Canadian fertilizer company Nutrien (NTR) has reported that its net earnings declined 58% to $576 million U.S. in its fiscal third quarter.
A year earlier, the Saskatoon-based company had reported a net profit of $1.4 billion U.S. as demand for its potash and nitrogen fertilizer skyrocketed following Russia’s invasion of Ukraine.
Nutrien, which reports its earnings in U.S. dollars, said its revenue in the latest quarter ended March 31 of this year totaled $6.1 billion U.S., down 20% from $7.7 billion U.S. a year earlier.
The company blamed the lower earnings on a decline in realized prices across all of its product segments, as well as lower overall sales volumes.
Nutrien said in a press release that it is encouraged by the stabilization of fertilizer markets following a year of volatility, and that it anticipates higher demand in the second half of 2023.
The stock of Nutrien has declined 32% in the last 12 months to trade at $85.30 per share.
