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Nutrien posts better-than-expected profit

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World Fertilizer,

According to Reuters, Nutrien has reported a better-than-expected profit, caused by higher prices for both potash and nitrogen fertilizers.

The company reportedly raised its forecast for potash sales volumes to between 12.3 and 12.8 million t, citing strong global potash demand. This is a compared to a projection in May, which was in the range of 12 million t – 12.5 million t.

Nonetheless, Nutrien has also stated that the majority of US crop prices have decreased over the quarter. This has reportedly been driven by a combination of favourable US crop prospects and uncertainty regarding escalating trade restrictions.

In the three months ended 30 June, Nutrien reportedly posted a net income of $741 million. On a pro forma basis, the company earned $705 million in net income a year earlier.

According to Reuters, Nutrien’s sales increased by 10.8%, reaching $8.15 billion. Excluding items, the company reportedly earned CAN$1.48 per share, whilst analysts were originally expecting a profit of CAN$1.38 per share.

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