Why Nutrien Stock Is Slipping Today
Shares of Nutrien (NYSE: NTR) fell Thursday morning in the wake of its first-quarter earnings release after the bell Wednesday, and were down about 5.8% as of 12:10 p.m. ET.
The fertilizer giant delivered record profits and cash flow in 2022, but things are already looking shakier this year. Management slashed its outlook for 2023 in Wednesday evening's report, and at least one analyst has cut the agriculture stock's price target since. And after its share price fell steadily over the past month or so, an investment bank that had made a mini-tender offer to acquire some shares of Nutrien just withdrew its bid.
Nutrien's first-quarter sales were 20% lower year over year, while its net earnings more than halved. Blame lower prices across all of its segments -- ag solutions (which primarily covers crop nutrients), potash, nitrogen, and phosphate.
Source Fool.com
