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Agrium forecasts smaller than expected quarterly profit

Reuters

(Reuters) - Canadian fertilizer producer Agrium Inc (Toronto:AGU.TO - News) (NYSE:AGU - News) said on Wednesday that it expected third-quarter earnings from continuing operations of 45 cents to 55 cents per share, falling short of Wall Street expectations.

Agrium shares fell 4.5 percent in New York after normal trading hours to $84.

Analysts were expecting Agrium to report third-quarter earnings of 68 cents, according to Thomson Reuters I/B/E/S.

Two of Agrium's major production facilities are currently offline, but the company said stronger results from nitrogen sales would offset the impact.

The Vanscoy, Saskatchewan potash mine has halted production so the company can tie in an expansion project. Agrium's Redwater, Alberta nitrogen plant is down for replacement of a major piece of equipment.

The company said fourth-quarter earnings looked to be similar to those of a year earlier.

(Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Bernard Orr; Editing by Chris Reese)