Terra Industries 2nd-qtr profit nearly triples, sales jump; results beat Street, shares rally
NEW YORK (AP) -- Fertilizer manufacturer Terra Industries Inc. said Thursday its second-quarter profit nearly tripled and its revenue surged, results that beat Wall Street's estimates.
For the period ended June 30, the company posted income available to common shareholders of $202.2 million, or $1.94 per share, compared with $69.4 million, or 66 cents per share, in the year-ago period.
The figures exclude preferred stock dividends of about $1.3 million.
Revenue jumped 22 percent to $843.1 million from $692.5 million in the second quarter of last year.
Analysts polled by Thomson Financial expected, on average, earnings of $1.22 per share on revenue of $837.3 million
"We expect this strong demand to continue for the remainder of 2008 as customers fill their storage capacity in anticipation of a robust spring 2009 planting and application season," President and CEO Mike Bennett said in a statement.
Shares jumped $3.85, or 8.4 percent, to $49.49 in the afternoon session.
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