According to Abdulla Salatt, chairman of the company’s fertilizer unit (QAFCO), Industries Qatar–the country’s largest firm by market cap–will increase production of urea (used as a nitrogen-release fertilizer) and related products to supply growing global demand with a specific focus on South America, and in particular, Brazil.  “We are thinking of sending more products to Brazil because it is a big agriculture country, consuming a lot of urea, and we see their appetite for urea opening up year after year,” Sowaidi told reporters.  The company is currently contemplating a proposed $610 million plant which would increase urea production to 5.6 million tons/year by 2012, up from the current rate of 3 million.  Upon completion the fertilizer unit would hold 15% of global urea production, say analysts.  Urea has the highest nitrogen content of all solid nitrogenous fertilizers in common use (46.7%).

The company overall is still reeling from recession,

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By Jason Simpkins Managing Editor Money Morning

Exxon Mobil Corp. (NYSE: XOM) and Royal Dutch Shell PLC (NYSE ADR: RDS.A, RDS.B) on Thursday won the right to develop Iraq’s West Qurna-1 oilfield.

The agreement is the third such deal this year, which means Iraqi oil production could increase at a faster pace than previously expected and potentially lead to a drop in oil prices.

Iraqi officials earlier this week finalized an agreement with BP PLC (NYSE ADR: BP) and China National Petroleum Corp. (CNPC). Policymakers also reached an initial agreement with a consortium led by Italy’s Eni SpA (NYSE ADR: E) that will develop the Zubair oil field.

The latest deal gives Exxon and Shell the right to increase production at Iraq’s West Qurna-1 oilfield, which is believed to hold about 8.7 billion barrels of oil reserves. The field is already producing

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OGE Energy Corp. (OGE) reported third quarter earnings per share (EPS) of $1.40, topping the Zacks Consensus EPS estimate of $1.34. However, EPS in the reported quarter came a dime short, compared to the year-ago EPS of $1.50.  Earnings were boosted in the reported quarter by strong results at Oklahoma Gas and Electric Company (OG&E), offset by cooler weather in the OG&E service territory, lower commodity prices in the Enogex midstream pipeline business and an increase in the number of shares outstanding.  In the reported quarter, OG&E registered earnings of $1.26 per share, compared to $1.15 per share in the year-ago quarter. Enogex recorded earnings of 18 cents per share, compared to 30 cents per share in the year-ago quarter. The holding company, including results from the OGE Energy Resources marketing business, posted a loss of 4 cents per share, compared to earnings of 5 cents per ...

We are raising our estimates for Moody's Corp. (MCO) for the fourth quarter of fiscal 2009 and full year of fiscal 2010 due to continued resurgence in the company's results. Moody's is an industry leader in the credit rating industry and enjoys a high organic growth rate, along with strong profit margins and cash flows.  Results for the first nine months of 2009, although below year-ago level were better than the Zacks Consensus Estimate, reflecting an improvement in credit markets and growth in Moody's Analytics business.  We believe that Moody's remains a solid franchise in rating debt instruments and will show substantial growth with its diversified credit research business model and international growth.  The company raised its outlook for fiscal 2009, for the second time this year, due to continuing strength in corporate debt issuance. Earnings per share, is expected to range between $1.60 and $1.68, up ...

November 6, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on Evergreen Solarrsquo;s (Nasdaq:ESLR) Q3 results, stating that ldquo;given the near-term challenges ahead, we no longer have the conviction to recommend putting new money into the stock.rdquo; Bachman downgraded to SECTOR PERFORM. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeled declines in ASPs (22% in 2010), underutilization at Devens, ramp expenses from China and continued losses from Sovello middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Downside risk is probably minimal at 0.5x price-to-book middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Evergreen may need to return to the capital markets late next year to increase debt or add further dilution middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Lowering 2010 revenue and EPS estimates to $355.3 million and ($0.03) from $466 and $0.29, respectively and removing price target

International Game Technology (IGT) reported adjusted earnings of 19 cents per share during fiscal 2009 fourth quarter, compared to a net income of 28 cents in the year-ago quarter. The result topped the Zacks Consensus Estimate by 3 cents.  In the quarter, the company recorded non-cash charges of approximately $77.2 million, or 26 cents per share to give effect to a reduction in the carrying value of its investment in Walker Digital Gaming Inc. These charges also included a decline in the value of its Las Vegas Gaming International investment and foreign deferred tax provision.  Total revenue fell 18.6% to $514.6 million from the year-ago quarter, primarily due to weakness in product revenue (45% of total revenue), which fell 23.2% to $231.4 million, while units shipped worldwide decreased 30% year-over-year. Revenue from Gaming Operations (55% of total revenue) decreased 14.4% year over year to $283.2 million due to the lower play ...

November 6, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman commented this morning on First Solarrsquo;s (Nasdaq:FSLR) land purchase from Ausra which he says mitigates risk for its 550MWac Topaz Project. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Environmentalists continue to battle with large project developers, and the Ausra parcel will give First Solar more flexibility in placement of solar arrays from land covered by the Land Conservation Act of1965 to createnbsp; additional wildlife corridors to appease the environmentalists middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The purchase will also enable faster permitting middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Profitability impact to the Topaz project should be nominal ndash; even at $4,000/acre, at $3.50/Wdc the project is worth almost $2.4 billion. A $3 million impact on the cost of the additional land would impact gross margin by less than 0.2%.

Abiomed, Inc. (ABMD) reported fiscal second-quarter loss of 14 cents per share, considerably better than the Zacks Consensus Estimate of a loss of 21 cents. However, loss per share in the year-ago quarter was 8 cents.   Total revenues in the reported quarter were roughly flat year over year at $20 million. In terms of products: Worldwide Impella revenues increased 26% year over year to $13.2 million. Non-Impella revenues declined 28% year over year to $6.8 million.   Abiomed witnessed a strong demand for its Impella products in the domestic market. Total Impella revenues in the U.S. increased 95% year over year to $12.1 million. This was backed by strong commercial reorders in the U.S. market which increased 230% year over year to $6.6 million.   In terms of operational metrics: the number of patients in the U.S. treated with Impella 2.5, 5.0 or LD increased 238% year ...

Symmetry Medical, Inc. (SMA) reported third-quarter earnings per share of 15 cents that came in a penny shy of the Zacks Consensus Estimate. However, earnings came ahead of last year’s figure of 7 cents.   Sales   Total sales in the reported quarter declined 22% year over year to $87.2 million. The decline was due to lower customer demand across all the business segments as a result of the economic turbulence. Patients are deferring elective procedures as they are not life sustaining in nature.   Instruments revenues declined 15% year over year to $41.3 million. Implants revenues declined 23% year over year to $24.2 million. Both Cases and Other sales registered a decline of 29% and 40%, respectively.    Margins   Symmetry registered an expansion in margins due to its strong cost-cutting initiatives. Operational improvements at the Sheffield, UK unit also helped in improving margins. Gross margin ...

Oil refiner and marketer Sunoco Inc. (SUN) reported weaker-than-expected third quarter results as its refining and chemicals operations slipped in the red, pulled down by reduced margins and production. Loss per share, excluding special items, came in at 29 cents, significantly wider than the Zacks Consensus Estimate of 9 cents. In the year-ago period, the Pennsylvania-based company earned $4.78 per share. Revenues were down 42.6% year over year to $8.7 billion.   Refining & Supply   The Refining & Supply segment lost $118 million during the quarter, as against a profit of $398 million in the year-earlier period, mainly on account of lower realized margins and lower production volumes, partly canceled by lower expenses. Realized margin averaged $2.72 per barrel, down 81.7% from the third quarter of 2008, reflecting a very weak East Coast refining margin environment. Total production was down approximately 17.2% year over year to 669.2 ...