Courtesy of Benzinga
“>
Agrium (NYSE: AGU) cites strong retail performance and crop fundamentals for the increase in Q2 guidance. The company announced today that it expects to earn between $4.10 to $4.40 diluted earnings per share on continuing operations in the second quarter of 2011, or $5.12 to $5.42 for the first half of 2011. The significant increase from the previous guidance of $3.38 to $3.88 diluted earnings per share from continuing operations for the second quarter is due to very strong Retail performance and increasing nutrient pricing supported by continued strong crop fundamentals.
The guidance excludes any additional impact from second quarter share-based payment expense or mark-to-market gains or losses on natural gas or other commodity hedge positions.
“The strength in our earnings outlook is due to excellent performance from all three of our business units, which is particularly impressive given that the North American spring planting season has been hampered by excessively cold and wet weather this year. Record global crop prices are driving demand for all crop inputs, and Agrium’s strategic investment across the global agricultural value chain is capturing the benefits from the strength in these underlying fundamentals,” said Mike Wilson, Agrium President and CEO.
