Canadian fertilizer company Nutrien (NTR) has reported second-quarter net income of $448 million U.S., down 88% from $3.6 billion U.S. a year earlier.
The Saskatoon-based company said its revenue in the April through June period totaled $11.7 billion U.S., down 19% from $14.5 billion U.S. during the same quarter of 2022.
Earnings per share came in at $0.89 U.S., down from $6.51 U.S. a year ago.
Nutrien blamed the latest financial results on lower prices for fertilizer and weak foreign sales of its potash products.
The company added that its net income was also negatively impacted by non-cash impairment charges of $465 million U.S. and $233 million U.S.
Nutrien said it expects its earnings and sales to continue to be impacted by lower prices and weak demand for the remainder of this year.
The company’s stock has declined 15% over the last 12 months to trade at $89.87 a share.
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