Nutrien Ltd. said its net profit rose 224 percent to $3.6 billion in the second quarter as the war in Ukraine continued to pressure global agricultural markets.
The Saskatoon-based fertilizer maker, which is reported in U.S. dollars, said its net earnings for the three months ended June 30 were impacted by a $450 million non-cash impairment reversal related to its phosphate operations.
It said its earnings for the quarter came in at $6.51 a diluted share, up from $1.94 in the same three months of 2021.
Nutrien’s sales in the second quarter were $14.5 billion, a 49% increase over the prior year.
The company said its potash sales volumes were 3.7 million tonnes, a second-quarter record.
Nutrien revised its full-year 2022 profit guidance to between $14 billion and $15.5 billion, down from previous estimates of $14.5 billion to $16.5 billion, due to lower nitrogen prices and – the high costs of natural gas.
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