Agrium earnings soar amid farming frenzy

Agrium Inc., North America's No. 3 fertilizer-maker, saw its profits nearly triple in the second quarter as buoyant grain prices continued to drive demand for its crop nutrient products.

"This remains a story about food and the world wants and needs more food production," Agrium chief executive Mike Wilson told analysts Wednesday following the release of the Calgary company's best quarterly earnings.

Agrium posted net earnings of $636 million US, or $4 diluted earnings per share, compared with $229 million, or $1.70 per share, in the year-earlier quarter.

The May 5 acquisition of U.S.-based agri-retailer giant UAP Holding Corp. is estimated to have contributed 70 cents in earning per share during the period ending June 30.

Minus hedge gains and stock-based compensation expense, Agrium's earnings would have been $3.81 per share -- trouncing the Street's consensus estimate of $3.12 per share.