How Agrium Fared in 2Q17
Agrium reports 2Q17 earnings
Agrium (AGU) reported its 2Q17 earnings on August 9, 2017. The company posted EPS (earnings per share) of $4.03, a 1.2% fall year-over-year from $4.08 in 2Q16. On an adjusted basis, the company reported EPS of $4.09 per share, which beat analysts’ estimates of $4.03 per share during the quarter. Let’s look at how the market reacted to the company’s earnings.
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Following Agrium’s earnings release, the stock opened almost 1% down at $97.5 on August 10 but recovered through the trading session and closed at $98.44, slightly below the August 9 close of $98.58. August 10 was broadly a negative day for the market with the S&P 500 Index (SPY) slumping by as much as 1.5% during the day. The VanEck Vectors Agribusiness ETF (MOO) also fell 1.4% during the day.
The outlook for the fertilizer pricing environment continues to remain weak especially for nitrogen fertilizers. The company also lowered its guidance on the back of weak pricing for nitrogen.
In this series, we’ll discuss Agrium’s 2Q17 sales performance, sales drivers, and margin performance during the quarter.