CF 4Q, Year Earnings, Volumes Off
CF Industries Holdings Inc., Deerfield, Ill., reported fourth-quarter net earnings attributable to common stockholders of $49 million ($0.21 per diluted share) on net sales of $1.13 billion, down from the year-ago $465 million ($1.98 per share) and $1.1 billion. Volumes were also down at 4.72 million mt from 5.28 million mt. However, adjusted EBITDA was up at $341 million from $260 million.
Full-year net earnings were also down at $290 million ($1.24 per share) on sales of $4.43 billion, compared to 2017’s $358 million ($1.53 per share) and $4.13 billion. Volumes were 19.3 million st down from 19.9 million st. Adjusted EBITDA was up at $1.4 million from $969 million.
“We delivered strong results in 2018, as higher global nitrogen prices and lower natural gas costs drove a 45 percent increase in adjusted EBITDA compared to 2017,” said Tony Will, CF president and CEO. “With strong nitrogen demand anticipated in North America during the first half of 2019, our in-region production and extensive transportation and distribution network position us well to build on our 2018 performance. Longer-term, our outlook remains positive: we are positioned at the low end of the global cost curve due to our access to low-cost North American natural gas, we continue to operate exceptionally well and we expect the global nitrogen supply and demand balance to continue to tighten.”