Nutrien Reported Good Q2 2023 Results
Nutrien reported Q2 2023 results with a net income of $448 million, which includes a non-cash impairment of $465 million, mainly related to retail goodwill in South America and $233 million related to property, plant and equipment for the production of phosphates. Adjusted EPS for Q2 2023 was $2.53 and adjusted EBITDA was $2.5 billion.
“Nutrien’s results have been impacted by unprecedented volatility in global crop markets over the past 18 months. We continue to see stronger demand in our key markets, particularly North America but the recovery has been more uneven in offshore markets,” said Ken Seitz, President and CEO of Nutrien.
“We are announcing several strategic actions to reduce our controllable costs and increase free cash flow in 2023 and beyond. This includes an indefinite suspension of our potash production and a suspension of operations on our Geismar pure ammonia project. These actions, along with other initiatives to improve operational efficiency, demonstrate our commitment to a disciplined capital allocation and aim to create long-term value,” added Ken Seitz.