Nutrien has said it will achieve this by investing in expansions at its existing Saskatchewan mines, including the hiring of approximately 350 more people. The plan, which was announced earlier this year as the Russia-Ukraine war shook up global agricultural markets and reduced supplies of fertilizer from Eastern Europe, represents an increase of more than five million tonnes, or 40 percent, compared to 2020 production levels. Seitz said these challenges, while enough to result in a lowered guidance for the year, are “near-term” issues and don’t change the company’s previously announced plan to increase its annual potash production capability to 18 million tonnes by 2025.
A cool wet spring in North America also compressed the planting season and led to less fertilizer going into the ground, said Nutrien interim CEO Ken Seitz on a conference call Thursday. Nutrien also saw its revenue increase by 36 per cent, thanks to higher selling prices for fertilizer and strong results from its farm retail network.īut the company saw its potash sales volumes decline in North America and Brazil during the third quarter, in part because farmers appear to be postponing fertilizer purchases in the face of high prices. The poorer forecast came in spite of Nutrien’s reported third-quarter adjusted earnings per share of US$2.5 billion, or US$2.51 per share, an 82 per cent increase from the the prior year’s quarter. Nutrien also lowered its full-year guidance for 2022 potash sales to 12.5 to 12.9 billion tonnes, down from a previously announced range of 14.3 to 14.9 billion. Investors appeared to be spooked by the company’s announcement that it is lowering its full-year adjusted earnings forecast from the previously stated range of US$14 billion to US$15.5 billion, to a new range of US$12.2 billion to US$13.2 billion. The company – which is the largest fertilizer producer in the world – saw its share price tumble Thursday after releasing its third-quarter financial results after the close of markets on Wednesday.īy mid-day Thursday, Nutrien’s shares were down more than 13 per cent to $98.65 on the Toronto Stock Exchange. is sticking to its plan to increase potash production, even as the Saskatoon-based fertilizer giant cut its full-year guidance for 2022 due to slumping potash sales volumes in the second half of this year.
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