September 8, 2011

Viterra's Q3 earnings show increase
 

Viterra announced an increase in its third quarter financial results due to strong contributions from its agri-products and grain handling, processing operations.

Favourable weather across the Canadian Prairies resulted in good growing conditions for this year's crop and when combined with healthy commodity prices, these factors motivated growers to invest in agri-products.

For the three months ended July 31, 2011, EBITDA increased 28% to CAD$252 million (US$255.7 million) compared to CAD$197 million (US$199.8) in the same quarter last year. On a year-to-date basis, EBITDA was up 56% to CAD$591 million (US$599.6). All three business segments posted earnings improvements over the same period last year. Agri-products' year-to-date results have increased 55% on strong fertiliser volumes and pricing; Grain Handling and Marketing's EBITDA is up 49% due to record receivals and shipments in Australia as well as strong results from North American and International Grain; and Processing's earnings have risen 37% reflecting the new pasta and oat businesses acquired in the latter half of fiscal 2010.