Nutrien (NTR), the world’s biggest fertilizer company, has lifted its forecast for profit growth and
cash flow this year, saying it plans to sell more potash as crop-nutrient prices soar globally.
The Saskatoon, Saskatchewan-based company is projecting earnings-per-share of $16.20 U.S.
to $18.70 U.S., which is up from a previous target of $10.20 U.S. to $11.80 U.S.
Nutrien said it and other fertilizer companies are benefitting from record prices as major exporter
Russia’s invasion of Ukraine and sanctions on Belarus threaten a massive portion of global
fertilizer supply this year.
Nutrien has said it will increase potash production to fill a worldwide deficit. Russia and Belarus
account for about 40% of global potash output and exports, and sanctions and other restrictions
imposed on the countries have “significantly constrained supply,” the company said in a written
statement.
Nutrien has raised its 2022 potash sales volume guidance to between 14.5 to 15.1 million tons,
with the majority of the extra capacity to be produced in the second half of this year.
Nutrien’s stock is up 40% year to date at $127.83 a share.
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