The Globe and Mail reports in its Thursday, May 9, edition that Nutrien
beat first-quarter profit estimates on Wednesday, on strong demand from North America owing to early planting and lower inventory.
An early start to spring planting season in the region helped fertilizer demand, according to RBC Capital Markets analysts.
Adjusted core profit at Nutrien Ag Solutions, the company's retail segment, was up at $77-million in the reported quarter, compared with an adjusted core loss of $34-million a year ago.
Reuters had reported that the company is mulling divestments in South America, replacing management and halting an acquisition spree in Brazil after steep losses in the region. Since April last year, at least eight senior executives or managers were fired or had quit the company, including members of Brazil's entire supply management, chief executive officer and chief financial officer for Latin America. The world's biggest fertilizer producer reported an adjusted profit of 46 cents per share for the quarter ended March 31, compared with analysts' average estimate of 39 cents per share.
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