CALGARY -- Fourth-quarter profits fell at Agrium Inc. (TSX:AGU), but the major fertilizer producer reported a record annual profit in 2008, more than tripling its previous best reported in 2007.
The Calgary-based company said its full-year profits reached $1.3 billion or $8.34 per share, up from $441 million, $3.25 per share, in 2007, which the company's CEO attributed to "our disciplined growth strategy of diversifying across the entire agricultural value chain."
"Despite the economic turmoil and uncertainty the world has been facing, we believe that 2009 will prove to be a year where Agrium can again deliver strong annual results," Mike Wilson said in a statement.
"We believe the reduced crop nutrient use experienced over the past four months is not sustainable and that it will ultimately impact grain production and support crop prices and crop input demand."
Fourth-quarter profits declined to $124-million, 79 cents per share, from a year-ago $172 million, $1.24 per share. Sales volumes in the quarter fell and Agrium recorded writedowns in inventories due to dropping phosphate and nitrogen prices.
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Sales for the quarter ended Dec. 31 rose to $2 billion from $1.49 billion in the prior-year period. Annual sales soared $10.27 billion $5.49 billion.
