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  • Q4 2024 Earnings Results: Nutrien, TELUS Agriculture & Consumer Goods, Valmont, CF Industries and Citi Bank Event Commentary

Q4 2024 Earnings Results: Nutrien, TELUS Agriculture & Consumer Goods, Valmont, CF Industries and Citi Bank Event Commentary

Results and commentary for the week of February 17th to 21st

February 22, 2025 • Read Time: 3 minutes

Index:

  1. Nutrien

  2. TELUS Agriculture & Consumer Goods

  3. Valmont

  4. CF Industries

  5. Citi’s 2025 Global Industrial Tech and Mobility Conference Highlights

    1. AGCO Commentary

    2. CNH Industrial Commentary

    3. John Deere Commentary

1. Nutrien 2024 Full-Year Earnings Summary

Aggregate Business Unit Overview

  • Aggregate Revenue — $25.97 billion (down 11% YoY)

  • Net Earnings — $700 million (down 45% YoY)

  • Adjusted EBITDA — $5.4 billion (down 12% YoY)

Nutrien faced some challenges with lower potash and nitrogen selling prices impacting overall earnings. Retail was a bright spot when it came to margin growth.

Segment Highlights

1. Retail (Nutrien Ag Solutions)

Nutrien CEO Ken Seitz on Retail Results (emphasis mine):

This result exceeded our most recent full year guidance due to stronger than expected crop protection margins in North America, improved Brazilian retail performance, and the benefit from cost savings and asset sales in the fourth quarter. North American crop nutrient margins increased due to a stabilization of fertilizer markets and continued growth of our proprietary crop nutritional and biostimulant product lines. This more than offset lower North American sales volumes, which were impacted by lower corn acres and wet weather during the spring and fall application seasons. Crop protection margins improved in 2024, supported by proprietary product growth, strong operational execution, and the selling through of lower cost inventory. 

  • Revenue — $17.83 billion (down 9% YoY)

    • Biggest drop off was in crop nutrients, down 14% YoY)

  • Gross Margin — $4.62 billion (up 4% YoY)

  • Adjusted EBITDA — $1.7 billion (up 16% YoY)

  • Margins as a driver — Higher crop protection and seed margins and lower expenses and improved margins in Brazil.

  • Crop Nutrient Sales Volume and margin per tonne:

Proprietary Products

Stronger proprietary product performance was a key driver of Nutrien’s retail business, including growth of 8% in proprietary crop nutritional and biostimulants gross margin.

They expect that to grow further in 2025. From President of Retail, Jeff Tarsi:

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