CF Industries Holdings Inc., Deerfield, Ill., reported a third-quarter net loss of $28 million, a drop from the year-ago net income of $65 million. Prices were down during the quarter for all major product categories. Ammonia sales volumes were up, with slight declines for urea, UAN and ammonium nitrate.
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Compass Posts 3Q Loss; Fertilizer Volumes Off
Compass Minerals, Overland Park, Kan., posted a third-quarter loss of $2.1 million compared to year-ago net income of $10.6 million. The company said the decline resulted from lower year-over-year earnings in the company’s plant nutrition businesses due to lower-than-expected sales volumes driven by dry weather conditions and the impact of extreme wildfires in several of the company’s key agriculture markets. It also had a $7.4 million inventory adjustment negatively impacting its Plant Nutrition North America segment.
K+S to Take Major Impairment
Germany’s K+S Group sees a one-time, non-cash impairment loss on assets in the Europe+ operating unit of about EU2 billion, according to Bloomberg, citing a company statement. The company has adjusted its long-term assumptions against the background of the realignment of the company and the sale of the Americas operating unit. This mainly concerns the long-term potash price assumption as well as a higher cost of capital rate. The assumption regarding the long-term potash price trend is now lower than previously assumed. The special impairment will be made for the third quarter.
The Andersons Report Improved 3Q
The Andersons Inc., Maumee, Ohio, reported a third-quarter net loss of $1.1 million attributable to the company, an improvement over the year-ago loss of $4.2 million. The company said the results from Plant Nutrient Group improved substantially year-over-year in a quarter that is usually seasonally weak. The unit had a pretax loss of $5.4 million, an improvement over the year-ago loss of $7.4 million. Volumes were flat, but margins per ton were improved.
Ostara to Buy Oakley’s St. Louis Gran Facility
Ostara Nutrient Recovery Technologies Inc., Vancouver, B.C., and Bruce Oakley Inc., Little Rock, Ark., announced Nov. 3 the entering into of a Letter of Intent providing for the purchase by Ostara of Oakley’s fertilizer granulation facility and certain related assets located on the Mississippi River at Oakley’s St. Louis, Missouri warehousing and logistics terminal. The acquisition and certain related transactions are intended to further support production scale-up of Ostara’s Crystal Green brand of sustainable phosphorus-based, continuous-release fertilizer products. Engineering and design work to significantly increase current facility production capacity, is currently underway and Ostara anticipates first phase production to commence within 12 months of the closing of the acquisition.
Nutrien Swings to Loss on Phosphate Writedown
Nutrien Ltd., Saskatoon, reported a third-quarter net
loss of $587 million mainly due to an $823 million noncash impairment
associated with its phosphate assets related to a less favorable long-term
outlook for phosphate prices and expected global supply imbalance. The company reported year-ago net income of
$141 million.
Also based on market factors, the company narrowed its 2020 adjusted net
earnings guidance to $1.60-$1.85 per share from $1.50-$1.90 per share and
adjusted EBITDA guidance to $3.5-$3.7 billion from $3.5-$3.8 billion.
Intrepid Posts 3Q Loss of $10.2 M
Intrepid Potash Inc., Denver, posted a third-quarter loss of $10.2 million citing reduced water sales due to COVID-19 which reduced oilfield activity. In addition, it also reported lower potash and Trio prices and volumes. The company had a year-ago loss on only $217,000.
CVR Cuts Loss on Higher Volumes, Lower Prices
CVR Partners LP, Sugar Land, Texas, reported a third-quarter net loss of $19 million on net sales of $79.5 million, an improvement over the year-ago loss of $23 million on sales of $88.6 million. The company cited strong production rates and improved sales volumes, but lower prices than year-ago levels.
Mosaic 3Q Results Improve, Remain in Loss Column
The Mosaic Co., Tampa, reported a third-quarter net loss attributable to the company of $6.2 million on net sales of $2.38 billion compared to the year-ago loss of $44.1 million and $2.75 billion, respectively. Mosaic said earnings were negatively impacted by notable items of $93 million after tax, of which $68 million resulted from noncash charges from an annual review of estimated future phosphate asset retirement obligations and an environmental remediation reserve.
AdvanSix Posts 3Q Loss
AdvanSix, Parsippany, N.J., reported a loss of $692,000 ($0.02 per diluted share) on sales of $281.9 million from the year-ago net income of $7.9 million ($0.28 per share) and $310.6 million, respectively. Ammonium sulfate and nylon drove a 5 percent increase in sales volumes.