(Saskatoon) Nutrien’s president and CEO says improved mine automation helped the fertilizer giant increase its potash production in the first quarter amid strong demand for its products.
Ken Seitz told analysts on an earnings conference call that the company was encouraged by demand as well as continued market stabilization.
The Saskatoon-based company faced unprecedented volatility in fertilizer markets last year, leading it to indefinitely suspend its planned increase in potash production.
In the first quarter, the fertilizer giant reported a profit of 165 million, down 71% from 576 million a year earlier, mainly due to lower net selling prices of fertilizers.
However, the price decline was partially offset by increased retail profits, higher fertilizer sales volumes and lower natural gas costs.
Sales totaled US$5.4 billion, down 12% from US$6.1 billion for the same period last year.