UPDATE 1-Agrium profit hit by cold North American spring

Wed Aug 7, 2013 10:20pm EDT
 
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* 2nd-quarter net earnings $5.02/share

* Adjusted earnings $4.94/share

* Sales up 4 percent to $7.02 billion

Aug 7 (Reuters) - Canadian fertilizer company Agrium Inc reported a fall in quarterly profit due to an unusually cold spring in North America, but said it expected strong demand for crop inputs for the rest of the year.

Unseasonably cool weather in the U.S. Midwest this spring compressed the usual time period for farmers to apply fertilizer to their fields.

"We expect solid demand for crop inputs in the second half of 2013 given positive grower sentiment, strong nutrient removal this year and the affordability of crop nutrients," chief executive Mike Wilson said in a statement.

Net earnings for the second quarter fell 13 percent to $747 million, or $5.02 per share, from $5.44 per share a year ago, in line with the range given in a previous company forecast.

Agrium, which is also North America's biggest farm retail supplier, said its adjusted earnings per share were $736 million or $4.94 per share, matching the average expectation by analysts according to Thomson Reuters I/B/E/S.

Revenue rose 4 percent to $7.02 billion, slightly ahead of analysts' expectations for $6.952 billion.   Continued...