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Aug 3, 2022

Fertilizer giant Nutrien earns US$3.6B as global demand soars

The fertilizer sector is seeing record results on a record year: Analyst

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Nutrien Ltd. says its net profit increased 224 per cent to US$3.6 billion in the second quarter as the war in Ukraine continues to put pressure on global agriculture markets.

The Saskatoon-based fertilizer producer — which reports in U.S. dollars — says its net earnings for the three months ended June 30 were affected by a non-cash impairment reversal related to its phosphate operations of $450 million.

It says its profit for the quarter works out to $6.51 per diluted share, up from $1.94 in the same three months of 2021.

Nutrien's sales in the second quarter were $14.5 billion, a 49 per cent increase year-over-year. 

The company says its potash sales volumes were 3.7 million tonnes, a second-quarter record.

Nutrien has revised its full-year earnings guidance for 2022 to between $14 billion and $15.5 billion, down from a previously forecast $14.5 billion to $16.5 billion, due to lower nitrogen pricing and higher natural gas costs.