Goods
The company said it plans to provide updated guidance in the second-quarter earnings release, scheduled for August 28.
Reuters
Potassium warehouse 08/26/2013 REUTERS/Sergei Karpukhin
(Reuters) – Nutrien Co Ltd said on Tuesday it cut output at its Cory potash mine and expects profits to fall below the guidance range as overseas sales hit by the terminal Canpotex.
A strike at the Port of Vancouver has resulted in a loss of export capacity through Canpotex’s Neptune Terminal, the world’s largest fertilizer producer said, adding that if it continues, output at Saskatchewan mines could also be affected.
Nutrien now expects its adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) for 2023 to be below the lower end of the projected range of $2.65 billion to $3.35 billion, due to the impact global potash prices lower than expected strike and Portland terminal outage.
The company said it plans to provide updated guidance in its second-quarter earnings release, scheduled for August 2.
About 7,500 dockworkers went on strike July 1 to demand higher wages, disrupting operations at the Port of Vancouver and the Port of Prince Rupert – Canada’s main gateways for the export of natural resources and basic products, as well as for the supply of raw materials.
(Reporting by Arshreet Singh)
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