Nov 6 (Reuters) - Nutrien ( NTR ) fell short of

Wall Street expectations for third-quarter profit on Wednesday,

as the fertilizer producer struggled with lower crop prices,

sending U.S.-listed shares of the company down 2.3% after the

bell.

Tight global supply, low channel inventories and seasonal

demand in several key markets have kept prices for nutrients

such as potash and phosphate high at a time when crop prices

have declined, forcing farmer to curb spending on fertilizers.

"Global phosphate markets remain tight supported by Chinese

export restrictions and production outages in the U.S. We

anticipate some impact on global demand due to tight supply and

weaker affordability," the company said.

Nutrien ( NTR ) lowered its outlook for annual phosphate sales

volumes to be in the range of 2.4-2.5 million tonnes from

2.5-2.6 million tonnes previously.

However, Nutrien ( NTR ) raised its annual forecast for potash

sales volumes, owing to expectations of stronger demand in key

markets. Other

producers are also hopeful about a rebound in demand and

prices during the second half of 2024.

The company's net profit fell nearly 70% to $25 million

in the third quarter, while net sales declined 5% to $5.35

billion.

Lower sales volumes and a decline in seed margins in key

markets led to a 23% fall in adjusted core profit at Nutrien's ( NTR )

retail segment - its largest by revenue.

Nutrien's ( NTR ) results are in contrast to peers including CF

Industries ( CF ), and Norwegian firm Yara International ( YRAIF )

, both of which posted higher quarterly profits.

The Saskatoon, Canada-based firm posted an adjusted profit

of 39 cents per share for the three months ended Sept. 30,

compared with analyst's estimates of 46 cents per share,

according to data compiled by LSEG.