US drought and tax charges cause decrease in earnings for Agrium

Agrium announced a drop in earnings for third-quarter 2012, with net income decreasing 56%, to $129 million, because of multiple tax-related charges, including a pretax, share-based payment expense of $53 million; a one-time charge of $66 million, related to environmental remediation liabilities; and a $5-million charge associated with the closure of its Courtright (Ontario) facility, announced in August. Excluding these charges, earnings would have been $215 million, or $1.34/share, the company says. Sales also fell—6%, to $2.9 billion...

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