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 Sep. 7, 2012 Source: Viterra Inc. news release To view entire report, click here. Viterra Inc. ("Viterra") (TSX:VT) (ASX:VTA) announced today impressive results for the three months ended July 31, 2012. Driven by strong performance from the Agri-Products segment, Viterra achieved EBITDA for the quarter of $288 million, an increase of 15% compared to $251 million in the corresponding quarter of fiscal 2011. Net earnings decreased 10% to $111 million ($0.30 per share) compared to $123 million ($0.34 per share) in the same quarter last year after the Company recorded a one-time income tax item of $31 million and $21 million in the costs associated with the early redemption of Company bonds. "Viterra once again achieved impressive quarterly results," commented Mayo Schmidt, Viterra's President and CEO. "For the year our Agri-Products business segment has delivered record results. Our Grain Handling and Processing business segments have also performed well. "I am very pleased that our Viterra team remains focused on strong operational performance while we work to complete the transaction with Glencore." The Agri-Products segment improved its quarterly results over the prior year due to strong fertilizer pricing, the new fuel business in Western Canada and higher crop protection product sales. Favourable weather across the Canadian prairies and strong commodity prices led to higher canola and overall seeded acreage which supported increased demand for agri-products. The segment achieved EBITDA for the third quarter of $195 million compared to $163 million from the same period last year, and year-to-date achieved record EBITDA of $273 million. Fertilizer margins increased during the quarter to $187.44 per tonne (2011 - $143.92 per tonne), bringing the year-to-date margin to $157.74 per tonne (2011 - $126.46 per tonne). Grain Handling and Marketing's EBITDA was $103 million in the third quarter versus $106 million in the same period last fiscal year. During the third quarter, lower global shipping volumes were offset by stronger grain handling margins and solid results from the Company's international grain marketing activities. On a year-to-date basis, the consolidated global pipeline margin increased to $39.54 per tonne compared to $36.80 per tonne a year earlier. Tweet |
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