Agrium Inc. (AGU, AGU.TO) reported that its first-quarter of 2013 net earnings attributable to equity holders declined to $141 million or $0.94 per share from $153 million or $0.97 per share in the same quarter last year.
The 2013 first quarter results included a $16 million or $0.09 earnings per share share-based payments expense. Excluding this item, net earnings would have been $153 million or $1.03 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $1.08 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter declined to $3.22 billion from $3.57 billion in the prior year quarter. Seventeen analysts had consensus revenue estimate of $3.47 billion for the quarter.
Effective January 1, 2013, Agrium adopted IFRS 11 Joint Arrangements whereby the classification and accounting of our investment in Profertil S.A. and other joint arrangements previously accounted for using the proportionate consolidation method are accounted for using the equity method. 2012 figures have been restated, the company said.
The company is providing guidance for the second quarter of 2013 of $4.60 to $5.40 earnings per share. Analysts expect the company to report earnings of $5.33 per share for the second-quarter.
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