(Reuters) — Nutrien Ltd. cut its forecast for 2023 earnings as elevated fertilizer prices caused by western sanctions on Russia and Belarus weigh on demand.
Though fertilizer prices have dipped from record highs scaled last year, farmers are holding back on purchases on expectations of a further decline.
The Canadian firm’s North America potash sales volume dropped 30 percent, with prices averaging $401 per tonne during the reported quarter, 41 percent lower compared with last year.
The company cut its full-year adjusted earnings outlook to between $5.50 and $7.50 per share from $8.45 to $10.65 per share forecast earlier.
Analysts, on average, expect a profit of $8.56.
