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CF Industries Holdings, Inc. Reports Record Second Quarter Earnings

Stocks in this article: CF

CF Industries Holdings, Inc. (NYSE: CF):

Second Quarter Highlights

  • Record quarterly net earnings attributable to common stockholders of $606.3 million, or $9.31 per diluted share, compared to earnings of $487.4 million, or $6.75 per diluted share, in the second quarter of 2011.
  • Record quarterly earnings before interest, taxes, depreciation and amortization (EBITDA) of $1,054.4 million compared to $889.2 million in the second quarter of 2011.
  • Repurchased 3.1 million shares for $500 million.

First Half Highlights

  • Record net earnings attributable to common stockholders of $974.7 million, or $14.81 per diluted share, compared to earnings of $769.4 million, or $10.66 per diluted share, in the prior year period.
  • Record EBITDA of $1.8 billion, compared to $1.5 billion in the prior year period.
  • Record net sales of $3.3 billion, compared to $3.0 billion in the prior year period.
  • Record sales volume of 7.7 million tons, including record 6.7 million tons of nitrogen products.

Capital Deployment Update

  • Increased potential investment in nitrogen capital projects to approximately $2.0 billion from $1.0 - $1.5 billion.
  • Approved new share repurchase plan of up to $3.0 billion through December 31, 2016.
  • Announced agreement to purchase Viterra’s interests in Canadian Fertilizers Limited (CFL) for C$915 million.

Outlook

  • High 2013 corn planting expectations, strong global demand, tight domestic nitrogen supply and favorable natural gas costs provide a positive operating environment for the remainder of 2012 and into 2013.

CF Industries Holdings, Inc. today reported second quarter 2012 net earnings attributable to common stockholders of $606.3 million, or $9.31 per diluted share, compared to earnings of $487.4 million, or $6.75 per diluted share, in the second quarter of 2011. Second quarter results included a $77.6 million non-cash pre-tax mark-to-market gain on natural gas derivatives and $15.2 million of accelerated amortization of capitalized financing fees related to the termination of a prior credit facility. These items increased/(decreased) after-tax earnings per diluted share by $0.74 and ($0.14), respectively. Share repurchases during the quarter decreased weighted-average shares outstanding by two percent, increasing after-tax earnings per diluted share by $0.19. Second quarter 2011 results included a $14.2 million non-cash mark-to-market loss on natural gas derivatives.

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