Canadian fertilizer giant Nutrien Ltd. is considering slowing down its previously announced plan to ramp up potash production as falling prices and lower sales volumes take a bite out of profits.
CEO Ken Seitz told analysts on a conference the company’s first-quarter results were disappointing.
“Yes, we would consider slowing down. We’re really, as we talked about earlier this year, watching the market,” Seitz said. “If we see that the market’s not there, then we’ll pace our capital accordingly.”
Nutrien, the world’s largest fertilizer producer, lowered its earnings guidance for the year to between $6.4 billion and $8 billion, down from a previously announced range of $8.4 billion to $10 billion.
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