VANCOUVER (miningweekly.com) – Calgary, Alberta-based fertiliser producer Agrium, which controls the largest retail distribution network in North America, has reported a 67% slide in net fourth-quarter earnings attributable to equity holders, to $67-million, or $0.49 a share.
The company, which is in the process of merging with Canadian counterpart PotashCorp of Saskatchewan to create a new $36-billion entity, attributed the lower net earnings to lower year-on-year nutrient pricing.
Sales for the year fell 5% to $2.3-billion.
Despite president and CEO Chuck Magro stating that Agrium was encouraged by the recent firming in global nutrient markets and the company anticipating solid demand for crop inputs in the coming spring application season, the company's 2017 guidance for diluted earnings a share of $4.50 to $6 falls short of average Wall Street analyst forecasts calling for full-year earnings of $5.45 a share.