CF Industries Holdings Inc. reported first quarter net income attributable to common stockholders of $708.5 million ($12.90 per diluted share) on sales of $1.13 billion, up from the year-ago $406.5 million ($6.47 per share) and $1.34 billion. However, the current year results included a $747.1 million gain on the sale of its phosphate business to The Mosaic Co. Absent the sale, first quarter gross margins were $442.8 million, down from the year-ago $675.1 million.
Nitrogen gross margins were down at $434.3 million on sales of $987.5 million from the year-ago $647.6 million and $1.1 billion, respectively.
CF said the first quarter saw outstanding ammonia movement, up 73 percent from year-ago levels, and that the company is well positioned to supply upgraded products in the second quarter.
Phosphate gross margins were $8.5 million on sales of $145.1 million, down from $27.5 million and $238.9 million, respectively.