Agrium Swings to 4th-Qtr Profit on Strong Demand, Prices; Calls 2008 Outlook "Oustanding"
NEW YORK (AP) -- Agrium Inc. swung to a fourth-quarter profit on strong global demand and prices for agricultural products and said the outlook for 2008 is "outstanding."
The Canadian plant-nutrient and fertilizer producer posted a profit of $172 million, or $1.24 per share, compared with a loss of $62 million, or 47 cents per share, a year earlier. Net sales jumped 58.6 percent to $1.43 billion from $899 million.
Gross profits for all three of its crop nutrients posted records, more than doubling from year-ago levels.
Chief Executive Mike Wilson said prices for "virtually all" major crops are "record high," and that strong demand and limited capacity additions will support those prices.
For the full year, Agrium's profit surged to $441 million, or $3.25 per share, from $33 million, or 25 cents per share, in 2006. Sales climbed to $5.27 billion from $4.19 billion.
Agrium shares rose $2.40, or 3.9 percent, to $65.19 in morning trading.
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