Nutrien optimistic on potash demand as earnings continue to take hit from volatility
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Hey there, time traveller!
This article was published 02/11/2023 (1044 days ago), so information in it may no longer be current.
SASKATOON – Nutrien chief executive Ken Seitz says the unprecedented volatility in fertilizer markets that’s contributed to the company’s lower earnings so far this year is stabilizing.
He says demand for potash has been strengthening through the second half of the year, and he expects it to return closer to 2021 levels at some point next year.
His comments came after the Saskatoon-based fertilizer company reported significantly lower earnings for its third quarter, coming in at US$82 million in the third quarter, down from US$1.6 billion a year earlier.
The volatility in fertilizer markets led Nutrien to announce in August that it was indefinitely pausing its planned ramp-up of potash production.
Seitz says he feels comfortable with Nutrien’s current capacity, but that the company will be ready to hit play on that ramp-up again when it seems appropriate.
Despite BHP’s large potash project currently under construction in Saskatchewan, Seitz expects Nutrien to maintain its market share as demand for potash continues to grow.
This report by The Canadian Press was first published Nov. 2, 2023.
Companies in this story: (TSX:NTR)