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Nutrients (New York Stock Exchange:NTR) -3.5% on Wednesday after the market after fourth-quarter adjusted earnings broadly missed Wall Street estimates, even as revenue rose 3.7% year-over-year to $7.53 billion.
Fourth-quarter net earnings fell to $1.19 billion, or $2.15 per share, from $1.21 billion, or $2.11 per share, in the year-ago quarter, due to lower volumes of partially compensated sales due to higher realized net sales prices.
The company approved a 10% increase in the quarterly dividend to $0.53 per share and approved the purchase of up to 5% of its outstanding common shares over 12 months.
Nutrien (NTR) issued downward guidance for fiscal 2023 earnings, with adjusted EPS of $8.45-$10.65, well below the consensus analyst estimate of $11.44, and adjusted EBITDA of $8.4 B-$10B, below the $10.23 consensus.
The company forecasts full-year potash sales volumes of 13.8 million to 14.6 million metric tons, assuming increased demand in its key markets of North America and Brazil, as well as continued global supply constraints in 2023. , and nitrogen sales volumes from 10.8 million to 11.4 million. tons, assuming higher operating rates at its North American plants and a continuation of gas restrictions in Trinidad in 2023.
Nutrien (NTR) said it is “adjusting the ramp-up timing of its existing low-cost potash capacity to optimize capital expenditures in line with the pace of demand recovery expected in 2023 and beyond” as it now expects reach 18 million tons of annual operating capacity by 2026.
Nutrien (NTR) shares have gained 7.5% year to date and 3.5% over the past year.
