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Agrium third-quarter profit plummets

04/11/09

TORONTO (Reuters) - Canadian fertilizer maker and agricultural products retailer Agrium Inc reported a 93 percent decline in its third-quarter profit on Wednesday, largely due to lower prices and margins on crop nutrient sales.

Agrium, which is locked in a lengthy battle to take over U.S. rival CF Industries Holdings Inc , said it earned $26 million or 16 cents a share in the quarter, compared with a year-earlier profit of $367 million or $2.31 a share.

Excluding one-time items, the Calgary, Alberta-based company said quarterly earnings would have been $46 million, or 29 cents a share.

Quarterly sales fell 41 percent to $1.89 billion.

Earlier this month, Agrium warned that it expected third-quarter earnings to be 90 to 95 percent below those of the year-earlier period.

($1= $1.06 Canadian)

(Reporting by Euan Rocha, editing by Gerald E. McCormick)

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