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Nutrien announces 3Q19 results

Published by
World Fertilizer,


Nutrien Ltd. has announced its 3Q19 results, with net earnings from continuing operations of US$141 million (US$0.24 diluted earnings per share). Third-quarter adjusted net earnings was US$0.24 per share and adjusted EBITDA was US$785 million.

“Nutrien’s third-quarter results and fourth-quarter expectations are impacted by short-term market softness. However, we believe that agriculture fundamentals are starting to strengthen and we expect 2020 to be a strong year for crop input demand for which we are well positioned to benefit,” commented Chuck Magro, Nutrien’s President and CEO.

“Over the course of the year, we have allocated capital to grow our Retail business while continuing to return significant capital to our shareholders. That is what our integrated business model is designed to do, and we remain confident that it will drive significant long-term value creation,” added Magro.

Highlights:

  • Retail performed very well with EBITDA increasing 64% in 3Q19 compared to the same period last year due to the delayed timing of crop input demand in the US and stronger margins. Nutrien’s sales, service and supply chain strength helped to grow share in key markets on a year-to-date basis.
  • Potash adjusted EBITDA was down 14% in 3Q19 compared to 3Q18 due to lower sales volumes caused by a temporary reduction in global demand.
  • Nitrogen EBITDA in the third quarter was 9% lower than the same period last year due primarily to lower net realised selling prices for ammonia.
  • Nutrien generated US$2.0 billion in free cash flow in the first nine months of 2019, up 28% from the same period in 2018.
  • Nutrien announced the close of its acquisition of Ruralco Holdings Limited at the end of the quarter, the third largest agriculture retailer in Australia.
  • Nutrien full-year 2019 adjusted net earnings per share and adjusted EBITDA guidance were lowered to US$2.30 to US$2.55 per share and US$4.0 to US$4.3 billion, respectively.

For the full results, click here.

Read the article online at: https://www.worldfertilizer.com/potash/05112019/nutrien-announces-3q19-results/

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