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Nutrien (NTR) Raises 1H21 Outlook, Boosts Potash Production

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Nutrien Ltd. (NTR - Free Report) recently announced that it has raised its first-half 2021 earnings guidance given strong operational results and strength in global fertilizer markets.

The adjusted earnings per share (EPS) for first-half 2021 is projected between $2.30 and $2.50, up from the earlier guidance of $2.00-$2.20. EPS in the first quarter came in at 29 cents.

The company forecasts the midpoints of both its 2021 EBITDA and EPS guidance to be above the top end of the ranges provided earlier at the time of first-quarter results.

Due to the continuous tightening in global potash market conditions, Nutrien is flexing its low-cost network of six mines to draw upon its available capacity in a timely manner. It is planning to produce a further half a million tons of potash, which is in addition to the half a million ton increase announced on Jun 7, 2021. Nutrien now expects to produce one million tons of incremental potash in 2021 as a result of this move.

Most of the increased production is projected to take place in the fourth quarter, with some of the additional tons projected to be sold in early 2022. The revised outlook for potash sales volumes in 2021 is 13.3-13.8 million tons, which is expected to exceed Nutrien’s previous record high for annual sales volumes of 13 million tons set in 2018.

Shares of Nutrien have rallied 90.3% in the past year compared with 87.2% rise of the industry.

Zacks Investment ResearchImage Source: Zacks Investment Research

Zacks Rank & Other Key Picks

Nutrien currently carries a Zacks Rank #1 (Strong Buy).

Some other top-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , Olin Corporation (OLN - Free Report) and Cabot Corporation (CBT - Free Report) .

Nucor has a projected earnings growth rate of around 344.9% for the current year. The company’s shares have surged 133.5% in a year. It currently flaunts a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Olin has an expected earnings growth rate of around 506.7% for the current year. The company’s shares have skyrocketed 306.1% in the past year. It currently sports a Zacks Rank #1.

Cabot has an expected earnings growth rate of around 137.5% for the current fiscal. The company’s shares have surged 53.2% in the past year. It currently flaunts a Zacks Rank #1.

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Nutrien Ltd. (NTR) - free report >>