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Nutrien Shares Hit 3-Year Low as Fertilizer Giant Faces Downturn

Nutrien Ltd. shares fell to their lowest level in more than three years on Thursday after the company reported a disappointing first-quarter earnings report.

The world's largest fertilizer company reported a net loss of $197 million in the first quarter, compared with a net income of $345 million in the same period last year. The company attributed the loss to lower fertilizer prices, which have been hurt by the ongoing trade war between the United States and China.

Nutrien's shares fell as much as 10% in early trading on Thursday, before recovering some of those losses. The stock is now down more than 30% from its 52-week high.

The downturn in the fertilizer industry has been a major challenge for Nutrien. The company has been forced to cut costs and lay off workers in an effort to cope with the lower prices.

Nutrien's chief financial officer, Jim Daley, said in a statement that the company is “facing a challenging environment” but that it is “taking steps to address the situation.”

Despite the challenges, Daley said that Nutrien is “confident in the long-term fundamentals of the fertilizer industry.”