Agrium Inc. (NYSE: AGU) is seeing a surge in shares this morning after the agriculture player raised its guidance for part of 2008. The firm raised guidance for its second quarter to $2.80 to $3.00 EPS from a prior range of $1.92 o $2.22, yet consensus estimates were already at $2.50 EPS.
The company said this is due to its strong performance from both the retail level and growth from the wholesale operations. The company also noted that this is during a time that the North American spring application season has been hampered by excessively cold and wet weather so far this year. You can bet what else is driving the results: continued strong global crop prices and unprecedented demand for crop inputs. The company also noted that it foresees an extended demand-driven cycle.
Shares closed yesterday at $92.16 and the 52-week trading range has been $34.60 to $96.40. So far we are seeing a price indication surge in pre-market trading indications take this to a new 52-week high with shares trading north of $97.00.
Jon C. Ogg
June 11, 2008
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