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Nutrien Ltd. (NTR) is the world’s largest provider of crop inputs and services, distributing 25 million tons of potash, nitrogen and phosphate products worldwide.
The company generated 42% of its revenue from crop nutrients, 32% of its revenue from crop protection products and the remainder from seed, merchandise, services and other sources during the fourth quarter of 2020.
Nutrien reported fourth quarter revenue that rose 17.1% to $4.05 billion, beating consensus estimates by $490 million, with non-GAAP earnings of $0.24 per share, beating consensus estimates by five cents. Management anticipates adjusted net earnings of $2.05 to $2.75 per share and adjusted EBITDA of $4.0 to $4.5 billion.
Global crop demand remains strong thanks to record Chinese grain and oilseed imports while U.S. major crop planted acreage is expected to increase by 10 million acres in 2021. These dynamics should continue to support higher crop input demand, including demand for the crop nutrients that Nutrien provides its customers.
The company raised its quarterly dividend by 2.2% to $0.46 per share, which represents a 3.37% forward yield. The dividend is payable on April 15, 2021, to shareholders on record as of March 31, 2021. In connection with the dividend, the company launched a new share repurchase program covering up to five percent of its outstanding common stock over a one-year timeframe.
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