Nutrien reported surging internet revenue for the June quarter of $1.11 billion, up 45% year-on-year from $765 million a yr earlier. Adjusted EBITDA elevated 29% to $2.21 billion from $1.72 billion a yr earlier, and free money move rose 20% to $1.41 billion.
Submit-tax adjusted internet earnings have been $1.19 billion, or $2.08 per diluted share, in contrast with $824 billion or $1.45 for a similar quarter final yr.
Gross sales elevated by 20% to $3.04 billion from $2.53 billion within the year-earlier quarter, underpinned by larger costs and document North American and Worldwide gross sales volumes throughout the first half.
Crop safety merchandise gross sales gained 9% year-on-year to $2.66 billion, from $2.43 billion a yr earlier, as a result of market development and beneficial utility situations all through a lot of the US, the corporate says.
These situations noticed seed gross sales rising 7% year-on-year to $1.21 billion from $1.14 billion, supported by stable agriculture fundamentals and extra seeded acreage in key areas the place the corporate operates.
Potash gross sales throughout the latest quarter rose 39% to $817 million from $588 million a yr in the past, with gross sales volumes the very best of any second quarter on document. Nurtien says excessive crop costs and cheap affordability assist robust demand in North America and offshore markets.
Through the interval, nitrogen gross sales jumped 41% to $982 million from $696 million in the identical interval final yr, as larger internet realized promoting costs greater than offset larger pure gasoline prices and decrease gross sales volumes.
Nutrien had guided full-year potash gross sales volumes of 13.3 million to 13.8 million tonnes earlier this yr, putting in line to beat its 2018 document annual gross sales quantity of 13 million tonnes. By the fourth quarter, the corporate expects to surge potash output to an annualized run-rate of about 17 million tonnes.
Nutrien’s President and CEO Mayo Schmidt mentioned in an announcement the corporate was on monitor to realize a brand new earnings document later this yr.
“We delivered document earnings throughout our international enterprise for the second quarter and first half of 2021 and count on the rest of the yr to contribute to a full-year document. We showcased Nutrien’s distinctive aggressive benefits, robust working efficiency and the numerous leverage to larger fertilizer costs as we deal with our function to assist growers meet the ever-growing demand for elevated meals manufacturing in a sustainable method.”
Shares quoted in New York are at $64.05 (up 6.17% by noon Tuesday) up 80% within the yr to this point, trending close to the corporate’s 12-month excessive of $65.93. Nutrien has a market capitalization of $36.57 billion.