Grain handler Viterra Inc. (VT.TO,VTA.AX), which is being bought by Swiss commodities trader Glencore International Plc (GLEN.L, GLNCY.PK, GLCNF.PK) in a C$6.1 billion deal, Tuesday reported a surge in profit for the second quarter.
Net earnings more than doubled to C$67.11 million from C$30.16 million in the prior year. On a per share basis, earnings climbed to or C$0.18 per share from or C$0.08 per share.
On average, 8 analysts polled by Thomson Reuters expected earnings of C$0.11 per share for the quarter. Analysts' estimates typically exclude special items.
Grain Handling and Marketing Segment revenue advanced to C$2.72 billion from C$2.05 billion.
Agri-products Segment revenue climbed to C$691 million from C$433.74 million.
Mayo Schmidt, Viterra's President and CEO, said, "Viterra continues to deliver robust results, demonstrating the strength of the company's integrated business model and dedicated employees around the world...Viterra's value has been recognized by our global agricultural peers with the recent acquisition interest and the significant premium being paid by Glencore to acquire the company."
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