Nutrien Ltd. (NYSE:NTR) Q3 2024 Earnings Conference Call November 7, 2024 8:30 AM ET

Company Participants

Jeff Holzman - VP, IR
Ken Seitz - President & CEO
Mark Thompson - EVP & Chief Commercial Officer
Chris Reynolds - EVP and President of Potash
Jeff Tarsi - EVP and President, Global Retail
Trevor Williams - EVP and President of Nitrogen & Phosphate

Conference Call Participants

Andrew Wong - RBC Capital Markets

Ben Isaacson - Scotia Capital

Joel Jackson - BMO Capital Markets

Vincent Andrews - Morgan Stanley

Steve Byrne - Bank of America Merrill Lynch

Jacob Bout - CIBC World Markets

Edlain Rodriguez - Mizuho Securities

Richard Garchitorena - Wells Fargo

Chris Parkinson - Wolfe Research

Daniel Rizzo - Jefferies

Aron Ceccarelli - Berenberg

Operator

Greetings and welcome to Nutrien's 2024 Third Quarter Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. As a reminder, this conference call is being recorded.

I would now like to turn the conference call over to Jeff Holzman, VP of Investor Relations.

Jeff Holzman

Thank you, operator. Good morning and welcome to Nutrien's third quarter of 2024 earnings call. As we conduct this call, various statements that we make about future expectations, plans, and prospects contain forward-looking information.

Certain assumptions were applied in making these conclusions and forecasts. Therefore, actual results could differ materially from those contained in our forward-looking information. Additional information about these factors and assumptions are contained in our quarterly report to shareholders, as well as our most recent annual report, MD&A, and annual information form.

I will now turn the call over to Ken Seitz, Nutrien's President and CEO, and Mark Thompson, our CFO, for opening comments.

Ken Seitz

Good morning and thank you for joining us today to review our third quarter results, the progress on our strategic priorities, and the outlook for our business. At our Investor Day in June, we outlined a set of 2026 performance targets that provide a pathway for driving structural improvements to our earnings and cash flow through the cycle. As highlighted in our third quarter release, we have made significant progress on a number of these priorities in 2024.

This includes accelerating the timeline for achieving $200 million in annual operational efficiency and cost savings. We now expect to achieve this target by 2025, one year earlier than our initial goal, with cost reductions evenly split between retail and corporate. Nutrien is in a unique position to expand production and sales of potash and nitrogen with limited capital expenditures.