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CF Industries Holdings, Inc. Reports Record Third Quarter Earnings

Stocks in this article: CF

CF Industries sold 3.0 million tons of ammonia, granular urea, urea ammonium nitrate solutions (UAN), ammonium nitrate (AN) and other nitrogen products during the third quarter of 2012, down about three percent compared to the volume sold in 2011.

In the third quarter of 2012, the company sold 416,000 tons of ammonia at an average price of $622 per ton, compared to 403,000 tons at an average price of $552 in the third quarter of 2011. The three percent increase in volume resulted from strong winter wheat application and customers’ desire to secure inventory given the tight ammonia supply in North America. The tight supply resulted in a 13 percent increase in the average price. The company’s ammonia plants in aggregate operated at approximately 99 percent of rated capacity during the quarter.

CF Industries sold 559,000 tons of granular urea at an average price of $470 in the third quarter of 2012, compared to 701,000 tons at an average price of $425 in the third quarter of 2011.

Granular urea volume decreased by 20 percent as third quarter 2011 shipments were exceptionally strong due to higher beginning inventory, higher production rates and higher export sales as compared to the third quarter 2012. Average urea price realizations increased 11 percent year over year due to the pattern of the company’s order flow.

The company sold 1.6 million tons of UAN in the third quarter of 2012, up three percent from the third quarter of 2011. UAN average realized prices were $296 per ton, compared to $319 in the year-ago quarter. Sales volume increased as distributors and dealers replenished inventories in anticipation of strong nitrogen demand to support the high corn plantings projected for next spring. The average price decreased seven percent due to increased UAN imports into the U.S. compared to the prior year period.

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