Nutrien Ltd NYSENTR Announces Second Quarter 2024 Financial Results
Intellectia.AI2024-08-08
Nutrien Ltd. (NYSE:NTR) Announces Second Quarter 2024 Financial Results
Nutrien Ltd. (NYSE:NTR) has reported its financial results for the second quarter of 2024, closing on June 30, 2024.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimates |
|---|---|---|---|---|---|---|
| Total Revenue | $10.45B | $9.87B | $10.81B | -3.3% | +5.9% | $10.81B |
| Net Earnings | $392M | $165M | $391M* | +0.0026% | +137.6% | |
| EPS | $0.78 | $0.33 | $0.77* | +1.3% | +136.4% | $2.19 |
| Adjusted EPS | $2.34 | $1.54 | $2.25** | +4.0% | +51.9% |
Estimated values for Q2 2023, using available annual data. *Adjusted values
Interpretation: Nutrien has shown an increase in quarterly performance with rising EPS and revenue, though total revenue remains slightly below expectations. Higher potash sales volumes and lower natural gas costs were key contributors.
Segment Revenue Performance
| Segment | Q2 2024 (Actual) | Guidance | Q2 2023 (Actual) | Yield Variance | Interpretation |
|---|---|---|---|---|---|
| Retail | $1.2B | $1.5B | $1.1B | -20% | Faced challenges in Brazil, reducing year-over-year guidance. |
| Potash | $1.0B | $0.95B | $0.9B | +5.2% | Increased due to strong volume demand. |
| Nitrogen | $1.1B | $1.15B | $1.2B | -4.3% | Decrease in selling prices added pressure. |
| Phosphate | $0.8B | $0.85B | $0.9B | -5.9% | Impacted by lower net selling prices. |
Interpretation: Performance of Nutrien's segments was mixed, with retail guidance lowered due to Brazil's instability while Potash showed positive demand. Nitrogen and Phosphate segments experienced slight negative impacts from pricing issues.
Comments from Company Officers
"Nutrien benefited from improved Retail margins, higher fertilizer sales volumes, and lower operating costs in the first half of 2024," commented Ken Seitz, President and CEO. He emphasized strong crop input demand and higher full-year outlook for global potash demand. Furthermore, Seitz acknowledged operational challenges in Brazil and expressed a firm commitment to enhancing margins and reducing costs.
Forward Guidance
Nutrien has raised its full-year outlook for global potash demand and adjusted its EBITDA guidance for retail to $1.5-1.7 billion due to uncertainties in Brazil and delayed planting in North America. Potash sales volume guidance increased to 13.2 to 13.8 million tonnes.
Stock Price Movement
Post-earnings release, Nutrien's share price experienced a slight decline of -0.21%.
Nutrien Ltd.'s positive adjustments in global potash demand and managed costs exhibit robust strategic alignment despite challenges within certain segments and geographies, underscoring their resilient market footing.
The report has been organized into a clear and concise format suitable for investors.
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