Agrium (TSX:AGU; NYSE:AGU) has announced its 2017 second quarter results.
As quoted in the press release:
- 2017 second quarter guidance relevant earnings were $566-million or $4.09 diluted earnings per share1.
- Our Retail business achieved a first half EBITDA2 record of $821-million supported by strong margins, with EBITDA to sales of 10.3 percent, compared to 9.8 percent last year and the highest since 2008.
- Wholesale grew its second quarter sales volumes and reduced costs across our operations to achieve EBITDA similar to last year, despite a 7 percent decline in North American nitrogen prices this quarter. Record first half potash production achieved with successful post expansion ramp-up.
- Our new urea facility at Borger, Texas was successfully commissioned and reached designed operating rates in the second quarter.
- Agrium has updated our 2017 annual guidance to a range of $4.75 to $5.25 diluted earnings per share (see page 4 for guidance assumptions and further details).
“Agrium continued to deliver robust results this quarter due to our integrated business model and focus on operational improvements and execution. Retail set a first half earnings record with the highest EBITDA to sales in almost a decade while Wholesale delivered strong operational results, which together allowed us to generate $1.2-billion of EBITDA in the first half of 2017,” commented Chuck Magro, Agrium’s President and CEO. “We look forward to the completion of our merger with PotashCorp which is anticipated near the end of the third quarter of this year and continue to make significant progress on integration preparations,” added Mr. Magro.