Nutrien Q2 Profit Down; Cuts 2020 Adj. EPS View

(RTTNews) - Nutrien Ltd. (NTR, NTR.TO) reported that its second-quarter net earnings decreased to $765 million or $1.34 per share from $858 million or $1.47 per share in the prior year. The second-quarter of 2020 net earnings were lower than the same period in 2019 primarily due to significantly lower crop nutrient prices. This was mostly offset by strong Retail revenue and gross margin growth, higher crop nutrient volume sales, solid operational results and the benefit of an asset retirement obligation change in estimate. COVID-19 had limited impact on its business in the period.

Adjusted net earnings for the latest-quarter were $1.45 per share.

Sales for the quarter declined to $8.42 billion from $8.69 billion in the prior year.

Nutrien declared a quarterly dividend of $0.45 per share payable October 16, 2020 to shareholders of record on September 30, 2020.

The company said it lowered the top of the range for its 2020 adjusted net earnings guidance to $1.50 to $1.90 per share from the prior range of $1.50 to $2.10 per share, due to lower ammonia and UAN prices.