CF Industries Holdings Inc., Deerfield, Ill., on Oct. 31 announced third-quarter 2018 net earnings attributable to common stockholders of $30 million ($0.13 per diluted share) compared to a year-ago loss of $87 million ($0.37 per share). Adjusted EBITDA moved up to $300 million from the year-ago $134 million.

“Strong execution by the CF team and higher nitrogen prices have driven our performance in 2018, with adjusted EBITDA through nine months 50 percent higher than last year,” said Tony Will, CF president and CEO. “Over the next several years, we believe the global nitrogen supply and demand balance will continue to tighten. We also expect that global energy fundamentals are likely to support higher hydrocarbon prices internationally, elevating production costs for marginal producers. These same factors are keeping North American natural gas prices low, benefiting our production costs. This should further enhance the superior cash generation capability of CF’s network.”

Third-quarter sales were $1.04 billion, up from the year-ago $870 million. The increase was primarily driven by higher average selling prices across all segments. Total sales volumes were slightly lower compared to year-ago levels as lower ammonia and ammonium nitrate sales volume were partially offset by higher granular urea sales volume.

Compass Minerals, Overland Park, Kan., reported third-quarter 2018 net income of $12.8 million ($0.37 per diluted share), compared to the year-ago $32 million ($0.94 per share). The 2017 results included a net benefit of $0.29 per diluted share from a one-time tax benefit of $13 million partially offset by a $3 million after-tax restructuring charge. While third-quarter 2018 revenue across all the company’s segments increased year-over-year, increased costs, primarily at the Goderich salt mine, lowered net earnings.

“Our strong top-line performance continued in the third quarter driven primarily by robust plant nutrition demand in Brazil, attractive pricing for our plant nutrition products in North America and more typical pre-season demand for deicing products in our Salt business,” said Compass Minerals’ President and CEO Fran Malecha. “We are encouraged by the performance of our Plant Nutrition business where our strategic investments to expand and improve our operations are demonstrating their ability to drive top- and bottom-line growth. Our Salt segment, however, performed below our expectations. This was primarily due to lower-than-expected production at our Goderich mine following the 11-week strike at the mine, which ended in July. While these results are disappointing, we have a plan in place for improvement and our Goderich employees are working diligently to reach our targeted production rates.”

Total revenue in the third quarter increased 11 percent year-over-year, as the Salt business posted a 10 percent increase in revenue and the Plant Nutrition business boosted revenue by 12 percent.

Petrόleo Brasileiro SA (Petrobras), Rio de Janeiro, has once again decided to push back the closure of its Sergipe and Bahia nitrogen plants in Brazil, according to company filings cited by Bloomberg. This time they are set to operate until Jan. 31, 2019. Earlier this year, Petrobras had said it would idle the plants at the end of June, and then later Oct. 31, 2018.

The company said it continues to assess the future of the plants and additional time is necessary to make a decision. It said the minimum levels of profitability are being maintained. Leasing the plants to third-parties is reportedly an option.

The Tampa anhydrous ammonia price for November has rolled over from the October number–$355/mt CFR. Sources said this reflects the relatively flat pricing at other international price points.

Intrepid Potash Inc., Denver, today reported third-quarter net income of $3.4 million, ($0.03 per share), a $5.3 million increase compared to the year-ago net loss of $1.9 million ($0.02 per share). Total sales of $36.5 million, were up $2.5 million, over the year-ago figure

“Higher realized prices for both potash and Trio^®, increased by-product sales, and another quarter of solid demand for water added meaningfully to the bottom line in the third quarter,” said Bob Jornayvaz, Intrepid’s executive chairman, president and CEO.

Chile’s Constitutional Court declined Oct. 25 to take up a case questioning whether an agreement between China’s Tianqi Lithium Corp. and Chile’s antitrust agency Fiscalia Nacional Economica (FNE) went far enough to protect SQM’s trade secrets against its Chinese competitor (GM Oct. 12, p. 25). Tianqi Lithium has agreed to acquire a 24 percent stake in SQM from Nutrien Ltd., Saskatoon, for $4.1 billion.

In a joint statement, Tianqi Lithium and Nutrien said they were pleased with the court decision. It allows the Tribunal de Defensa de la Libre Competencia (TDLC) to rule on the reconsideration motions filed by the Pampa Group, SQM and Conadecus against the TDLC’s initial decision (GM Sept. 14, p. 25, Sept. 21, p. 1). TDLC’s initial decision upheld Tianqi Lithium’s agreement with FNE to allow the deal to proceed.

Nutrien and Tianqi Lithium expect to close the sale by the end of the year as previously planned.

CVR Partners LP, Sugar Land, Texas, reported a third-quarter net loss of $13 million on net sales of $80 million, compared a year-ago net loss of $32 million on net sales of $69 million.

“We are pleased to report strong operating performance and improved fertilizer netbacks at both our Coffeyville, Kan., and East Dubuque, Ill., fertilizer facilities during the 2018 third quarter,” said Mark Pytosh, CVR CEO. “Market conditions have continued to improve since summer and we are seeing strong global demand for nitrogen fertilizer. In addition, product pricing for the late fall of 2018 has increased by approximately 25 percent from the summer fill season and we’re seeing continued pricing strength into the first quarter of 2019.”

Despite higher fertilizer prices, two planned turnarounds cut production and weighed on the results of LSB Industries Inc., Oklahoma City, in the third quarter. LSB reported a loss of $26.1 million on net sales of $79.8 million, compared to a year-ago loss of $17.1 million and $74.1 million, respectively.

Adjusted EBITDA, however, was up at $8.7 million compared to the year-ago $3.5 million.

Compass Minerals, Overland Park, Kan., announced Oct. 23 that production rates at its Goderich, Ont., salt mine were lower-than-expected for the third quarter of 2018. As a result, the company now expects full-year earnings per share to range from $2.20-$2.50, down from the earlier $2.75-$3.25. However, the company said Plant Nutrition business has executed well and is expected to deliver strong third-quarter 2018 results.

The company estimates a negative impact of $15 million to third-quarter 2018 Salt segment earnings related to the cost impact of the lower production rates.