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Canada’s Nutrien eyes prolonged global fertilizer disruption from invasion of Ukraine

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Canada’s Nutrien Ltd, the world’s biggest fertilizer producer, said on Tuesday that Russia’s invasion of Ukraine could result in prolonged disruptions to the global supply of potash and nitrogen crop nutrients.

Interim Chief Executive Ken Seitz said Nutrien will boost potash production if it sees sustained supply problems in Russia and Belarus, the world’s second- and third-largest potash producing countries after Canada.

The United States, European Union and other countries have imposed economic sanctions against Russia, moves that could hinder its exports of natural gas, potash and nitrogen. Belarus, Russia’s ally, is already subject to European and U.S. sanctions that have restricted its potash exports.

Russia’s war on Ukraine has also raised concerns about wheat, corn and vegetable oil supply problems in the Black Sea region, driving up world prices.

“We could probably see a prolonged, more prolonged disruption in (potash) supply out of that part of the world,” Seitz said at a BMO Capital Markets investor conference.

“We’re looking very closely at, if this is sustained, how do we deploy miners and open up ground in a very practical, pragmatic way?” he added.

Nutrien expects to sell up to 14.3 million tonnes of potash this year, its most ever, and has said it is considering further expansion.

Brazilian agricultural exports are especially vulnerable to a scarcity of fertilizer, with Russia a key supplier.

Russia’s aggression also has jeopardized its nitrogen fertilizer exports. Prices of European natural gas, a key input in nitrogen production, have jumped in the past week, much higher than North American prices.

“We’re going to run our plants, run them flat out,” Seitz said. “Could we see interruptions in exports out of Russia? Yes. Can we see plant closures? We could.”

(Reporting by Rod Nickel in WinnipegEditing by Bill Berkrot)

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

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November 5, 2024

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TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

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November 5, 2024

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ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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Thomson Reuters reports Q3 profit down from year ago as revenue rises

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November 5, 2024

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TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

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