Nutrien eyes worst day ever on Q3 miss, bleak forecast; rivals follow

Intrepid Potash

03/11/2022 16:51

(Updates)
    ** Top fertilizer maker Nutrien Ltd's shares  NTR.TO  fall
as much as 16.1% to over three-month low of C$95.49
    ** Set for worst day ever; top pct loser on S&P/TSX 60 Index
 .SPTSE 
    ** NTR cuts FY adj earnings forecast for second time this
year as potash prices decline
    ** Q3 adj profit of $2.51/shr misses analysts' average est
of $3.97 - Refinitiv data
    ** Also cuts global potash shipment forecast, blaming
higher-than-expected inventory and lower purchases in North
America and Brazil during H2 of 2022
    ** Says it is sticking to plans to expand its potash
production to 18 million tonnes per year by 2025 despite recent
pullback in potash prices
    ** U.S. shares  NTR.N  lose 12% to $73.01, their lowest
since January
    ** U.S. rival Mosaic Co  MOS.N  down 6.2% and Germany's K+S
 SDFGn.DE  down 6.9% after NTR's results
    ** Smaller rival Intrepid Potash Inc  IPI.N  slumps 21.3%
after its Q3 results
    ** NTR's TSX stock has gained 19.7% YTD through last close
 (Reporting by Mrinalika Roy and Ruhi Soni in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com;))