We achieved record sales volumes of 13.6 million tonnes in 2021 due to our capability to quickly ramp up production from our flexible, low-cost network of six mines.
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Potash adjusted EBITDA surpassed $1 billion in the fourth quarter and increased 130 percent in the full year of 2021 to $2.7 billion. We closed 14 acquisitions during the year and increased our Retail digital platform sales 2 to $2.1 billion. The reliability and efficiency of our global supply chain and strategic procurement helped drive our Retail normalized comparable store sales 1 to 7 percent and Retail adjusted EBITDA per US selling location 2 to $1.5 million during 2021. We exceeded nearly all of our 2023 strategic targets including a record 10.9 percent Retail adjusted EBITDA margin 2 and increased our proprietary product related gross margin to more than $1 billion in 2021, an increase of 22 percent. Nutrien Ag Solutions (“Retail”) delivered record adjusted EBITDA in the fourth quarter and surpassed $1.9 billion for the full year of 2021. Adjusted net earnings per share guidance includes our plans to allocate a minimum of $2 billion to share repurchases in 2022 on a balanced cadence throughout the year. Nutrien issued full-year 2022 adjusted EBITDA and adjusted net earnings per share guidance 1 of $10.0 to $11.2 billion and $10.20 to $11.80 per share. The NCIB is subject to acceptance by the Toronto Stock Exchange. Nutrien’s Board of Directors approved an increase in the quarterly dividend to $0.48 per share and approved the purchase of up to 10 percent of Nutrien’s outstanding common shares over a one-year period through a NCIB. To date, we have repurchased over 22 million shares under our NCIB program. We deployed $2.1 billion to dividends and share repurchases in 2021 repurchasing 15 million shares during the year under our normal course issuer bid (NCIB). We prioritized the use of cash in 2021 to strengthen and reposition the balance sheet, reducing our long-term debt by $2.1 billion. Cash flow provided by operating activities in the full year was $3.9 billion. Nutrien generated net earnings of $1.2 billion and record adjusted EBITDA of $2.5 billion in the fourth quarter while generating $3.2 billion of net earnings ($5.52 diluted net earnings per share) and record adjusted EBITDA of $7.1 billion ($6.23 adjusted net earnings per share) for the full year of 2021. We will continue to advance our strategic priorities and maintain a disciplined approach to deploying capital, using our strong financial position to grow the business and return significant cash to shareholders,” added Mr.
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“The outlook for global agriculture and crop input markets is very strong and we are well positioned to deliver significant growth in earnings and free cash flow in 2022. We utilized the scale and reliability of our world-class supply chain and the strong execution of our teams to ensure customers had the products and services they needed, when they needed them,” commented Ken Seitz, Nutrien’s Interim President and CEO. “The advantages of Nutrien’s integrated business were demonstrated in 2021 as we delivered record financial results 3 and made significant progress on our long-term strategic targets, including our key sustainability priorities. Fourth-quarter adjusted net earnings 1 were $2.47 per share and adjusted EBITDA 1 was $2.5 billion.
(TSX and NYSE: NTR) announced today its fourth quarter 2021 results, with net earnings of $1.2 billion ($2.11 diluted net earnings per share). All amounts are in US dollars except as otherwise noted
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