Viterra's Q3 profit nearly doubles; grain shipments boom
Viterra (TSE:VT) said Wednesday that third-quarter profit nearly doubled amid record grain shipments through ports in Australia.
Viterra, the biggest grain handler in Canada and South Australia, earned $123.25 million, or 33 cents a share, in the third quarter ended July 31, compared with $63.54 million, or 17 cents a share, a year earlier. Analysts had expected earnings of 30 Canadian cents a share, according to Thomson Reuters.
As at 10.37am EDT, shares were up 5% at $10.83.
Viterra CEO Mayo Schmidt said: "Viterra has consistently delivered strong financial results for the first nine months of this fiscal year, far exceeding our earnings last year Operationally, we also continue to perform well and in South Australia Viterra recently set a new record for grain shipped through our ports."
Sales and other operating revenues climbed 43% to $3.6 billion, compared with $2.5 billion in the third quarter of 2010. Revenues increased across all three of Viterra's business segments, which include grain handling and marketing, agri-products and processing.
Looking forward, Viterra was optimistic on its outlook. The company said higher-than-average grain yields are possible in Western Canada this year, while the initial stages of the growing season in Australia look promising.
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