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UPDATE 1-Terra Industries posts lower profit, sees recovery
April 21, 2009 / 11:46 AM / 8 years ago

UPDATE 1-Terra Industries posts lower profit, sees recovery

* EPS of 30 cents, revenues $419.8 million

* Sees much stronger results for second quarter

* Shares climb 2.6 pct in premarket trade

NEW YORK, April 21 (Reuters) - Fertilizer maker Terra Industries Inc TRA.N reported a steep decline in first-quarter profit, hurt by weak demand for nitrogen and ammonia, but said it expects the second quarter to be much stronger.

The company, which is the target of a hostile bid from CF Industries Holdings Inc (CF.N), said its net profit fell to $30 million, or 30 cents per share, from $100 million, or 97 cents per share, in the year- earlier quarter.

Revenues fell 27 percent to $419.8 million from $574.7 million.

Excluding production curtailment and plant maintenance costs, Terra’s first-quarter earnings were 39 cents per share. Analysts had, on average, expected the company to post earnings of 42 cents per share on revenue of $360.8 million.

Shares in Terra rose 2.6 percent in light trading volume in premarket action. (Reporting by Matt Daily, editing by Gerald E. McCormick)

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