OSLO--The Norwegian fertilizer producer Yara International ASA
(YAR.OS) said Friday its third-quarter net profit fell on the year,
mainly due to lower prices, but production growth was strong.
MAIN FACTS:
-The company made a net profit of NOK2.62 billion ($465 million)
for the third quarter of 2012, compared with a net profit of
NOK3.57 billion for the same period a year earlier.
-The average forecast in a Dow Jones Newswires/Factset poll of
between 16 and 20 analysts was for a net profit of NOK2.46
billion.
"Yara reports strong third-quarter results, with increased sales
volumes and healthy margins," said Yara Chief Executive Officer
Jorgen Ole Haslestad, adding that production grew due to higher
regularity in Yara's plants and a capacity increase in Qatar.
-Yara-produced fertilizer deliveries rose 4% on the year in the
third quarter.
-Measured in U.S. dollars, urea prices decreased 7%, nitrate
prices decreased 9% and NPK prices decreased 6%, Yara said.
-The main reason for a lower global urea price level in the
quarter compared to last year is a significantly lower Chinese
export tax, Yara said.
-Revenue amounted to NOK20.82 billion, down from NOK21.18
billion a year ago and slightly lower than expectations for
NOK21.12 billion.
-Earnings before interest, depreciation and amortization totaled
NOK4.11 billion, compared with NOK5.44 billion a year ago and the
NOK4.16 billion analysts expected.
-The company said its fourth-quarter energy costs are expected
to be around NOK150 million higher than last year while energy
costs in the first quarter of 2013 are expected to be NOK175
million higher than a year earlier.
-Shares Thursday closed at NOK291.20.
-Write to Kjetil Malkenes Hovland at
kjetilmalkenes.hovland@dowjones.com
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