OREANDA-NEWS. May 16, 2013. Agrium Inc. (TSX and NYSE: AGU) announced consolidated net earnings (“net earnings”) of USD141-million (USD 0.94 diluted earnings per share) for the first quarter of 2013, compared with net earnings of USD 155-million in the first quarter of 2012 (USD 0.97 diluted earnings per share).

The 2013 first quarter results included a USD 16-million (USD 0.09 diluted earnings per share) share-based payments expense. Excluding this item, net earnings would have been USD 153-million (USD 1.03 diluted earnings per share).

“The strength in Agrium’s first quarter results clearly demonstrates the benefits and synergies derived from our integrated strategy as we delivered a record USD 351-million in Adjusted EBITDA2 for the first quarter. This was supported by Wholesale and Retail achieving their second highest first quarter EBITDA on record, despite the late start to the spring season across North America. The continuation of cold, wet weather in April is likely to result in a somewhat compressed spring application season this year. However, we still expect excellent demand for crop inputs in the first half of 2013 given positive grower sentiment and the strength in the agricultural fundamentals. We also generated USD 355-million in operating cash flow this quarter, an excellent result for a quarter that is traditionally our slowest seasonally,” said Mike Wilson, Agrium President and CEO.

Agrium is providing guidance for the second quarter of 2013 of USD4.60 to USD5.40 diluted earnings per share. This excludes derivative gains or losses and share-based payments expense in our estimated second quarter results.