March 9, 2012

In line with expectations on strong global grain shipments, improved grain handling margins and higher fertiliser prices and volumes in Western Canada, Viterra Inc.'s first-quarter earnings fell 23% from a year earlier.

The Calgary-based agribusiness earned CAD77.7 million (US$78.5 million) or CAD0.21 (US$0.21) a share in its latest quarter, down from CAD100.7 million (US$102 million) or CAD0.27 (US$0.27) a share a year earlier. Results were in line with the Thomson Reuters mean earnings estimate for a profit of CAD0.21 (US$0.21) a share.

Viterra's grain handling and marketing-segment revenue jumped to CAD3.05 billion (US$3.08 billion) from CAD1.94 billion (US$1.96 billion), on increased shipments and higher handling fees.

The company said it is "very optimistic" looking forward, as global demand for agricultural-commodities remains strong and is expected to continue through the rest of the fiscal year.