11:43 AM EST - Agrium Inc. : announced that it expects third quarter 2009 earnings to be 90% to 95% below last year's third quarter results, in line with results previously reported from industry peers for the third quarter. Analysts polled by Thomson Reuters expect the company to report earnings of $0.79 U.S. per share for the third-quarter. Analysts' estimates typically exclude special items. The company said that the reduction is due to significantly lower prices and margins for all three crop nutrients, and particularly for phosphate and potash. Retail results have been negatively impacted by a slower than expected recovery in Retail crop nutrient margins in the third quarter and approximately a 40% decline in fungicide sales and applications this summer. These factors will result in a significant reduction in the previously forecasted Retail EBITDA. The company said that despite these short-term challenges, it believes the fundamentals for its businesses are excellent and it is well-positioned for the anticipated strong recovery in crop input demand in 2010. Agrium Inc.
shares T.AGU are trading down $3.21 at $56.52.
