July 18, 2012 / 6:16 AM / 5 years ago

Yara Q2 earnings top forecasts

OSLO, July 18 (Reuters) - Norwegian fertiliser firm Yara reported second-quarter core earnings above expectations on Wednesday and said global grain markets remained tight, supporting fertiliser demand.

“Second-quarter nitrogen fertiliser deliveries in Europe were primarily for immediate consumption, but pre-buying incentives for the new season are stronger than a year ago, given the recent strengthening of grain prices,” the firm said.

April-June adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), excluding one-off items, rose 47 percent to 5.20 billion Norwegian crowns ($850.60 million), beating expectations for a 30 percent rise to 4.47 billion. ($1 = 6.1134 Norwegian crowns) (Reporting by Victoria Klesty)

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