Nutrien reports earnings down in second quarter, lowers full-year guidance

SASKATOON – Nutrien Ltd. reported second-quarter net earnings of US$448 million, down from US$3.6 billion a year earlier.

The Saskatoon-based company says sales were US$11.7 billion, down from US$14.5 billion during the same quarter last year.

Diluted net earnings per share were 89 cents US, down from US$6.51.

Nutrien says the lower earnings are mainly due to lower selling prices, weaker offshore potash sales volumes, and lower retail gross margin for crop nutrients and crop protection products.

It says net earnings were also hit by non-cash impairments of $465 million and $233 million.

The company revised its full-year guidance lower to reflect various pressures including lower global potash prices.

This report by The Canadian Press was first published August 2, 2023.

Companies in this story: (TSX:NTR)