Fertilizer producer Nutrien Ltd. approved an increase in its expected quarterly dividend to 45 U.S. cents per share, from 43 cents per share.

"The increase announced today demonstrates the strength of our integrated business model and confidence in our ability to generate strong and growing cash flow," President and CEO Chuck Magro said.

The Canada-based company said May 27 that the increased dividend will not impact its previously declared quarterly dividend of 43 cents per share.

Nutrien swung to a net profit of US$41.0 million, or 7 cents per share, for the first quarter, from a net loss of US$1.0 million recorded a year earlier, supported by higher global nutrient prices, strong operational results and the continued benefit of synergy realization.