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Agrium swings to 1Q profit on strong division results

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May 2, 2008

NEW YORK—Agrium Inc., which is buying UAP Holding Co. in a $2.65 billion deal, said Friday it swung to a first-quarter profit as strong fertilizer pricing drove up retail and wholesale revenue.

The Canadian plant-nutrient and fertilizer producer reported net income for the period ended March 31 of $195 million, or $1.23 per share, compared with a loss of $11 million, or 8 cents per share, a year ago.

Analysts expected earnings of 55 cents per share, according to a Thomson Financial survey. Estimates typically exclude one-time items.

Retail gross profit rose 35 percent to $115 million on improved gross margins for crop nutrients and crop protection products. Wholesale division gross profit more than doubled to $273 million on higher crop nutrient prices. Advanced technologies' results climbed to $17 million from $11 million.

Quarterly sales rose to $1.11 billion from $821 million in the previous year to beat Wall Street's estimate of $1 billion.

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