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Nutrien (TSX, NYSE: NTR) fell short of analysts’ estimates for third-quarter profit, as lower potash prices weighed on the world’s biggest fertilizer producer.
Potash prices experienced a decline as a result of the resumption of shipments from Belarus and Russia.
Analysts have noted that fertilizer demand remained subdued for a significant part of the year, with farmers holding off on purchases until prices stabilized.
During Q3, potash prices averaged $250 per tonne, in stark contrast to the $633 per tonne recorded a year earlier.
Nutrien reported earnings of $82 million in the third quarter, down from $1.6 billion a year earlier.
The company says sales were $5.6 billion, down 31% from $8.2 billion. Diluted earnings per share were 15 cents, down from $2.94.
Shares of Nutrien were up 1.98% by 12:10 p.m. EDT. Since January, however, shares are down 23%. The company has a market capitalization of C$37.65 billion ($27.33 billion).
(With files from Reuters)
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