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
pipeline that starts with farmers and extends to destination customers around
the world.
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