Nutrien reports Q424 and full year results
Nutrien Ltd. has announced its Q424 results, with net earnings of US$118 million (US$0.23 diluted net earnings per share). Q424 adjusted EBITDA1 was US$1.1 billion and adjusted net earnings per share1 was US$0.31.
“Nutrien delivered higher upstream fertilizer sales volumes, accelerated operational efficiency and cost savings initiatives and increased downstream retail earnings in 2024, demonstrating significant progress towards our 2026 performance targets. We took a disciplined and intentional approach to our capital allocation decisions, further optimising capital expenditures and returning US$1.2 billion to shareholders through dividends and share repurchases,” commented Ken Seitz, Nutrien’s President and CEO.
“The outlook for our business in 2025 is supported by expectations for strong crop input demand and firming potash fundamentals. Nutrien has a world-class asset base, and we remain focused on strategic priorities that strengthen our core business and deliver structural improvements to our earnings and free cash flow,” added Mr. Seitz.
Highlights2:
Generated net earnings of US$700 million (US$1.36 diluted net earnings per share) and adjusted EBITDA of US$5.4 billion (US$3.47 adjusted net earnings per share) for the full year of 2024.
Retail adjusted EBITDA increased to US$1.7 billion in 2024 supported by higher product margins and lower expenses, as we continue to simplify our business and accelerate downstream network optimisation initiatives.
Potash adjusted EBITDA decreased to US$1.8 billion in 2024 as lower net selling prices more than offset increased sales volumes. The company mined 35% of its potash ore t using automation in 2024, providing efficiency, flexibility and safety benefits, while supporting its highest annual production levels on record and a reduction in controllable cash cost of product manufactured per t.
Nitrogen adjusted EBITDA of US$1.9 billion in 2024 was relatively flat as lower net selling prices offset higher sales volumes and lower natural gas costs. Total ammonia production increased in 2024, driven by less maintenance downtime and improved natural gas utilisation and reliability at our operations in Trinidad.
Divested non-core assets and equity investments totalling approximately US$60 million in 2024, providing incremental cash flow to allocate to high conviction priorities that are core to our long-term strategy.
Repurchased 3.9 million shares for a total of US$190 million in the second half of 2024 and an additional 1.9 million shares in 2025 for US$96 million as of February 18, 2025. Nutrien’s Board of Directors approved the purchase of up to 5% of Nutrien’s outstanding common shares over a twelve-month period through the renewal of our normal course issuer bid (NCIB), which is subject to acceptance by the Toronto Stock Exchange.
Nutrien’s Board of Directors approved an increase in the quarterly dividend to US$0.545 per share. Nutrien continues to target a stable and growing dividend, having now increased the dividend per share by 36% since the beginning of 2018.
1.This is a non-GAAP financial measure. See the “Non-GAAP Financial Measures” section.
2. Our discussion of highlights set out on this page is a comparison of the results for the twelve months ended December 31, 2024 to the results for the twelve months ended December 31, 2023, unless otherwise noted.
Read the article online at: https://www.worldfertilizer.com/project-news/20022025/nutrien-reports-q424-results/
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