Crop prices continue to be supported by strong demand and less than expected supply, resulting in historically low global inventory and strong grower margins, Nutrien said in a statement.
"We expect these market fundamentals to continue beyond this season and be supportive of crop prices and grower margins into 2022," it added.
The Saskatoon, Saskatchewan-based company now expects adjusted net earnings per share outlook to be between $4.60 and $5.10 for the year, from a prior forecast of $2.55 to $3.25.
Analysts, on average, were expecting $3.93 per share for full-year 2021, according to Refinitiv IBES data.
Nutrien also said net earnings rose to $1.11 billion, or $1.94 per share, for the three months ended June 30, from $765 million, or $1.34 per share, a year earlier.
(Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)