Agrium has second-best quarter ever

Calgary-based Agrium reported the second-highest quarterly profit in its history Wednesday.

The fertilizer producer and farm supplies retailer earned $506 million US in the second quarter, or $3.20 a share for the quarter ending June 30.

That compared with earnings of $370 million, or $2.35 a share, for the same quarter of 2009. Agrium reports in U.S. dollars.

The company benefited from higher sales and some one-time gains on its books, including $8 million in gains on contracts to hedge againstchanges in natural gas and other commodities.

Heavy rain this spring made seeding impossible in parts of Western Canada and the U.S., but Agrium's large global scale "allowed us to offset these challenges and provide excellent returns,"chief executiveMike Wilson said in a release.

Earlier this year, Agrium scrapped a planned acquisition of CF Industries Holdings Inc., a big U.S. fertilizer company, and booked $45 million of acquisition-related costs.

The company also sold its 1.2 million CF shares it owned, for a pre-tax gain of $52 million.