Fertilizer giant Nutrien Inc. says it earned US$176 million, or 35 cents per diluted share in the fourth quarter of 2023 — down from US$1.12 billion in the same period of 2022.

The Saskatoon-based company, which reports in U.S. dollars, says its fourth-quarter results include a $76-million non-cash impairment charge related to a new natural gas contract and higher natural gas costs at its nitrogen plant in Trinidad.

On an adjusted basis, Nutrien says it earned $1.1 billion in the quarter, or 37 cents per share.

For the full year 2023, Nutrien reported net earnings of $1.3 billion and adjusted earnings of $6.1 billion, down from the record levels achieved in 2022, when global fertilizer prices skyrocketed in the wake of Russia's invasion of Ukraine.

The company says its lower 2023 earnings reflect lower selling prices across all of its business segments.

But Nutrien says it benefited from improved fertilizer affordability in the fourth quarter, which boosted potash demand in North America and overseas and helped the company achieve record fourth-quarter potash sales volumes.

This report by The Canadian Press was first published Feb. 21, 2024.