Shares of fertilizer manufacturer Nutrien Ltd. (NTR) are down 15 percent on Thursday's trading after the company reported third-quarter profit, which came in below the Street estimates. The company also lowered its earnings forecast for 2022.
The company's bottom line totaled $1.58 billion, or $2.94 per share. This compares with $0.73 billion, or $1.25 per share, in last year's third quarter.
Excluding items, Nutrien Ltd. reported adjusted earnings of $1.35 billion or $2.51 per share for the period. Analysts on average had expected the company to earn $3.97 per share, according to figures compiled by Thomson Reuters.
Nutrien now expects 2022 adjusted earnings to be in the range of $13.25 to $14.50 per share, down from the earlier forecast of $15.80 to $17.80 per share. The earnings forecast was trimmed due to the impact of declining global potato prices.
Currently at $69.75, the stock has traded between $65.84 and $117.25 during the past 52 weeks.
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