Shares of $9.4 billion (market cap) fertilizer maker Agrium (AGU) are off 60 cents, or 1%, at $59.85, not so bad considering the company missed Q1 revenue estimates. Agrium reported a net loss instead of the expected profit, but beat if you exclude special one-time non-cash items.
Agrium revenue rose 2.6%, year over year, to $1.8 billion, missing ever so slightly the $1.83 billion estimate. But the company also reported a net loss of 4 cents, versus 33 cents expected.
Excluding losses from gasoline and other hedges, however, and a 15-cent-per-share options expense, the company turned in a 41-cent profit.
Agrium wholesale volume of fertilizer was up 14%, year over year, and a record for a Q1, at $789 million, the company said, while retail volume was held back by inclement weather in March held back farmers from planting, the company said, leading to volume being flat with the prior year.
Fundamentals for nutrients remain “robust,” however, said CEO Mike Wilson, as weather “in April has been excellent and growers responded quickly by applying significant levels of crop inputs.”
For this year, the company forecast $2.50 to $3 per share in profit, ahead of the Street’s $2.66.
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