OSLO--Norwegian fertilizer company Yara International ASA
(YAR.OS) said Monday its first-quarter net profit fell 25.4% on the
year, due to a weaker dollar and a year-earlier one-time gain.
MAIN FACTS:
-The company made a net profit of 2.26 billion Norwegian kroner
($297.7 million) for the first quarter of 2013, compared with a net
profit of NOK3.02 billion in the same period a year earlier.
-The average forecast in a FactSet poll of 14 analysts was for a
net profit of NOK2.53 billion.
-Year-ago net profit included a NOK390 million one-off gain
related to Yara's purchase of the Pilbara plant.
-Revenue totaled NOK20.62 billion, down from NOK20.85 billion a
year earlier and lower than expectations for NOK22.03 billion.
-Earnings before interest and taxes totaled NOK3.29 billion,
compared with NOK3.54 billion a year earlier and the NOK3.03
billion analysts expected.
-"Yara reports a strong first quarter with stable margins and
sales volumes," said Yara Chief Executive Officer Jorgen Ole
Haslestad. "Our production increased due to the Qafco expansions,
the Lifeco re-start, and a record production performance in Yara's
NPK plants in the first quarter."
-The company reported a NOK218 million foreign exchange loss in
the first quarter, compared with a NOK394 million gain a year ago,
mainly due to the 3% weaker U.S. dollar versus the Norwegian
krone.
-The company said its second-quarter energy costs are expected
to be around NOK300 million higher than last year, while
third-quarter energy costs are expected to be NOK50 million higher
than a year earlier.
-Shares Friday closed at NOK270.30, valuing the company at
NOK76.8 billion.
Write to Kjetil Malkenes Hovland at
kjetilmalkenes.hovland@dowjones.com
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