Nutrien Reports Q324 Results

“Nutrien delivered higher Potash sales volumes and lower operating costs through the first 9 months of 2024, utilising the strengths of our six-mine network and global distribution capabilities to respond to increased customer demand. We are seeing strong crop nutrient demand in North America for the fall application season following a period of lower field activity in Q324,” commented Ken Seitz, Nutrien’s President and CEO.

“We remain focused on strategic priorities that strengthen the advantages of our business across the ag value chain. This includes accelerating the timeline for achieving our annual consolidated cost savings target, further optimising capital expenditures, delivering upstream fertilizer sales volume growth and advancing high-return downstream Retail growth opportunities. These initiatives provide a pathway for delivering structural improvements to our earnings and free cash flow through the cycle,” added Mr. Seitz.

Highlights²:

• Generated net earnings of US$582 million and adjusted EBITDA of US$4.3 billion in the first nine months of 2024.
• Retail adjusted EBITDA increased to US$1.4 billion in the first 9 months of 2024 supported by higher product margins in North America. Lowered full-year 2024 retail adjusted EBITDA guidance to US$1.5 to US$1.6 billion as favourable growing conditions in North America resulted in reduced pest pressure and lower field activity in the third quarter.
• Potash adjusted EBITDA decreased to US$1.6 billion in the first 9 months of 2024 due to lower net selling prices, partially offset by record sales volumes of 11.1 million t. Raised full-year 2024 Potash sales volumes guidance to 13.5 to 13.9 million t due to the continued strength of global demand.
• Nitrogen adjusted EBITDA decreased to US$1.4 billion in the first 9 months of 2024 as lower net selling prices more than offset lower natural gas costs and higher sales volumes. Total ammonia production increased in the first 9 months of 2024, driven by improved natural gas utilisation and reliability at our operations in Trinidad.
• Accelerated operational efficiency and cost savings initiatives and expect to achieve approximately U$200 million of annual consolidated savings by 2025, ahead of our initial target of 2026.
• Maintained total capital expenditures guidance of US$2.2 to US$2.3 billion for 2024 and expect capital expenditures in a range of US$2.0 to US$2.1 billion in 2025 to sustain our assets and deliver on our growth initiatives.
• Repurchased 1.5 million shares for a total of approximately US$75 million in the second half of 2024 as of November 5, 2024.

1. This is a non-GAAP financial measure.

2. The discussion of highlights set out on this page is a comparison of the results for the 3 and 9 months ended September 30, 2024 to the results for the 3 and 9 months ended September 30, 2023, unless otherwise noted.

Read the article online at: https://www.worldfertilizer.com/project-news/07112024/nutrien-reports-q324-results/