(Saskatoon) Nutrien posted record first-quarter profit of US$1.4 billion on Tuesday as war in Ukraine pushed up commodity prices and raised global food security concerns.
Posted yesterday at 2:33 p.m.
The Saskatoon-based fertilizer giant raked in a profit of US$2.49 per share in the quarter ended March 31, which was more than 10 times higher than the same company’s profit of 22 cents per share. period last year.
Nutrien’s sales totaled $7.6 billion in the most recent quarter, up from $4.7 billion in the first quarter of 2021.
In addition, the company revised its full-year 2022 guidance upwards by 50%. It now expects to make a profit of between US$16.20 and US$18.70 per share this year, compared to its previous guidance for a profit of between US$10.20 and US$11.80. per share.
Throughout fiscal 2022, Nutrien expects to produce between 14.5 and 15.1 million tonnes of potash. It had previously indicated that it intended to increase its potash production capacity by nearly one million tonnes to help it meet global demand.
Nutrien pointed out that Russia and Belarus are responsible for around 40% of global potash production and exports. Financial sanctions imposed on Russia and Belarus due to the war in Ukraine mean that potash exports from the region are down about 20% in the first quarter of 2022, compared to the same period in 2021.