Nutrien NTR-T fell short of Wall Street expectations for fourth-quarter profit on Wednesday, as the top potash producer struggled with lower sales of crop nutrients.
Quarterly sales for its retail segment were down at US$3.18 billion, compared with US$3.50 billion a year earlier, dragged by about 15% drop in crop nutrients sales.
The company said the sales volumes were impacted by wet weather in North America in the quarter as well as its strategic actions in Brazil.
Earlier this month, Nutrien’s Brazilian unit said it would sell its fertilizer blending plants in the country.
Nutrien is shifting its focus to reselling farm inputs through its network of local retailers in Brazil as part of a sharp strategic change after its acquisitions and investments failed to yield the expected returns.
The Saskatoon-based firm posted an adjusted profit of 31 cents per share for the three months ended December 31, compared with the analysts’ average estimate of 35 cents per share, according to data compiled by LSEG.