May 30th, 2024

Nutrien CEO encouraged by strong demand and fertilizer market stabilization

By The Canadian Press on May 9, 2024.

Nutrien company logo is shown in a handout. THE CANADIAN PRESS/HO

SASKATOON – Nutrien’s chief executive says improved mine automation helped the fertilizer giant increase potash production in the first quarter amid strong demand for its products.

Ken Seitz told analysts on an earnings call that the company is encouraged by the demand as well as continued market stabilization.

The Saskatoon-based company saw unprecedented volatility in fertilizer markets last year that led it to indefinitely pause a planned ramp-up of potash production.

In its first quarter, the fertilizer giant reported earnings of US$165 million, down 71 per cent from US$576 million a year earlier, primarily due to lower net fertilizer selling prices.

However, it says declining prices were partially offset by increased retail earnings, higher fertilizer sales volumes and lower natural gas costs.

Sales totalled US$5.4 billion, down 12 per cent from US$6.1 billion during the same quarter last year.

This report by The Canadian Press was first published May 9, 2024.

Companies in this story: (TSX:NTR)

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