Nutrien Ltd., Saskatoon, reported a first-quarter loss of $35 million, surpassing Wall Street analyst average expectations of a $6.5 million loss. The company reported year-ago net income of $41 million. Nutrien, however, reported net sales of $4.2 billion, up from Wall Street’s $3.45 billion forecast. Year-ago sales were $3.7 billion.
Intrepid Potash Inc., Denver, reported a first-quarter net loss of $7.4 million on sales of $64 million, compared to a year-ago net income of $6.1 million and $57.5 million, respectively. The company said the loss was driven by a one-time litigation settlement. The company reported the accrual of a $10 million settlement payment related to litigation with The Mosaic Co., which was partially offset by a gain of $4.7 million on the restricted sale of 320 acres of fee land at the Intrepid South property.
Intrepid Potash Inc., Denver, reported May 6 that it received a $10 million loan under the CARES (U.S. Coronavirus Aid, Relief and Economic Security Act) Paycheck Protection Program. It said it will only use the money to fund payroll and other eligible expenses and expects the majority of the loan will be forgiven pursuant to the currently guidelines of the CARES Act.
LSB Industries Inc., Oklahoma City, reported a net loss of $19.4 million on sales of $83.4 million, compared to the year-ago loss of $11.5 million and $94.1 million, respectively. The company cited lower prices for all of its major agricultural product categories, an oversupply of ammonia and increased imports of some downstream products.
OCP SA, Casablanca, says it and rivals in North America, China and Russia may cut production in the second half to mitigate the impact of new capacities from Saudi Ma’aden, Tunisia and Egypt on supply, according to a Bloomberg report citing OCP’s annual report. OCP indicated that the market “will however remain relatively fragile” with the risk of “interventionism by China” to boost its exports.
