Nutrien posts broad Q1 profits pass over however sees call for emerging in H2 (NYSE:NTR)
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Nutrien (NYSE:NTR) -3.7% post-market Wednesday after lacking estimates through a large margin for Q1 adjusted profits and revenues, bringing up decrease learned costs throughout all segments, in addition to decrease gross sales volumes in retail, potash and phosphate.
Q1 internet profits fell to $576M, or $1.14/percentage, from $1.38B, or $2.39/percentage, within the year-earlier quarter, as revenues tumbled 20% Y/Y to $6.1B.
Nutrien (NTR) slashed steering for full-year profits to $5.50-$7.50/percentage from its earlier outlook of $8.45-$10.65 and neatly underneath $8.61 analyst consensus estimate, and now sees FY 2023 adjusted EBITDA of $6.5B-$8B in comparison to $8.4B-$10B steering issued in December.
The corporate additionally diminished forecast gross sales volumes for potash to 13.5M-14.3M metric heaps from 13.8M-14.6M heaps prior to now, whilst keeping up its outlook for nitrogen gross sales of 10.8M-11.4M heaps.
Nutrien (NTR) President and CEO Ken Seitz mentioned the corporate is “inspired through the ongoing stabilization of fertilizer markets following a yr of remarkable volatility,” and better call for is expected on this yr’s H2 because of sturdy agriculture basics, stepped forward grower affordability and decrease stock ranges.
The corporate mentioned geopolitical and weather-related demanding situations proceed to affect world agriculture commodity markets, together with vital manufacturing and export discounts from Ukraine and critical drought stipulations in Argentina.
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