Nutrien beats quarterly profit estimates on strong potash demand
Nutrien topped Wall Street estimates for second-quarter profit on Wednesday, as the world's top potash producer benefited from improved demand in North America amid a robust corn planting season.
US farmers expanded corn plantings by 5% this year to the highest since 2013 while cutting soybean acres by 4% to a five-year low, the US Department of Agriculture said in June.
The agency expects US farmers will seed(38.527-million hectares of corn this year, up from 90.594-million last year.
"Fertilizer market fundamentals are supported by strong global demand, persistent supply disruptions and project delays. We have seen healthy fertilizer customer engagement and field activity in North America," CEO Ken Seitz said in a statement.
Saskatoon, Canada-based Nutrien said it expects current-year potash sales volumes to be in the range of 13.9-million tonnes to 14.5-million tonnes.
It previously projected potash sales volumes of 13.6-million tonnes to 14.4-million tonnes.
US-listed shares of the company were up more than 2% in trading after the bell.
Nutrien's second-quarter potash sales jumped 31% to $991-million in the three months ended June 30.
Total sales rose to $10.44-billion, from $10.16-billion a year earlier, with the retail segment, the company's largest by revenue, reporting sales of $7.96-billion during the quarter.
The company posted an adjusted profit of $2.65 a share, compared with analysts' average estimate of $2.40, according to data compiled by LSEG.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation