iamporpla/iStock via Getty Images
Nutrients (New York Stock Exchange: NTR) -3.7% aftermarket on Wednesday after missing estimates by a wide margin for first-quarter adjusted earnings and revenue, citing lower realized prices across all segments, as well as lower retail, potash and phosphate volumes.
First-quarter net profit fell to $576 million, or $1.14 per share, from $1.38 billion, or $2.39 per share, in From last year, revenue fell 20% year over year to $6.1 billion.
Nutrien (NTR) lowered guidance for full-year earnings to $5.50 – $7.50 per share from its prior forecast of $8.45 – $10.65 and well below the analyst consensus estimate of $8.61, and now sees its 2023 EBITDA rate of $6.5 billion to $8 billion compared to the $8.4 billion — $10 billion guidance issued in December.
The company also lowered expected sales volumes for potash to 13.5 million – 14.3 million metric tons from 13.8 million to 14.6 million tons previously, while maintaining its forecast for nitrogen sales from 10.8 million to 11.4 million tons.
The company is “encouraged by the continued stability of fertilizer markets after a year of unprecedented volatility,” said Ken Seitz, president and CEO of Nutrien (NTR), and higher demand is expected in the second half of this year due to strong agricultural fundamentals, and improved farmers’ tolerance. costs and low stock levels.
The company said geopolitical and weather-related challenges continue to affect global agricultural commodity markets, including significant production and export cuts from Ukraine and severe drought conditions in Argentina.
More about Nutrin:
Comments are closed.