Fertilizer Makers See Earnings Windfall as War Disrupts Supplies
A tractor drips nitrogen fertilizer onto rows of romaine lettuce at a farm near Gonzales, California, in April.
Photographer: Nic Coury/BloombergFertilizer makers CF Industries Holdings Inc. and Nutrien Ltd. each reported nearly 20% jumps in sales for the latest quarter, showing the extent of the Iran war’s upheaval on supply chains for the key crop nutrients.
The windfall comes as the North American producers have benefited from higher prices for nitrogen fertilizers, which are applied across US corn and soy fields to support crop yields. Illinois-based CF Industries reported earnings per share that more than doubled from a year ago. Canada-based Nutrien’s adjusted per-share earnings more than quadrupled, though they fell short of analyst estimates.