- Agrium (AGU +1.7%) opens higher despite reporting a 72% drop in unadjusted Q4 earnings as the fertilizer company continued to grapple with lower crop nutrient prices in its wholesale operations.
- Overall sales fell to $2.87B from $3.09B and below analyst estimates; wholesale sales fell 24% to $963M while retail sales added 6% to a record $2.1B, helped by the addition of Viterra's Canadian retail assets.
- AGU cites cold weather during a period when U.S. farmers usually apply fertilizer to fields after harvest as the cause of the reduced crop nutrient sales.
- Sold 907K metric tons of wholesale nitrogen products in Q4 at an average selling price of $458/metric ton vs. sales of 966K metric tons at an average $561 a year ago.
- Sold 344K metric tons of wholesale potash in Q4 at an average price of $313/metric ton vs. 341K metric tons at an average $449 in the year-ago quarter.