Nutrien CEO says Ukraine war will drive product demand for years – by Amanda Stephenson (Canadian Press/Global News – August 4, 2022)

Saskatoon-based fertilizer giant Nutrien Ltd. surged to all-time high profits in the first six months of 2022 as the war in Ukraine destabilized agriculture markets and heightened global food security fears.

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.

For the three months ended June 30, Nutrien’s net profit increased 224 per cent to US$3.6 billion. (The company said its earnings for the second quarter were affected by a non-cash impairment reversal related to its phosphate operations of US$450 million.)

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.

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