Nutrien Ltd (NYSE: NTR) missed the earnings estimates for the first quarter of FY 19 due to the flooding across the United States and drought in Australia disrupted the agriculture supply chain. NTR has strengthened the US Retail business including the acquisitions of Actagro, LLC, Van Horn, Inc., and Security Seed and Chemical, Inc., and completed the remainder of the Agrichem acquisition in Brazil with combined annual revenue of approximately $400 million for these businesses. The company also signed a binding agreement to acquire Ruralco Holdings Limited, which is the third largest agriculture retailer in Australia. Further, NTR has achieved $621 million in annual run-rate synergies as at March 31, 2019, surpassing the target of $600 million for the end of 2019. This represents a 24 percent increase from the original target of $500 million and was achieved well ahead of schedule.

The company has repurchased approximately 21 million shares representing over 3 percent of Nutrien’s outstanding shares.

NTR in the first quarter of FY 19 has reported the adjusted earnings per share of 20 cents, missing the analysts’ estimates for the adjusted earnings per share of 26 cents, according to Refinitiv IBES data. The company had reported the adjusted revenue growth of 1 percent to $3.69 billion in the first quarter of FY 19, affected by the second wettest six-month period in the United States in 125 years.

Moreover, the company’s retail EBITDA in the first quarter was lower compared to the same period last year on the back of an extremely wet spring season and flooding in parts of the US. Continued progress was made on Nutrien Ag Solutions digital platform, with customers representing 58 percent of our North American Retail sales signed up on the platform within nine months of launch. Potash EBITDA was 41 percent higher in the first quarter compared to the same period last year driven by higher net selling prices and strong offshore demand, which was partially offset by lower North American sales. Nitrogen EBITDA in the first quarter was also slightly higher than the same period last year mainly due to higher urea and UAN prices being offset by lower total sales volumes resulting from the excess wet weather across the US.

For full-year 2019, the company expects the adjusted net earnings per share and adjusted EBITDA guidance to be in the range of $2.80 to $3.20 per share and $4.4 billion to $4.9 billion, respectively. For the first-half 2019 adjusted net earnings per share is expected to be in the range of $1.75 to $1.95.