Agricultural nutrient maker Agrium Inc. (AGU) said on Thursday that it is raising its fourth quarter earnings guidance due to a better-than-expected finish to the fall season in the retail sector.
The Calgary, Alberta, Canada-based company said that it is expecting its 2012 fourth quarter earnings to be slightly higher than $2.00 per diluted share. The company previously announced that it was expected earnings per diluted share to be between $1.50 and $1.90.
“The increase in our estimated financial results is due to a very strong finish to the fall application season in our North American Retail operations, supported by an extended fall season in the U.S. and continued strength in grain and oilseed prices. Going forward, continued strength in crop prices and low global grain inventories are anticipated to support a strong spring application season in 2013,” said Mike Wilson, Agrium President and CEO.
Agrium’s full fourth quarter earnings reported will be released on February 22, 2013.
Agrium shares were flat during pre-market trading on Thursday. The stock is up +38.58% over the past year.
The Bottom Line
Shares of Agrium (AGU) have a .90% dividend yield, based on last night’s closing stock price of $110.88. The stock has technical support in the $98-$100 price area. The shares are trading at all-time highs.
Agrium Inc. (AGU) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.