* Q2 adj EPS C$0.13 vs est C$0.42
* Sales more than double
* Says seeing positive signs for grains exports
* Shares down as much as 12 pct
Aug 16 (Reuters) - Alliance Grain Traders Inc (AGT.TO) reported an adjusted quarterly profit that missed analysts’ expectations, as heavy rainfall in Canada and weak sales margins hurt the Canadian grains processor, sending its shares down as much as 12 percent on Monday.
The company, however, said it was seeing positive signs for its pulses and staple foods export business as international stocks remained low and buyers were waiting for new crop product shipment later in the year.
For the second quarter, the company reported net loss of C$4.2 million.
On an adjusted basis net income was 13 Canadian cents a share, which came in below analysts’ average expectations of 42 Canadian cents a share, according to Thomson Reuters I/B/E/S.
Sales for the quarter, however, more than doubled to C$149.2 million.
“Sales margins trended lower than the previous quarter principally because of buyers continuing to defer their purchases longer than we expected. We also saw a diminishing supply of old crop product on farm,” the company said in a statement.
The company, which operates about 20 processing facilities in Canada, Turkey, the United States and Australia, said its results were impacted as producers found it difficult to supply grains for processing due to heavy rainfall.
Alliance Grain stock, which hit a year-high of C$35.4 in February, has fallen more than 13 percent since then.
The shares were down C$3.06 at C$27.55 Monday morning on the Toronto Stock Exchange. They hit a 8-month low of C$26.88 earlier in the session. (Reporting by Ashutosh Joshi in Bangalore; Editing by Unnikrishnan Nair)