“Our earnings and free cash flow results highlight the strength of our integrated business model, execution of strategic initiatives and the recovery in global agricultural markets. Nutrien delivered a record first quarter for Retail and strong fertilizer volumes and margins,” commented Mayo Schmidt, Nutrien’s President and CEO.
“Crop prices and cash margins are at multi-year highs and growers are responding accordingly with increased seeded acreage and a focus on maximising yields and our team at Nutrien is supporting them at every level. We are delivering the end-to-end services and products they need including our full suite of crop inputs, digital tools and innovative and sustainable solutions that help achieve higher yields. This is a very exciting time for Nutrien, and the team is focused on executing Nutrien’s strategy and achieving operational excellence across our business,” added Schmidt.
Nutrien generated US$476 million in free cash flow in 1Q21, more than double that in 1Q20, while adjusted EBITDA increased by nearly 60% compared to 1Q20.
Potash adjusted EBITDA increased 33% in 1Q21 compared to the same period in 2020, due to higher net realised selling prices and sales volumes. Potash sales volumes were near record levels for a first quarter due to continued strong demand in North American and offshore markets. Potash cash cost of product manufactured was US$57/t in 1Q21, down US$3/t from the same period in 2020, despite headwinds from a stronger Canadian dollar.
Nitrogen adjusted EBITDA increased 27% in 1Q21 compared to the same quarter in 2020 primarily due to higher net realised selling prices. Sales volumes decreased due to lower opening inventories this year after a strong fall application season and reduced production in Trinidad.
Read the latest issue of World Fertilizer in full for free: April 2021
The April issue of World Fertilizer begins with a regional report that examines the opportunities and challenges currently facing Latin America’s fertilizer industry. The remainder of the issue is dedicated to a range of technical articles covering ammonia, blending and bagging, plant design, fertilizer cargo measurement and fertilizer storage. Our World Review of fertilizer projects in Africa and the Middle East, Asia Pacific, Europe and CIS and the Americas rounds off the issue.
Read the article online at: https://www.worldfertilizer.com/nitrogen/04052021/nutrien-releases-1q21-results/