Nutrien sees earnings drop in third quarter as lower selling prices take a toll

SASKATOON — Nutrien Ltd. says it earned US$82 million in the third quarter, down from US$1.6 billion a year earlier.

The Saskatoon-based company, which is the world's largest fertilizer producer, says sales were US$5.6 billion, down 31 per cent from US8.2 billion.

Diluted earnings per share were 15 cents US, down from US$2.94.

Nutrien attributed its lower earnings mainly to lower net realized selling prices, as well as lower retail earnings.

The company says in its Wednesday release that its earnings are "significantly affected by fertilizer benchmark prices, which have been volatile over the last two years."

President and CEO Ken Seitz says the company delivered record potash sales volumes in the third quarter, and says the company is encouraged by the increased level of demand and market stability in the second half of the year

This report by The Canadian Press was first published Nov. 1, 2023.

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The Canadian Press