Agrium reports record fourth quarter

Print this page

Release Date: 2/21/2013

CALGARY, Alberta -- Agrium Inc. (TSX and NYSE: AGU) announced today record consolidated net earnings (“net earnings”) from continuing operations of $354-million ($2.34 diluted earnings per share) for the fourth quarter of 2012, compared with net earnings from continuing operations of $327-million in the fourth quarter of 2011 ($2.04 diluted earnings per share). Net earnings were $354-million ($2.34 diluted earnings per share) for the fourth quarter of 2012, compared to net earnings of $193-million ($1.20 diluted earnings per share) in the fourth quarter of 2011.

The 2012 fourth quarter results included a $22-million ($0.10 diluted earnings per share) recovery of previously paid and disputed guarantees for letters of credit in AWB Limited’s (“AWB”) investment in Hi-Fert Pty. Ltd. (“Hi-Fert”) and an $18-million ($0.08 diluted earnings per share) recovery in share-based payment expenses. Excluding these items, net earnings and net earnings from continuing operations would have been $326-million ($2.16 diluted earnings per share).

On an annual basis, 2012 net earnings from continuing operations were $1.5-billion ($9.55 diluted earnings per share), in line with record net earnings from continuing operations of $1.5-billion ($9.52 diluted earnings per share) in 2011. 2012 net earnings were $1.5-billion ($9.55 diluted earnings per share), compared to $1.4-billion ($8.68 diluted earnings per share) in 2011.

“I am delighted to report that our unique position across the global agriculture input value chain, and our on-going commitment to driving continuous improvement across our business enabled us to deliver record results for the fourth quarter and match the record annual earnings achieved in 2011. We also generated $2.1-billion in operating cash flow this year, the highest in company history,” said Mike Wilson, Agrium President and CEO.

“The unrelenting global demand for food has continued to pressure global grain supplies, leading to continued strength in crop prices. We believe there is a compelling economic incentive for growers across the world to plant record acreage in 2013 and to optimize their use of crop inputs. As the spring season approaches in North America, Agrium will be there to provide growers with the crop input products, services and expertise they need in order to fully benefit from the tremendous opportunity presented by this attractive environment, and we look forward to delivering another year of value for all our stakeholders,” added Mr. Wilson.

More on this. Download PDF (935.17 KB)