Andrew Rosivach's questions to Nutrien Ltd (NTR) leadership • Q4 2024
Question
Andrew Rosivach, on for Chris Parkinson, asked about the current M&A environment, Nutrien's appetite for smaller global tuck-ins, and how these opportunities are weighed against share buybacks and dividends.
Answer
CEO Kenneth Seitz reiterated the commitment to a stable and growing dividend. CFO Mark Thompson detailed the capital allocation stack, emphasizing the focus on growing cash from operations. For 2025, after ~$2.1B in capital expenditures and ~$1B in dividends, any additional free cash flow will be allocated to two main areas: retail bolt-on acquisitions (primarily in the U.S. and Australia) and share repurchases. Thompson noted that share repurchases are currently an attractive use of capital and will continue to be a meaningful part of their framework.