Agrium says quarterly earnings will be down.CALGARY, Alberta--(BUSINESS WIRE)--Feb. 6, 1997--Agrium Inc. (TSE/NYSE:AGU AGU Aoyama Gakuin University, Tokyo, Japan AGU American Geophysical Union AGU Arabian Gulf University (Bahrain) AGU All Grown Up (TV show) AGU Aguascalientes, Aguascalientes, Mexico .) said Thursday that a weather shortened fall season and residual negative inventory impacts of the strike at its Potash potash: see potassium carbonate. potash Name used for various inorganic compounds of potassium, chiefly the carbonate (K2CO3), a white crystalline material formerly obtained from wood ashes. operation and extended shutdown of its Carseland Nitrogen facility to tie in the expanded urea plant will result in fourth quarter earnings that are below analyst expectations. However, officials also suggested that, while final numbers are not yet available, the anticipated earnings will not be quite as low as recently-revised forecasts. The company said the reduction is expected to be a one-time occurrence and the outlook for 1997 remains very strong. A late harvest coupled with the early onset of winter weather in the Western Corn Belt Corn Belt, major agricultural region of the U.S. Midwest where corn acreage once exceeded that of any other crop. It is now commonly called the Feed Grains and Livestock Belt. and wet weather in the Western U.S. limited fall application of fertilizer, the company said. However, this is expected to have a positive effect on the upcoming spring season. The company said it continues to anticipate a good first half as all production facilities are currently operating well with demand and prices expected to be strong. Nitrogen product prices are expected to make up for the anticipated moderate increases in natural gas costs. The announced plan to buy back 13.9 million shares in a modified Dutch Auction Dutch Auction An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. Notes: The U.S. Treasury (and other countries) uses a Dutch auction when it sells securities. will continue as planned with no changes in the terms and conditions. Agrium Inc. is the largest North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. producer of nitrogen fertilizers, and a major producer of potash and phosphate fertilizers. The company is also a leader in the wholesale distribution and retail marketing of fertilizers, related products, and services to the agricultural industry. CONTACT: Agrium Inc. Dick Nichols Richard Nichols (born April 29, 1926) is a U.S. Representative from Kansas. Born in Fort Scott, Kansas, Nichols attended public schools. He earned his B.S. from Kansas State University in 1951. He was ensign in the United States Navy from 1944 to 1947. , 403/258-5746 investor-rel@agrium.com 800/399-3821 - Automatic Faxback |
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