Nutrien reports 45% drop in 2024 net earnings to $700 million compared to 2023

Nutrien has reported its financial outcomes for the fourth quarter and the entirety of 2024. The company announced net earnings of $118 million, translating to $0.23 per share on a diluted basis for the fourth quarter, marking a 33% decrease from the $176 million reported in the same quarter of the previous year. The adjusted EBITDA for the same period stood at $1.1 billion, slightly down by 1.9% from $1.075 billion in the prior year.

Over the full year, Nutrien achieved net earnings of $700 million or $1.36 per diluted share, showing a significant reduction of 45% from the $1,282 million earned in 2023. The adjusted EBITDA for the year was $5.4 billion, reflecting an 11.6% decrease from $6.058 billion the previous year, indicative of challenging market conditions and strategic shifts in operations.

For 2024, Nutrien reported a pivotal increase in retail adjusted EBITDA to $1.7 billion, supported by higher product margins and streamlined expenses. However, the potash segment experienced a dip with a decrease in adjusted EBITDA to $1.8 billion, primarily due to lower net selling prices which overshadowed an increase in sales volumes. The nitrogen segment remained stable with an adjusted EBITDA of $1.9 billion, balancing lower selling prices against higher sales volumes and reduced natural gas costs.

The company also provided guidance for 2025, projecting strong demand for crop inputs backed by favorable market conditions, including sustained low global grain stocks-to-use ratios and expected increases in North American corn and soybean plantings. Nutrien anticipates global potash shipments to be between 71 and 75 million tonnes for the year.

Nutrien’s board has approved an increase in quarterly dividends to $0.545 per share, reinforcing the company’s commitment to providing stable and growing returns to its shareholders despite a decrease in adjusted net earnings per share from $4.44 in 2023 to $3.47 in 2024.