CALGARY — Saskatoon\u002Dbased fertilizer giant Nutrien Ltd. surged to all\u002Dtime high profits in the first six months of 2022 as the war in Ukraine destabilized…
The Canadian company, which is the largest fertilizer producer in the world, raked in US$5 billion in profits in the first half of the year as crop input prices soared to multi-year highs.On Wednesday, the company revised its full-year earnings guidance for 2022 to between US$14 billion and US$15.5 billion, down from a previously forecast US$14.5 billion to US$16.5 billion, due to lower nitrogen pricing and higher natural gas costs.
Record high temperatures in Europe this summer have reduced summer crop yields, Seitz said. While crop commodity prices have been affected over the past month by broader market volatility, they are still 25 to 35 per cent above the 10-year average, he said. In June, Nutrien announced plans to increase its potash production capacity to 18 million tonnes per year by 2025, a 40 per cent increase over 2020 levels, to meet rising global demand.
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