Nutrien earns US$1.6B in third quarter, but lowers full-year guidance

SASKATOON – Nutrien Ltd. says it earned US$1.6 billion in the third quarter of 2022, up 118 per cent from the same three-month period in 2021.

The Saskatoon-based fertilizer giant says its profit in the quarter works out to $2.94 per diluted share, compared to $1.25 in the prior year’s quarter.

The Saskatoon-based fertilizer giant, which reports in U.S. dollars, says its profit in the quarter includes a non-cash impairment reversal of $330 million related to the company’s phosphate operations.

On an adjusted basis, Nutrien says it earned $2.5 billion, or $2.51 per share, compared to $1.6 billion or $1.38 per share in the previous year’s quarter.

Nutrien’s total sales for the three months ended Sept. 30 were $8.2 billion, a year-over-year increase of 36 per cent, though potash sales volumes in North America and Brazil declined in the third quarter.

The company says it has reduced its full-year earnings guidance from the previously stated range of $14 billion to $15.5 billion before interest, taxes, depreciation, and amortization, to a new range of $12.2 billion to $13.2 billion.

This report by The Canadian Press was first published Nov. 2, 2022.

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