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Agrium Q3 profit falls 92 per cent as company had warned, wet weather blamed

From Brenda Bouw, The Canadian Press, November 4, 2009 - 7:09 p.m.

Agrium Q3 profit falls 92 per cent as company had warned, wet weather blamed

By Brenda Bouw, The Canadian Press

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Agrium Inc. (TSX:AGU) said bad weather in the United States is the latest issue facing the fertilizer industry after an already devastating year that led to a 92 per cent in drop in third-quarter profit.

Agrium president and chief executive Mike Wilson said fertilizer sales are poised to pick up in the fourth quarter and into 2010 after being hit hard by the recession over the past several months.

However, Wilson said a near-term recovery depends on a much-needed dry spell after wet weather delayed harvesting of several crops across the U.S. Midwest.

"It has been a challenging year for the agriculture industry and this may extend into the fall if weather in the U.S. does not co-operate to allow farmers sufficient time for harvest and to apply crop nutrients," Wilson told investors during a conference call Wednesday.

"The majority of our customers recognize that they have been depleting their soil of nutrients and we believe they are anxious to apply close to normal application rates this fertilizer year."

As of mid-October, Wilson said the harvest for corn and soybean crops was 50 per cent behind normal levels - one of the slowest harvests on record.

He said that could significantly limit the crop nutrient application window and possibly push up demand next spring.

"We do not believe farmers will put crop yields at risk two years in a row, given the cumulative impact this will have," Wilson said.

Wilson said the company is poised to benefit from what it sees as a "significant" recovery in the fertilizer business in the coming months.

"We are coming out of a tough year in 2009, but we are strong financially," Wilson said. "Hang on and stick with it."

Wilson's comments come after Agrium reported a 92 per cent drop in third-quarter profit earlier Wednesday, which was in line with a warning it issued last month.

It said the reduction is due to a drop in sales of the nutrients it makes: nitrogen, phosphate and potash. Retail results felt the brunt of a slower-than-expected recovery in retail crop nutrient margins.