10:12 AM EST - Agrium Inc. : reports that it expects second-quarter earnings to be "at, or slightly above, the upper end of its previously provided guidance range." The fertilizer maker and farm-products retailer had previously predicted US$1.45 to $1.55 in diluted earnings per share for the April-June period.
"Although the quarter is not over, we are seeing an extended application season and increased side-dress activity supporting both our retail and wholesale operations, and as a result are optimistic about second-quarter results," stated CEO Mike Wilson. In the second quarter of last year, Agrium earned US$142 million or $1.06 per share, which was up from $133 million or 99 cents per share in April-June 2005. Agrium also said Monday it has signed a 15-year nitrogen supply agreement with Faustina Hydrogen Products LLC, under which the Canadian-based company will take 40 per cent of the 1.3 million tons of anhydrous ammonia to be produced annually at a gasification facility planned for Louisiana. Financial terms were not disclosed. Agrium Inc.
shares AGU:CA are trading up fifty cents at $45.70.
