CALGARY — Shares in Nutrien Ltd. rose by as much as 3.6 per cent on Wednesday after it reported fourth-quarter income that fell short of analyst expectations.
The Saskatoon-based fertilizer company, which reports its financial results in U.S. dollars, said it lost US$48 million or eight cents per share on revenue of $3.44 billion in the three months ended Dec. 31.
Excluding one-time items, adjusted net income was US$54 million or nine cents a share. Analysts had expected US$145 million and 26 cents in adjusted net income on revenue of $3.34 billion, according to financial markets data firm Refinitiv.
CEO Chuck Magro said the company’s results were stable despite a “very tough agriculture market,” which included a $10-million earnings hit blamed on the week-long Canadian National Railway Co. strike in November.
Nutrien reported that adjusted earnings from its potash operations dropped 62 per cent compared with the fourth quarter of 2018 due to lower prices and volumes and higher costs as facilities were shut down temporarily to better match supply with reduced global demand.
The company expects global potash deliveries in 2020 will be between 66 million and 68 million tonnes, similar to the record global delivery levels of 2018, driven by increased planting in North America, Indonesia and Malaysia, lower beginning inventories and strong affordability.
This report by The Canadian Press was first published Feb. 19, 2020.
Companies in this story: (TSX:NTR, TSX:CNR)
The Canadian Press