Nutrien NTR-T reported a rise in first-quarter profit on Wednesday, as the world’s top potash producer benefited from higher sales in its nitrogen and phosphate segments.
Fertilizer prices rose during the quarter, led by a surge in nitrogen costs as global supplies tightened due to the Middle East conflict, while phosphate prices were broadly higher and potash held relatively firm, supporting margins for producers such as Nutrien.
First-quarter net sales for Nutrien’s nitrogen segment stood at US$1.01-billion, up from US$885-million a year earlier.
Phosphates segment net sales rose 35 per cent to US$485-million.
The Saskatoon-based firm reported a net income of US$139-million, or 27 cents per share, for the three months ended March 31, up from US$19-million, or 2 cents per share, a year earlier.