Oslo-Yara International reported net income after minority interest of US$259 million ($.89 per share) on sales of $2.2 billion for the third quarter ending Sept. 30, 2007, versus the year-ago $222 million ($.74 per share) and $1.88 billion, respectively. Operating income and EBITDA were both up, at $190 million and $329 million, respectively, versus the year-ago $183 million and $308 million. Total sales were 5.58 million mt for the quarter, up from the year-ago 5.35 million mt. “Our strong performance continued in the third quarter,” said Yara President and CEO Thorlief Enger. “Our industrial sales grew sharply, driven by environmental applications and nitrates to the mining industry. We benefited from improved fertilizer margins due to strong demand and increased production by 7 percent reflecting strong operational performance in all plants.” Yara noted improved conditions in urea as the quarter progressed, when it became evident that a strong increase in Chinese exports would not be sufficient to match market growth. While the ammonia market was initially weighed down by excess export supply, conditions improved through the quarter. Overall, fertilizer sales were up 2 percent over last year, reflecting growth primarily in Latin America and the United States. Deliveries to Europe were down 2 percent as Yara shifted nitrates to take advantage of better markets in the Americas. Nine-month net income was $671 million ($2.29 per share) on sales of $6.68 billion, versus the year-ago $516 million ($1.70 per share) and $5.6 billion, respectively. Operating income and EDITDA were $582 million and $986 million versus the year-ago $445 million and $802 million, respectively. Nine-month volume sales were 17.49 million mt, up from the year-ago 15.97 million mt. The USD figures were derived by using the average monthly USD/NOK exchange rate.
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