Agrium raises 4Q forecast, shares jump
Agrium says 4Q may be stronger than originally expected and shares hit new high
Agrium Inc. said Thursday that its fourth-quarter earnings may come in slightly higher than originally anticipated.
The agricultural products company said that a strong fall season and increased grain and oil seed prices helped boost the performance of its retail and wholesale business.
Agrium expects to earn just above $2.00 per share for the period on an adjusted basis. This is compared with its prior forecast of $1.50 to $1.90 per share.
The Canadian company will report its full fourth-quarter results on Feb. 22.
Agrium also said strong crop prices and low grain inventories worldwide should help its business during the spring season.
Shares increased $2.10, or 1.9 percent, to $112.98 in afternoon trading after hitting a 52-week high of $115.08 earlier in the day.
