CALGARY, Alberta (AP) -- Canadian agribusiness conglomerate Agrium Inc. said its fourth-quarter profit jumped 43 percent on strong demand for farm supplies. The company forecast that agricultural demand will remain strong through 2012, with high commodity prices stoking farmers' demand for seeds and fertilizer.
The company said Wednesday its net income for the quarter ended Dec. 31 was $193 million, or $1.20 per share, up from $135 million, or 86 cents per share, during the same period the year before.
The results from the latest quarter included a $61 million charge resulting from the impairment of Agrium's investment in Hanfeng Evergreen Inc. Excluding that charge, net earnings from continuing operations would have been $2.34 per share, the company said.
Revenue for the quarter was $3.18 billion, up from $2.4 billion during the prior year period.
Analysts expected net income of $1.99 per share, on revenue of $3.02 billion, according to FactSet.
For the full year, the company reported net income of $1.38 billion, or $8.68 per share, up from $713 million, or $4.51 per share, during the same period the year before.
Revenue for the year was $15.47 billion, up from $10.74 billion the year before.
While the company did not provide specific estimates for its 2012 revenue and net income, it said global demand for fertilizers and seeds should be strong through the year. Historically higher corn prices should boost demand for seeds, while demand for nitrogen fertilizer could rise in 2012, it said.
"We expect pent up demand (for nitrogen fertilizer) to continue to emerge in Europe and North America for application on winter wheat and due to expected strong corn area this spring," the company said in a statement.
Agrium's U.S.-traded shares rose $1.78, or 2.2 percent, to close at $82.98.
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