Nutrien’s woes mount, as fertilizer giant slashes capital expenditures, slashes profit forecast again – by Niall McGee (Globe and Mail – August 3, 2023)

Nutrien Ltd. is indefinitely suspending plans to ramp up its potash production, cutting its capital expenditure and reducing its profit forecast yet again, as a prolonged slump in the global fertilizer market takes its toll on the Canadian giant.

Saskatoon-based Nutrien announced late Wednesday that it is reducing its 2023 adjusted net earnings per share guidance to roughly US$4.72 a share, compared with around US$6.50 a share in May – a figure that had already been revised downward from February.

The fertilizer company had already warned last month that its profit forecast would likely be soon pared back, after it was forced to cut production at one of its mines owing to the inability to export potash out of the port of Vancouver amid the strike by the International Longshore and Warehouse Union.

Nutrien’s exports were curtailed in the second quarter by continuing problems at a terminal in Portland, Ore. That facility was knocked out of potash service after a structural failure with its conveyor system in May.

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