Fertilizer Margins Down on Higher Costs and Lower Selling Prices

Fertilizer producers reported weak fourth-quarter 2006 results due to higher production costs, lower selling prices, and reduced production volumes attributed to lack of natural gas supply and temporary shutdowns. However, analysts expect a “significant improvement in phosphate and potash margins this spring,” says Don Carson, analyst at Merrill Lynch (New York). Agrium reported a net loss for the quarter of $62 million, compared to net income of $54 million. Results include an after-tax impairment charge of $95 million for its Canadian phosphates...

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