Key Takeaways
- Nutrien reported Q1 2025 net earnings of $19 million and adjusted EBITDA of $0.9 billion.
- Potash and nitrogen segments faced pricing and cost pressures, though sales volumes remained strong.
- Retail earnings declined due to weather-related delays in North America and Australia.
- The company repurchased 3.6 million shares and divested its stake in Sinofert, generating $223 million in proceeds.
- Nutrien reaffirmed its 2025 guidance based on expected fertilizer demand and improved spring planting conditions.
Nutrien reports first quarter 2025 financial performance
Nutrien Ltd. (Profile) reported financial results for the first quarter ended March 31, 2025, with net earnings of $19 million, or $0.02 per diluted share. Adjusted EBITDA reached $0.9 billion, while adjusted net earnings per share stood at $0.11.
“In the first quarter, Nutrien delivered strong potash sales volumes, increased ammonia operating rates and positioned our downstream retail network for a strong expected spring planting season in North America,” said Ken Seitz, Nutrien President and CEO.
Seitz added that strengthened global fertilizer fundamentals, supported by growing demand and tight supplies, provide a positive business outlook for the year.
Segment performance impacted by market conditions
Nutrien saw mixed results across its segments:
Q1 2025 Segment Highlights
| Segment | Adjusted EBITDA | % Change vs. Q1 2024 |
|---|---|---|
| Retail | $46 million | -40% |
| Potash | $446 million | -16% |
| Nitrogen | $408 million | -12% |
| Phosphate | $61 million | -50% |
- Retail earnings declined, impacted by weather-related delays and lower margins, though seed sales increased.
- Potash sales volumes remained stable year-over-year, but adjusted EBITDA fell due to lower North American prices.
- Nitrogen recorded higher selling prices but saw reduced margins from increased natural gas costs.
- Phosphate earnings fell due to lower production and higher input costs.
Capital allocation and financial strategy
During the first quarter, Nutrien completed several key financial actions:
- Divested its remaining interest in Sinofert Holdings Limited, generating $223 million in proceeds.
- Repurchased 3.6 million shares for $188 million as of May 6, 2025.
- Issued $1 billion in senior notes, providing further liquidity.
Seitz noted that the company continues to prioritize capital allocation toward high-value investments while returning capital to shareholders.
Nutrien 2025 outlook remains steady
Nutrien maintained its 2025 guidance, citing strong global fertilizer demand and positive trends in North American spring planting. The company expects:
- Potash sales volumes between 13.6 to 14.4 million tonnes.
- Nitrogen sales volumes of 10.7 to 11.2 million tonnes.
- Retail adjusted EBITDA between $1.65 to $1.85 billion.
- Total capital expenditures of $2.0 to $2.1 billion, below prior year levels.
Despite near-term challenges, including higher input costs and volatile commodity markets, Nutrien stated it remains confident in its full-year targets.
Nutrien remains focused on market fundamentals
While first quarter results reflected mixed conditions across product lines, Nutrien’s management emphasized the company’s operational strength and flexibility to adapt to changing market environments. With strong spring fertilizer demand underway and improving market dynamics, the company plans to leverage its global asset base to support growers and generate cash flow.
Read the complete financial results here.
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