fertilizer volumes were up at 61,808 mt from the year-ago 58,332 mt. Sulfur and sulfuric acid prices were up at US$252.11/mt and $196.65/mt, compared to the year-ago $146.82/mt and $144.38/mt, respectively. Company-wide, Sherritt reported net earnings were C$197.3 million ($.67 per diluted share) on sales of $1.98 billion for 2011, compared to 2010’s $144.8 million ($.49 per share) and sales of $1.67 billion. The fourth quarter saw a drop in net earnings, to $28.1 million ($.09 per share) on sales of $536.8 million from the year-ago $42.7 million ($.14 per share) and sales of $485.2 million.
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