CALGARY — The CEO of Nutrien Ltd. says the fertilizer company will continue to grow organically as well as through acquisitions as it increases its dividend and launches a new share buyback program.
Chuck Magro says Nutrien is poised to ride a continuing cyclical recovery in agriculture in 2021 that will be marked by higher fertilizer prices and volumes as well as the implementation of new technologies and products for its farm customers around the world.
The Saskatoon-based company, which reports in U.S. dollars, noted net earnings of US$316 million or 55 cents per share on sales of $4.05 billion in the fourth quarter, compared with a loss of $48 million or eight cents on sales of $3.46 billion in the same period a year ago.
Nutrien was expected to report net earnings of $81.3 million or 15 cents per share, according to financial data firm Refinitiv.
The company’s quarterly dividend is being raised for the third time in three years to 46 cents per share, up a penny, and it says it plans to buy back up to five per cent of its shares over the next year.
Nutrien says fourth quarter adjusted earnings rose by 29 per cent compared with the year-earlier period in Retail Ag Solutions, by 48 per cent in potash and by three per cent in nitrogen fertilizer.
“The setup is excellent for the spring season in North America, assuming we get normal weather,” said Magro on a morning conference call.
“We could be seeing the start of a multi-year cyclical recovery in agriculture and crop inputs.”
This report by The Canadian Press was first published Month Date, 2021.
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