Canadian farm products company Alliance Grain Traders Inc. (AGT.TO) Monday reported fourth-quarter net income of C$1.8 million or C$0.09 per share, compared with net loss of C$0.7 million or C$0.03 per share a year ago.
Excluding items, adjusted earnings for the quarter were C$3.8 million or C$0.19 per share, compared to adjusted earnings of C$0.9 million or C$0.04 per share last year.
On average, seven analysts polled by Thomson Reuters estimated earnings of C$0.19 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter rose to C$247 million from C$231.5 million in the prior year. Analysts on consensus estimated revenues of C$233.19 million.
Growth was due to additional capacity in Australia and South Africa, partly offset by overall lower commodity prices.
While recovery in global markets was not fully realized in 2012, the company believes that positive signals have been expected by pulse processors, exporters and importers for some time, and are forecast to continue into 2013, which may signal recovery for pulse and staple foods markets in the near term.
Looking ahead, the company expects conditions to continue to improve, supporting the view of gradual normalization of business operations and thereby incremental improvement of margins and with them targeted increases in capacity utilization.
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