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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CF Industries Holdings Inc | NYSE:CF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.22 | 0.30% | 74.09 | 75.17 | 73.41 | 74.11 | 2,360,741 | 01:00:00 |
By Josh Beckerman
Fertilizer maker CF Industries Holdings Inc. said it had strong fundamentals and record sales volume in the first quarter, but said earnings fell amid lower prices.
CF said its outlook for this year into 2017 "remains positive," but it expects "nitrogen prices will remain under pressure."
Global nitrogen capacity additions increased supply, which hurt prices. Additionally, the company reported softer global ammonia demand from industrial users.
North America selling prices were depressed during January and February, but "quickly rebounded" due to the early arrival of spring.
CF said its planted corn area forecast is 92 million acres, with possible upside, up from a February estimate of 90.5 million acres.
The company is "almost to the finish line with our capacity expansion projects," which are projected to boost production capacity and cash flow.
In after-hours trading, CF shares rose 2.8% to $33.
In August, CF Industries reached a deal to merge with parts of Dutch rival OCI NV in a transaction valued at $6 billion plus $2 billion of assumed debt. The inversion deal would move the tax residency of the combined company to the Netherlands.
The Treasury Department's new curbs announced in April were more aggressive than anticipated.
CF bought Yara International ASA's stake in the GrowHow UK Ltd. joint venture in 2015 for $580 million. This contributed to higher sales in the latest quarter, as well as a 46% increase in cost of sales.
For the quarter ended March 31, net income attributable to common shareholders was $26 million, or 11 cents a share, compared with $231 million, or 96 cents a share, a year earlier. Net sales rose to $1 billion from $954 million.
Earnings excluding items fell to 40 cents a share from 91 cents.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
May 04, 2016 21:46 ET (01:46 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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