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Nutrien sees earnings slump in Q1, but expects demand to rise later in 2023

SASKATOON — Nutrien Ltd. says net earnings for the third quarter were US$576 million, down 58 per cent from US$1.4 billion a year earlier. The Saskatoon-based company, which reports in U.S.
Canadian Press
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The Nutrien company logo is shown in this undated handout. THE CANADIAN PRESS/HO-Nutrien *MANDATORY CREDIT*

SASKATOON — Nutrien Ltd. says net earnings for the third quarter were US$576 million, down 58 per cent from US$1.4 billion a year earlier. 

The Saskatoon-based company, which reports in U.S. dollars, says sales for the quarter ended March 31 were US$6.1 billion, down 20 per cent from US$7.7 billion a year earlier. 

Diluted net earnings per share were US$1.14, down 54 per cent from US$2.49 a year earlier. 

The company says the lower earnings were due to lower realized prices across all segments, as well as lower sales volumes in retail, potash and phosphate. 

President and CEO Ken Seitz said in a press release Wednesday that the company is encouraged by the continued stabilization of fertilizer markets following a year of unprecedented volatility. 

Seitz says the company anticipates higher demand in the second half of 2023. 

This report by The Canadian Press was first published May 10, 2023.

Companies in this story: (TSX:NTR)

The Canadian Press