CALGARY, Alberta -- Agrium Inc. (TSX and NYSE: AGU) announced today net earnings of $26-million ($0.16 diluted earnings per share) for the third quarter of 2009, compared with the net earnings of $367-million in the third quarter of 2008 ($2.31 diluted earnings per share).

The 2009 third quarter results included gains of $5-million ($0.02 diluted earnings per share) on derivative financial instruments and a $25-million expense ($0.11 decrease in diluted earnings per share) in stock-based compensation.  It also included an inventory write-down of $9-million (a $0.04 decrease in diluted earnings per share) primarily associated with our Wholesale purchase for resale business.  Excluding these items, our net earnings would have been $46-million ($0.29 diluted earnings per share) for the third quarter of 2009.