Q2 2024 Nutrien Ltd Earnings Call Transcript
Key Points
- Nutrien Ltd (NTR) delivered an adjusted EBITDA of $3.3 billion in the first half of 2024, supported by increased crop input margins and strong global potash demand.
- The company achieved record potash sales volumes in the first half, leveraging its global supply chain to meet increased demand.
- Nutrien Ltd (NTR) reported a 17% increase in retail adjusted EBITDA, driven by increased gross margins across all major product lines.
- The company successfully reduced its controllable cash cost of potash production to $53 per tonne, aided by higher production volumes and mine automation investments.
- Nutrien Ltd (NTR) raised its full-year global potash shipment forecast to 69 million to 72 million tonnes, reflecting strong underlying consumption trends in major markets.
- The company's potash segment experienced a decline in adjusted EBITDA due to lower benchmark prices compared to the previous year.
- Nutrien Ltd (NTR) faced challenges in the Brazilian market, leading to the closure of 21 selling locations and curtailment of three fertilizer blenders.
- The company incurred a loss on foreign currency derivatives in Brazil, impacting financial performance.
- Nutrien Ltd (NTR) lowered its full-year retail adjusted EBITDA guidance due to a more moderate recovery in Brazilian retail earnings and delayed planting in North America.
- The phosphate sales volume guidance was reduced due to extended turnaround activity and delayed mine equipment moves.
Greetings, and welcome to Nutrien's 2024 second-quarter earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference call over to Jeff Holzman, Vice President of Investor Relations. Please go ahead.
Thank you, operator. Good morning. Welcome to Nutrien's second-quarter 2024 Earnings Call. As we conduct this call, various statements that we make about future expectations, plans and prospects contain forward-looking information. Certain assumptions were applied in making these conclusions and forecasts.
Therefore, actual results could differ materially from those contained in our forward-looking information. Additional information about these factors and assumptions are contained in our quarterly report to shareholders as well as our most recent annual report, MD&A and annual information form. I'll now turn the call over to Ken Seitz, Nutrien's President and CEO; and Pedro Farah, our CFO, for opening comments.
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