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Agrium (AGU) reported earnings on May 6th. Here are the results and forward looking statements.

  • While the company lost $7 million overall for the quarter, this was due to poor hedging bets in natural gas. The pre-tax profit, excluding the hedging, was $64 million.
  • This makes the overall Q1 loss 4 cents per share. The adjusted gain was 41 cents
  • Overall revenue’s rose 3% to $1.85 billion
  • Raised Q2 EPS to $2.50 – $3.00.

    • AGU remained bullish on fertilizer

    Chief Executive Mike Wilson shared the following bullish comments:

    All indications from our extensive retail system across the U.S. are that growers have returned to normal application rates for crop nutrients, as well as other crop inputs

    Earlier last week Potash raised there own 2010 forecast, citing increased demand. But we all know how POT operates, they have been consistently bullish with demand forecasts for the past few years, even during the heavy downturn in worldwide demand and pricing power.

    Shares remained relatively flat after the earnings announcement (gaining less than 2%). On the plus side AGU shares opened on Monday the 10th at the same price that they closed at on May 5th, the day prior to the historic mid-day market sell-off.

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