CF Industries Holdings Inc. reported third-quarter net earnings attributable to common stockholders of $164 million on sales of $1.27 billion, down from the year-ago $438 million and $2.32 billion, respectively. Adjusted EBITDA was $445 million, down from $983 million. Tons sold were up at 4.75 million st, from 4.41 million st.
“The CF Industries team continues to execute well,” said Tony Will, CF President and CEO. “Global nitrogen industry fundamentals remain favorable and forward energy curves suggest attractive margin opportunities for the foreseeable future. As a result, we expect to continue to drive strong cash generation, underpinning our ability to create long-term shareholder value through disciplined investments in growth opportunities and returning substantial capital to shareholders.”
Going forward, CF expects the global nitrogen supply-demand balance to remain positive, underpinned by resilient agriculture-led demand and forward energy curves that indicate a steep cost curve, with a significant margin opportunity for low-cost North American producers versus those in Europe and Asia.
Nine-month net earnings were $1.25 billion on sales of $5.06 billion, down from the year-ago $2.49 billion and $8.58 billion, respectively. Adjusted EBITDA was $2.17 billion, down from $4.58 billion. Total product sold was 14.22 million st, up from 13.88 million st.
| Production (000 st) | 3Q-23 | 3Q-22 | YTD-23 | YTD-22 |
| Ammonia | 2,238 | 2,28 | 6,971 | 7,366 |
| Gran Urea | 1,081 | 1,187 | 3,414 | 3,418 |
| UAN-32 | 1,749 | 1,381 | 5,012 | 4,879 |
| AN | 416 | 358 | 1,104 | 1,162 |
| Ammonia | 3Q-23 | 3Q-22 | YTD-23 | YTD-22 |
| Net Sales ($/M) | 235 | 531 | 1,184 | 2,286 |
| Gross Margin ($/M) | 21 | 178 | 387 | 1,211 |
| Sales Volumes (000 st) | 764 | 643 | 2,469 | 2,405 |
| Avg Selling Price ($/st) | 308 | 826 | 480 | 951 |
| Gas Costs ($/mmBtu) | 2.53 | 8.50 | 3.43 | 7.36 |
| Gran Urea | 3Q-23 | 3Q-22 | YTD-23 | YTD-22 |
| Net Sales ($/M) | 360 | 689 | 1,431 | 2,287 |
| Gross Margin ($/M) | 134 | 295 | 656 | 1,263 |
| Sales Volumes (000 st) | 1,062 | 1,262 | 3,532 | 3,539 |
| Avg Selling Price ($/st | 339 | 546 | 405 | 646 |
| UAN | 3Q-23 | 3Q-22 | YTD-23 | YTD-22 |
| Net Sales ($/M) | 435 | 736 | 1,650 | 2,727 |
| Gross Margin ($/M) | 133 | 322 | 713 | 1,625 |
| Sales Volumes (000 st) | 1,954 | 1,644 | 5,425 | 5,098 |
| Avg Selling Price ($/st) | 223 | 448 | 304 | 535 |
| AN | 3Q-23 | 3Q-22 | YTD-23 | YTD-22 |
| Net Sales ($/M) | 114 | 180 | 377 | 656 |
| Gross Margin ($/M) | 35 | 44 | 113 | 198 |
| Sales Volumes (000 st) | 414 | 363 | 1,157 | 1,227 |
| Avg Selling Price ($/st) | 275 | 496 | 326 | 535 |
| Other | 3Q-23 | 3Q-22 | YTD-23 | YTD-22 |
| Net Sales ($/M) | 129 | 185 | 418 | 622 |
| Gross Margin ($/M) | 54 | 77 | 175 | 308 |
| Sales Volumes (000 st) | 551 | 496 | 1,635 | 1,598 |
| Avg Selling Price ($/st) | 234 | 373 | 256 | 389 |