News 179 views last update:6 Aug 2012

Viterra reports excellent earnings

Canadian agricultural company Viterra Inc. last week reported excellent second-quarter earnings of CAN$33.6 million (€21.28m) compared to earnings of CAN$9.2 million (€5.83m)  for three months ending April 30, 2007.

This solid quarterly performance is a result of continued improvements in grain margins, strong fertilizer sales, and the added grain elevator network from Agricore United. Sales for the quarter were CAN$1.5 billion (€95m) compared to $400 million (€253m) for the same quarter last year. During the quarter, Viterra also completed a $440-million (€279m) offering to fund potential future acquisitions.

Viterra CEO Mayo Schmidt told analysts: "I don't think there's been a richer environment for opportunities in the segments that we operate in the last 20 or 30 years."

Employee investments
Viterra employees can invest up to 10% of regular earnings in Viterra shares through payroll deductions and Viterra will contribute up to 50% of an employee's personal contribution each pay period.

The company also gifted 20 shares for every eligible employee, excluding executive management. "The board of directors believes that this program will more closely align the goals of our employees with the interests of our shareholders,'' Schmidt said.

Regina-based Viterra is Canada 's premier agribusiness built on the foundation of Saskatchewan Wheat Pool Inc. and Agricore United.

The new company has extensive operations and distribution capabilities across Canada and in the United States and Japan . Viterra is connected to customers at each stage of an integrated pipeline that starts with farmers and extends to destination customers around the world.

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