May. 9, 2017
Agrium Inc. recently announced its 2017 first quarter results, with a net loss to equity holders of Agrium of $11-million ($0.08 diluted loss per share) compared to net earnings to equity holders of $2-million ($0.02 diluted earnings per share) in the first quarter of 2016. The reduction in net earnings was driven primarily by higher natural gas prices and lower phosphate prices relative to the first quarter of 2016.
"The first quarter is the seasonally slowest quarter for our business and the wet weather in March compounded this. The spring application and planting season is now underway and we expect solid first half results, even with the shift in acres this year from corn to soybeans and cotton in the U.S.," commented Chuck Magro, Agrium's President and CEO. "Integration preparations for the pending merger with PotashCorp are progressing well and we remain confident in delivering the $500-million in annual operating synergies and completing the deal by mid-year," added Mr. Magro.