Nutrien Ltd., Saskatoon, reported a third-quarter net
loss of $587 million mainly due to an $823 million noncash impairment
associated with its phosphate assets related to a less favorable long-term
outlook for phosphate prices and expected global supply imbalance. The company reported year-ago net income of
$141 million.
Also based on market factors, the company narrowed its 2020 adjusted net
earnings guidance to $1.60-$1.85 per share from $1.50-$1.90 per share and
adjusted EBITDA guidance to $3.5-$3.7 billion from $3.5-$3.8 billion.
Intrepid Potash Inc., Denver, posted a third-quarter
loss of $10.2 million citing reduced water sales due to COVID-19 which reduced
oilfield activity. In addition, it also reported lower potash and Trio prices
and volumes. The company had a year-ago loss on only $217,000.
CVR Partners LP, Sugar Land, Texas, reported a third-quarter
net loss of $19 million on net sales of $79.5 million, an improvement over the
year-ago loss of $23 million on sales of $88.6 million. The company cited strong
production rates and improved sales volumes, but lower prices than year-ago
levels.
The Mosaic Co., Tampa, reported a third-quarter net loss
attributable to the company of $6.2 million on net sales of $2.38 billion
compared to the year-ago loss of $44.1 million and $2.75 billion, respectively.
Mosaic said earnings were negatively impacted by notable items of $93 million
after tax, of which $68 million resulted from noncash charges from an annual
review of estimated future phosphate asset retirement obligations and an environmental
remediation reserve.
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