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Yara's Q3 profit improves YOY, 9-month earnings slump

Yara International ASA said Oct. 18 that third-quarter net income improved to US$98 million from US$90 million year over year, and basic EPS rose to 36 cents from 33 cents over the period.

Revenue rose to US$3.55 billion, from US$3.02 billion a year earlier, and operating income grew to US$153 million from US$88 million.

The Norwegian agricultural product-maker's EBITDA in the quarter grew to US$427 million from US$303 million year on year. Underlying EBITDA widened 16% to US$402 million as higher sales prices more than offset increased energy costs.

Total fertilizer deliveries were 9% higher at 8.3 million tonnes, driven by its US$421 million acquisition of Tata Chemicals Ltd.'s Indian urea business and the US$255 million buy of the Cubatão Fertilizantes complex in Brazil from Vale SA.

Ammonia deliveries rose to 583,000 tonnes, from 446,000 tonnes in the comparable year-ago period, and industrial products deliveries rose to about 2.0 million tonnes from 1.7 million tonnes.

In the nine months ended Sept. 30, net income plunged year on year to US$2 million from US$373 million, and operating costs and expenses ballooned to US$9.27 billion from US$8.07 billion. Results for the first three quarters included a US$364 million foreign currency loss, compared to a US$68 million gain a year ago.