Aug 9 (Reuters) - Canadian fertilizer company Nutrien Ltd on Monday raised its full-year adjusted profit outlook, citing robust demand in the global crop and fertilizer markets.
Crop prices continue to be supported by strong demand and less than expected supply, resulting in historically low global inventory and strong grower margins, the company said in a statement.
U.S.-listed shares of Nutrien jumped 4.4% to $63 in extended trade.
Nutrien also raised its full-year 2021 adjusted core EBITDA outlook to between $6 billion and $6.4 billion, from $4.4 billion to $4.9 billion.
The company said the increased forecast reflects higher expected results across business, as well as the benefits of increasing 2021 potash sales outlook by one million tonnes to address global demand.
It now expects potash sales between 13.5 million tonnes and 13.9 million tonnes.
"Global potash shipments are projected to reach a record 69 to 71 million tonnes in 2021, while inventory in key regions are expected to be historically low going into 2022," Nutrien added.
The Saskatoon-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.
However, on an adjusted basis its profit of $2.08 per share, fell slightly short of Wall Street's estimate of $2.09 per share.