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(Reuters) -Canada’s Nutrien (NYSE:NTR) Ltd reported a record second-quarter profit on Wednesday, fueled by soaring prices of crop nutrients which more than offset higher natural gas costs and lower sales volumes.
Nutrien is the latest company to benefit from sanctions on Russia and Belarus, the world’s second- and third-largest fertilizer suppliers after Canada.
The sanctions have crimped an already tight supply of crucial crop nutrients like potash and sent their prices soaring. During the reported quarter, prices approached levels not seen since the all-time highs of the 2008 food crisis.
However, Nutrien, the world’s largest fertilizer producer, lowered its full-year adjusted earnings forecast as it expects higher natural gas costs to eat into its nitrogen earnings.
The Saskatoon, Canada-based company said it now expects 2022 adjusted earnings of $15.80-$17.80 per share, compared with its previous expectation of $16.20-$18.70 per share.
Net earnings were $3.60 billion, or $6.51 a share, in the three months ended June 30, compared with $1.11 billion, or $1.94 per share, a year ago.
