CF Industries Holdings Inc. reported record first quarter net earnings attributable to common shareholders of $406.5 million ($6.47 per diluted share) on sales of $1.34 billion for the first quarter ending March 31, 2013, compared to the year-ago $368.4 million ($5.54 per share) on sales of $1.53 billion.
Total sales volumes, however, were down to 3.7 million st for the quarter versus the year-ago 3.5 million st largely due to more normal fertilizer movement in March 2013 compared to an exceptionally early spring in 2012. Except for urea, which saw increased imports, all major nitrogen products saw a price increase during the recent quarter due to an anticipated large corn crop. Despite the recent wet weather, CF still believes some 96 million acres of corn will be planted in the U.S. this year.
While ammonia volumes were off 50 percent from the year-ago early spring season, UAN volumes were up 17 percent. And should wet weather continue, CF, with its multiple nitrogen products, believes it is poised to take advantage of increased UAN demand during sidedress season.