Canadian fertilizer company Nutrien Ltd on Monday raised its full-year adjusted profit outlook on the back of strong global demand for crop nutrients.
Crop prices continue to be supported by strong demand and less than expected supply, resulting in historically low global inventory and strong grower margins, Nutrien said in a statement.
“We expect these market fundamentals to continue beyond this season and be supportive of crop prices and grower margins into 2022,” it added.
The Saskatoon, Saskatchewan-based company now expects adjusted net earnings per share outlook to be between $4.60 and $5.10 for the year, from a prior forecast of $2.55 to $3.25.
Analysts, on average, were expecting $3.93 per share for full-year 2021, according to Refinitiv IBES data.
Nutrien also said net earnings rose to $1.11 billion, or $1.94 per share, for the three months ended June 30, from $765 million, or $1.34 per share, a year earlier.
(Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)
