March 11, 2010 / 2:26 PM / 8 years ago

UPDATE 1-Ag Growth Q4 result lags market

* Q4 EPS C$0.27 vs est. C$0.58

* Q4 rev falls 3 pct to C$46.8 mln

March 11 (Reuters) - Ag Growth International Inc (AFN.TO) reported quarterly earnings that missed analysts’ estimates, as a stronger Canadian dollar hurt the sales of the grain-handling equipment maker.

For the fourth quarter, the company earned C$3.6 million, or 27 Canadian cents a share, compared with C$2.1 million, or 17 Canadian cents a share, a year ago.

Revenue fell 3 percent to C$46.8 million, as sales were negatively impacted by the rising Canadian dollar and lower demand for aeration equipment.

    Analysts on average expected the company to earn 58 Canadian cents a share, on revenue of C$47.5 million, according to Thomson Reuters I/B/E/S.

    “We expect continued strong demand in 2010, as the U.S. corn and soybean crops were the largest in history and as a result there are mountains of grain to be moved and stored,” the company said.

    Ag Growth shares closed at C$37.46 Wednesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Unnikrishnan Nair)

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