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Nutrien NYSE , TSX : NTR November 1 , 2021 - all amounts are in US dollars except as otherwise noted News Release Nutrien Delivers Record Third Quarter Results and Raises Full - Year Guidance SASKATOON , Saskatchewan -- Nutrien Ltd. ( TSX and NYSE : NTR ) announced today its third quarter 2021 results , with net earnings of $ 726 million ( $ 1.25 diluted earnings per share ) . Third - quarter adjusted net earnings¹ were $ 1.38 per share and adjusted EBITDA¹ was $ 1.6 billion . " Nutrien delivered record earnings in the third quarter driven by the decisive actions we made across our business units and leveraging our competitive advantages to benefit from strong market fundamentals . The results demonstrate our ability to efficiently and reliably deliver crop inputs and services to our customers amid global supply uncertainties , and we remain focused on our essential role to support global food security and sustainable food production , " commented Mayo Schmidt , Nutrien's President and CEO . " We are raising full - year 2021 adjusted earnings guidance and expect this positive momentum to continue into 2022. We expect to generate significant free cash flow and to meaningfully strengthen our balance sheet through debt reduction , providing flexibility to deliver on future growth opportunities and return cash to shareholders , " added Mr. Schmidt . ● Highlights : Nutrien generated record adjusted EBITDA of $ 4.7 billion and free cash flow¹ of $ 2.8 billion in the first nine months of 2021. We repurchased 2.4 million shares in the third quarter of 2021 and expect to reduce long - term debt by approximately $ 2 billion over the next six months . Nutrien raised full - year 2021 adjusted EBITDA and adjusted net earnings per share¹ guidance to $ 6.9 to $ 7.1 billion and $ 5.85 to $ 6.10 per share . We expect strong demand for crop inputs in the fourth quarter and tight global fertilizer supply and demand fundamentals to carry into 2022 . Nutrien Ag Solutions ( " Retail " ) delivered record adjusted EBITDA in the third quarter and first nine months of 2021 with 80 percent and 32 percent increases respectively compared to the same periods in 2020. Our Retail business delivered double digit revenue growth , which combined with the benefits of strategic procurement and proprietary products growth resulted in adjusted EBITDA margins increasing to 11 percent in the first nine months of 2021 . Retail normalized comparable store sales¹ reached 5 percent in the first nine months of 2021 while rolling four quarter adjusted EBITDA per US selling location¹ was $ 1.4 million . Sales through our digitally - enabled retail platform were approximately $ 1.9 billion in the first nine months of 2021 and we are beginning to roll out the interface in Australia . We announced five transactions in Brazil since the start of 2020 and expect to generate over 30 percent of our Retail adjusted EBITDA from regions outside of the US in 2021 . Potash adjusted EBITDA increased 131 percent in the third quarter of 2021 and increased 74 percent in the first nine months of 2021 compared to the same periods in 2020. We achieved record sales volumes in the first nine months of 2021 due to our capability to quickly ramp up production from our flexible , low - cost network of six mines and expect to surge production to an annualized run - rate of 17 million tonnes during the fourth quarter . Nitrogen adjusted EBITDA was 173 percent higher in the third quarter of 2021 and increased 70 percent in the first nine months of 2021 compared to the same periods in 2020. In the third quarter of 2021 , we completed phase 1 of our nitrogen brownfield expansion projects and anticipate to fully benefit from this expanded capacity in 2022 , which is expected to generate attractive returns on investment . We also started a second phase of brownfield projects that is expected to add approximately 500,000 tonnes of annualized , low - cost and environmentally efficient production capacity over the next few years . We progressed previously announced decarbonization projects that are expected to reduce CO2 equivalent emissions by approximately one million tonnes by the end of 2023 . Phosphate adjusted EBITDA increased 193 percent in the third quarter of 2021 and 104 percent in the first nine months of 2021 compared to the same periods in 2020 . 1 1 This financial measure , including related guidance , is a non - IFRS financial measure . See the " Non - IFRS Financial Measures " section for further information .