Saskatoon-based Nutrien has announced net earnings of 1.6 billion dollars for the third quarter, which includes a non-cash impairment reversal of 330 million dollars related to Phosphate operations.

President Ken Seitz says Nutrien delivered record earnings on 2022 due to the strength of agriculture fundamentals, higher fertilizer prices and excellent retail performance.

During the third quarter, he says there was a temporary reduction in potash purchasing in North America and Brazil, which affected sales volumes and realized prices in the second half of the year.

However, he says demand remains strong and global fertilizer supply challenges persist, creating a supportive environment for Nutrien looking ahead to 2023 and beyond.

Nutrien generated record net earnings of 6.6 billion dollars in the first 9 months of 2022 due to higher realized prices and strong retail performance. This more than offsets a reduction in fertilizer sales volumes.

Full year adjusted net earnings guidance are estimated at 12.2 to 13.2 billion dollars for 2022.

—-