11:09 AM EDT, 04/04/2025 (MT Newswires) -- RBC Capital Markets said Thursday it expects Nutrien ( NTR ) to report first-quarter results below consensus estimates due to seasonally lower retail earnings and a lag in realizing recent potash price strength.

RBC expects Nutrien ( NTR ) to book an EBITDA of US$840 million, compared with the consensus forecast of US$970 million.

But RBC noted that the first quarter is not a barometer for Nutrien's ( NTR ) full-year outlook, adding that the bulk of earnings occur in the second quarter.

"We think Nutrien ( NTR ) shares have attractive upside/downside and provide defensive commodity exposure against a volatile macro backdrop," RBC said.

RBC said focus items for Nutrien ( NTR ) include update on retail especially recovery in Brazil; the North American Spring season, and confidence on guidance.

RBC also expects commentary on potash market strength, sustainability into the second half, and China/India contracts.

Progress on cost savings, reduced sustaining capex and working cap optimization were also mentioned by RBC.

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