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SASKATOON — Nutrien Ltd. says it earned US$165 million in its first quarter, down 71 per cent from US$576 million a year earlier.

The Saskatoon-based company says its sales totalled US$5.4 billion, down 12 per cent from US$6.1 billion during the same quarter last year. 

Diluted net earnings per share were 32 cents US, down from US$1.14 last year. 

Nutrien says its lower earnings were primarily due to lower net fertilizer selling prices. 

However, it says that was partially offset by increased retail earnings, higher fertilizer sales volumes and lower natural gas costs.

President and CEO Ken Seitz says the company is maintaining its guidance for the full financial year and it expects growth in retail earnings and fertilizer sales volumes. 

This report by The Canadian Press was first published May 8, 2024.

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The Canadian Press