(Reuters) – Nutrien, the world’s biggest fertilizer producer, missed market estimates for quarterly profit on Wednesday, as falling prices dented its margins.
The company added that it is indefinitely pausing the ramp-up of its annual potash production capability to 18 million tonnes in response to market conditions.
Potash prices have eased following the resumption of shipments from major supplier Belarus, whose exports were largely frozen last year due to western sanctions after Russia’s invasion of Ukraine.
On an adjusted basis, Nutrien reported earnings of $2.53 per share for the three months ended June 30, compared with the average analyst estimate of $2.79 per share, according to Refinitiv data.
(Reporting by Sourasis Bose in Bengaluru; Editing by Maju Samuel)
