Content area

Abstract

Agrium Inc.'s (TSX:AGU) (NYSE:AGU) Board of Directors announced today its intention to increase Agrium's dividend by $1.00 U.S. per common share to a total dividend of $3.00 U.S. per common share on an annualized basis. Agrium also provided an outlook for results in the third quarter of 2013.

The intention to increase the dividend to $3.00 U.S. per common share comes as part of Agrium's annual strategic review process and recognizes the strength in the long-term agriculture fundamentals and the benefits of our integrated model. Based on the closing price of Agrium's shares on the NYSE on Friday, September 20, 2013, this represents a dividend yield of 3.3 percent. The increased dividend is expected to be paid in quarterly installments of $0.75 U.S. and the next $0.75 U.S. per common share dividend will be paid on October 17, 2013 to shareholders of record on September 30, 2013.

"The dividend increase demonstrates our confidence in the ability of the business to generate significant cash flow and is an indication of the strength of our position across the crop-input value chain. Agrium is committed to returning capital to shareholders while continuing to deliver on value-added growth," said Mike Wilson, President and CEO of Agrium. "Despite short-term headwinds for our wholesale business unit this quarter, the long term fundamentals of our business remain strong and we expect significant crop input demand as we move into the fall season."

Details

Title
Agrium Announces 50 Percent Increase in Dividend and Provides Outlook for Third Quarter
Publication year
2013
Publication date
Sep 23, 2013
Publisher
Intrado Digital Media Canada Inc.
Source type
Trade Journal
Language of publication
English
ProQuest document ID
1434744325
Copyright
Copyright Marketwire L.P. Sep 23, 2013