Viterra Q2 earnings climb 123%
BakingBusiness.com, June 12, 2012
by Eric Schroeder

CALGARY, ALTA. — Net earnings at Viterra Inc. rose 123% in the second quarter ended April 30, climbing to C$67,113,000 ($65,306,000), equal to C$0.18 per share on the common stock, from C$30,159,000, or C$0.08 per share, in the same period a year ago. EBITDA also improved, increasing 43% to a record C$184,914,000 ($179,961,000) from C$128,585,000.

“Viterra continues to deliver robust results, demonstrating the strength of the company’s integrated business model and dedicated employees around the world,” said Mayo Schmidt, president and chief executive officer. “We are very proud of the successful business we have built and the contribution we have made to the industry and the communities in which we operate. Viterra’s value has been recognized by our global agricultural peers with the recent acquisition interest and the significant premium being paid by Glencore to acquire the company.”

Within the company’s Grain Handling and Marketing Segment, EBITDA in the second quarter increased 14% to C$141,224,000 ($137,241,000) from C$123,938,000 in the same period a year ago.

“Favorable global agricultural fundamentals supported strong shipping volumes and higher grain handling margins,” Viterra said. “In Western Canada, shipments increased 17% to 4.3 million tonnes.”

Total revenues in the Grain Handling and Marketing Segment rose 33% to C$2,720,120,000 ($2,646,230,000) from C$2,045,241,000.

EBITDA in the Processing Segment rose 33% to C$27,613,000 ($26,866,000) from C$20,833,000, while revenues increased 41% to C$326,864,000 ($318,024,000) from C$231,120,000. Viterra said the improved EBITDA reflected better contributions from pasta and canola during the quarter.

For the six months ended April 30, overall net earnings at Viterra were C$144,803,000 ($140,750,000), or C$0.39 per share, up 11% from C$130,840,000, or C$0.35 per share, in the same period of fiscal 2011. EBITDA was C$373,860,000 ($363,617,000), up 10% from C$338,775,000.