 Nutrien’s net earnings reached $165mn and Adjusted EBITDA was $1.1bn in 1Q24. The company reported a YoY improvement in Retail gross margin; however, Retail revenue remains lower YoY and QoQ in 1Q24. Nutrien’s Retail Adjusted EBITDA improved to $77mn in 1Q24 from a loss of $34mn a year ago due to a higher gross margin per ton for crop nutrients and higher sales volumes in the US. Retail segment revenues reached $3.308bn, down 3% YoY and down 6% QoQ in 1Q24. Retail sales volumes were up 17% YoY and the selling price increased by 6% YoY in 1Q24. The crop nutrient margin per ton reached $106 compared to $69 a year ago and $120 in 4Q23. Nutrien announced its intention to divest its Retail assets in Argentina, Chile, and Uruguay to enhance the quality of earnings. The Potash segment revenue declined 19% YoY, while remaining 5% above the 4Q23 level of $813mn. Nutrien increased potash sales volumes by 29% YoY to 3.4mtin 1Q24. The potash selling price was down 23% YoY in North America to $310/t, and down 48% YoY for offshore deliveries to $193/t in 1Q24. Potash COGS declined by 9% YoY to $105/t. Nitrogen revenue declined by 31% YoY to $911mn following the gas cost decrease. Nutrien’s gas cost was $3.12$/MMBtu in 1Q24 compared to $4.85/MMBtu a year ago, driving COGS down by 25% YoY, while the net realized nitrogen selling price was down 35% YoY to $326/t. Nitrogen segment sales volumes were up 6% YoY to 2.5mt. Nitrogen segment Adj EBITDA was down 31% YoY to $464mn. Phosphate net sales decreased by 15% YoY to $437mn, driven by a lower realised price. Overall, Nutrien’s revenues reached $5,389mn, down 12% YoY and down 5% QoQ in 1Q24. The company’s cost of sales declined by 10% YoY, while freight and transportation costs increased by 20% YoY. Nutrien’s gross margin declined by 20% YoY and earnings before financial costs were down 55% YoY to $419mn in 1Q24. Nutrien’s financial costs reached $179mn in 1Q24, up 5% YoY, while net debt was $11,249mn as of the end of March 2024, compared to $9,787mn in December last year. EPS was $0.32 per share in 1Q24.  Nutrien maintained its FY24 guidance, including Retail Adj EBITDA in the range of $1.65-1.85bn. The sales volumes’ guidance did not change. Potash sales volumes are expected in the range of 13.0-13.8mt in 2024 compared to 13.2mt in 2023, nitrogen sales volumes in the range of 10.6-11.2mt vs 10.4mt in 2023, and phosphate sales volumes in the range of 2.6-2.8mt vs 2.6mt a year ago. The company plans to maintain its capex in the range of $2.2-2.3bn in FY24, down from $2.7bn in 2023. Overall, the FY24 Retail Adj EBITDA outlook appears optimistic, with expectations that the strong planting season in North America will support Nutrien’s performance.  We review our forecasts for FY24. The North American demand is robust, based on fertilizer producers’ reports; however, offshore markets remain challenging. Asian potash markets are well supplied by the CIS producers, keeping potash prices lower than previously expected. We revised our forecasts. We maintain our DCF-based 12-month price target of US$54.3 and rate the stock Hold.