• 2023 revenue was down 53% YoY, and 12% lower than our estimate, due to lower product sales (down 32% YoY), and prices (down 30% YoY). 
  • EPS declined YoY from $0.34 to -$0.11, missing our forecast of -$0.09.
  • In 2023, fertilizer demand was influenced by sluggish global GDP growth, elevated interest rates, volatile fertilizer prices, and harsher climate conditions.