CF Industries Holdings Inc. reported a fourth-quarter loss attributable to common stockholders of $320 million ($1.38 per diluted share) on sales of $867 million, down from the year-ago income of $27 million ($0.11 per share) and $1.11 billion, respectively.
The company reported an adjusted net loss of $90 million ($0.39 per share) compared to year-ago income of $168 million ($0.72 per share). During the quarter, CF took a $134 million impairment on its Trinidad nitrogen joint venture, citing long-term challenges to natural gas availability.
The company does expect some $800 million in tax refunds due to a carryback of taxes from the 2016 tax year to prior periods. These primarily relate to accelerated tax depreciation for new capacity projects put into place in 2016.
CF reports that its new Port Neal, Iowa, ammonia and urea plants were successfully commissioned and started up and are producing on-spec product for sale.
While CF reported increased sales volumes during the year, it noted that prices were down, though it noted they rose in the fourth quarter. It expects prices to increase in the first-half, citing in part less product from China. However, it says second-half pricing is uncertain due to the coming online of additional global and North American supplies.
CF reported a full-year net loss of $277 million ($1.19 per share) on sales of $3.68 billion, down from prior year income of $700 million ($2.96 per share) and $4.31 billion, respectively. CF reported adjusted net earnings for the year of $109 million ($0.47 per share) compared to the year-ago $896 million ($3.79 per share).