SASKATOON — Nutrien Ltd. increased its earnings forecast for the year Wednesday after announcing job cuts at its Vanscoy potash operation in Saskatchewan earlier in the day. The fertilizer giant said the job cuts will take place in the fourth quarter this year and include about 30 staff and 50 hourly positions.
The changes are meant to make the Vanscoy operations more efficient as it looks for synergies following the merger of Potash Corp. and Agrium Inc. to form Nutrien at the start of the year, the company said.
Nutrien said in its second-quarter results out Wednesday that it had achieved US$246 million in synergies as of the end of June, up from the US$150 million it said it had achieved as of March.
The company said it now expects to achieve cost savings of US$350 million by the end of the year, up from the US$250 million it initially estimated. The company is targeting eventual ongoing cost savings of US$500 million.
Increased sales expectations for its key fertilizers had the company revise its adjusted earnings guidance to $2.40 to $2.70 per share, up from $2.20 to $2.60 per share.
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