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    NTR   CA67077M1086

NUTRIEN LTD.

(NTR)
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Nutrien : cuts 2020 adjusted profit forecast on weak ammonia prices

08/10/2020 | 10:53pm EDT

Canadian fertilizer maker Nutrien Ltd on Monday cut its annual adjusted profit forecast as weaker-than-normal industrial demand held back prices for ammonia and urea ammonium nitrate.

The company cut the top end of its 2020 adjusted earnings per share forecast to $1.90 from $2.10 earlier, while retaining the lower end at $1.50.

Even as industrial utilization picked up in Asia, weak demand in Western Hemisphere hurt ammonia prices, Nutrien said.

The company said demand for urea was strong in India and expects Chinese urea exports to pick up pace in the second half, though they are lower year-on-year.

Revenue of $8.18 billion for the second quarter missed analysts' estimate of $8.35 billion, according to Refinitiv IBES.

Potash sales volumes in North America rose from an increase in U.S. planted acreage and more normal weather this spring, but prices still suffered as the benchmark was dragged by weak demand abroad.

Net potash sales outside of North America declined about 40% due to lower Chinese import demand and some short-term cautious spot purchasing in certain international markets, the company said.

The Saskatoon, Saskatchewan-based company's net income fell to $765 million, or $1.34 per share, in the three months ended June 30, from $858 million, or $1.47 per share, a year earlier.

On an adjusted basis, it earned $1.45 per share, beating expectations of $1.33, helped by lower costs.

(Reporting by Arunima Kumar in Bengaluru; Editing by Devika Syamnath and Sriraj Kalluvila)


ę Reuters 2020
Stocks mentioned in the article
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NUTRIEN LTD. -0.45% 75.16 Delayed Quote.23.30%
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Financials (USD)
Sales 2021 23 355 M - -
Net income 2021 1 809 M - -
Net Debt 2021 8 644 M - -
P/E ratio 2021 18,7x
Yield 2021 2,99%
Capitalization 34 984 M 34 899 M -
EV / Sales 2021 1,87x
EV / Sales 2022 1,79x
Nbr of Employees 23 100
Free-Float 99,7%
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Number of Analysts 22
Last Close Price 61,35 $
Average target price 67,63 $
Spread / Average Target 10,2%
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Managers and Directors
NameTitle
Mayo M. Schmidt President, Chief Executive Officer & Director
Pedro Farah Chief Financial Officer & Executive Vice President
Russell K. Girling Chairman
Brent D. Poohkay Chief Information Officer & Executive VP
Michael R. Webb Chief Human Resources & Administrative Officer
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