Yara International ASA, Oslo, reported net income after non-controlling interests for the second quarter of $230 million ($0.84 per share) compared to a net loss of $211 million ([$0.77] per share) a year ago. Excluding currency effects and special items, the result was $0.77 per share against $0.16 per share in second-quarter 2018.
EBITDA excluding special items came in 70 percent higher at $546 million, up from $321 million a year earlier, and beating the highest analyst estimate (Bloomberg data). Yara attributed the EBITDA improvement as mainly driven by higher production volumes and lower energy cost.
Second-quarter revenue increased 7 percent to $3.4 billion, up from the year-ago $3.19 billion.
Total sales and marketing deliveries were 2 percent higher at 10.27 million mt, up from 10.11 million mt.
The company expects spot-priced gas costs for the second and third quarters to be $160 million lower than a year ago.
Yara also announced it has signed a $1,000 million five-year revolving credit facility with 13 international relationship banks. The margin under the facility will be adjusted based on the fertilizer group’s progress to meet its carbon intensity target by 2025.