Nutrien reports record second quarter earnings of US$1.1 billion

Nutrien Ltd. says it had record earnings in the second quarter and has raised its full-year outlook as it expects strong crop prices to increase demand for its services.

The Saskatoon-based fertilizer and crop services giant, which reports in U.S. dollars, says it earned US$1.1 billion in the quarter ending June 30, up from $765 million in the same quarter last year.

Post-tax adjusted net earnings were $1.19 billion, or $2.08 per diluted share, compared with $824 billion or $1.45 for the same quarter last year.

Consolidated net sales came in at $9.54 billion, compared with $8.18 billion last year.

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Analysts on average had expected adjusted net earnings of $2.09 cents per share and net sales of $9.55 billion, according to financial data firm Refinitiv.

The company has raised its adjusted net earnings guidance for the year from a range of $2.55 to $3.25 per share to $4.60 to $5.10 per share.

1:44 Farmers see cost of fertilizer jump as grain prices rise