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CF Industries Holdings, Inc. Reports Record Third Quarter Earnings

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

Third Quarter Highlights

  • Record third quarter net earnings attributable to common stockholders of $403.3 million, or $6.35 per diluted share, compared to earnings of $330.9 million, or $4.73 per diluted share, in the third quarter of 2011.
  • Record third quarter earnings before interest, taxes, depreciation and amortization (EBITDA) of $729.1 million, compared to $640.8 million in the third quarter of 2011.

Year To Date Highlights

  • Record net earnings attributable to common stockholders of $1.4 billion, or $21.19 per diluted share, compared to earnings of $1.1 billion, or $15.41 per diluted share, in the prior year period.
  • Record EBITDA of $2.5 billion, compared to $2.1 billion in the prior year period.
  • Record net sales of $4.6 billion, compared to $4.4 billion in the prior year period.

Outlook

  • High anticipated 2013 corn planting, strong domestic fertilizer demand and favorable natural gas costs provide a positive operating environment for the remainder of 2012 and into 2013.
  • Decision to expand capacity reflects expectations for sustained favorable outlook for North American nitrogen production.

CF Industries Holdings, Inc. today reported third quarter 2012 net earnings attributable to common stockholders of $403.3 million, or $6.35 per diluted share, compared to earnings of $330.9 million, or $4.73 per diluted share, in the third quarter of 2011. Third quarter results included a $39.8 million non-cash pre-tax mark-to-market gain on natural gas derivatives and a $10.9 million gain related to a change in employee post-retirement benefits. These items increased after-tax earnings per diluted share by $0.39 and $0.11, respectively. Third quarter 2011 results included a $35.1 million impairment charge due to the decision to shut down and remove the methanol plant at the company’s Woodward, Oklahoma, nitrogen complex and a $14.1 million non-cash mark-to-market loss on natural gas derivatives.

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