Q3 2024 Nutrien Ltd Earnings Call Transcript
Key Points
- Nutrien Ltd (NTR) accelerated its timeline for achieving $200 million in operational efficiency and cost savings, now expected by 2025, a year earlier than initially planned.
- The company increased upstream sales volumes by 1.3 million tonnes in the first nine months of 2024, progressing towards its 2026 target of 2 to 3 million tonnes increase.
- Nutrien Ltd (NTR) generated adjusted EBITDA of $4.3 billion in the first nine months of 2024, supported by increased downstream retail earnings and higher upstream fertilizer volumes.
- The company reported record potash volumes and raised its annual potash sales volume guidance to 13.5 million to 13.9 million tonnes.
- Nutrien Ltd (NTR) plans to optimize capital expenditures in 2025 to a range of $2 billion to $2.1 billion, strengthening free cash flow and positioning the company for strategic growth investments.
- Nutrien Ltd (NTR) faced headwinds in its downstream retail business due to a prolonged recovery in Brazil and softening commodity prices in North America.
- The company experienced lower North American crop nutrient sales volumes, impacted by wet weather, lower corn acres, and reduced field activity in the third quarter.
- Adjusted EBITDA for the nitrogen segment was down from the prior year, as lower nitrogen prices offset the benefits of reduced natural gas costs.
- Weather-related events impacted phosphate operating rates, resulting in lower sales volumes and incremental costs.
- The company revised its annual nitrogen sales volume guidance due to extended turnarounds and unplanned outages, including weather-related events.
(Operator Instructions)
As a reminder, this conference call is being recorded. I would now like to turn the conference call over to Jeff Holzman, VP of Investor Relations.
Thank you, operator. Good morning, and welcome to Nutrien's Third 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 will now turn the call over to Ken Seitz. Nutrien's President and CEO; and Mark Thompson, our CFO, for opening comments.
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