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Fertilizer giant Nutriens profit grows 224% as global demand surges

release time:2022-08-05





Key words of the passage: fertilizer; price; profit; market

Nutrien Ltd. says its net profit increased 224 per cent to US$3.6 billion in the second quarter as the war in Ukraine continues to put pressure on global agriculture markets.


The Saskatoon-based fertilizer producer — which reports in U.S. dollars — says its net earnings for the three months ended June 30 were affected by a non-cash impairment reversal related to its phosphate operations of US$450 million.


It says its profit for the quarter works out to US$6.51 per diluted share, up from US$1.94 in the same three months of 2021.


Nutrien’s sales in the second quarter were US$14.5 billion, a 49 per cent increase year-over-year.


The company says its potash sales volumes were 3.7 million tonnes, a second-quarter record.


Nutrien has revised its full-year earnings guidance for 2022 to between US$14 billion and US$15.5 billion, down from a previously forecast US$14.5 billion to US$16.5 billion, due to lower nitrogen pricing and higher natural gas costs.