Nutrien (NTR) Raises 1st-Half Guidance
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Nutrien Ltd (NYSE: NTR) announced today that it has increased its first-half 2021 earnings guidance given the strength in global fertilizer markets and strong operational results. First-half 2021 adjusted net earnings per share (EPS) is expected to be $2.30 to $2.50, up significantly from our previous guidance of $2.00 to $2.20 (first quarter adjusted net earnings per share was $0.29).
We will provide updated 2021 full year guidance at the time of our second quarter results in early August. However, we expect the midpoints of both our 2021 adjusted EBITDA and adjusted EPS guidance to be above the top end of the ranges previously provided at the time of our first quarter results.
In response to continued tightening in global potash market conditions, we are flexing our low-cost network of six mines to draw upon our available capacity in a timely manner and are planning to produce a further half a million tonnes of potash, which is in addition to the half a million tonne increase announced on June 7, 2021. As a result, we now expect to produce one million tonnes of incremental potash in 2021 compared to expectations earlier this year. The majority of the increased production is expected to occur in the fourth quarter, with some of these additional tonnes expected to be sold in early 2022. Our updated guidance for potash sales volumes in 2021 is 13.3 to 13.8 million tonnes, which would exceed our previous record high for annual sales volumes of 13 million tonnes set in 2018.
“The quality and breadth of our integrated network combined with unparalleled expertise in potash mining and an exceptional transportation and logistics system helps ensure our customers have the crop inputs they need to feed a growing world and drives tremendous shareholder value. With continued strength in global agriculture and crop input markets, we are raising guidance and expanding our potash production by a total of one million tonnes to ensure farmers get the potash they need,” commented Mayo Schmidt, Nutrien’s President and CEO.
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