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CF Industries Holdings, Inc. Reports Record Fourth Quarter Earnings

Stocks in this article: CF

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

Fourth Quarter Highlights

  • Record fourth quarter net earnings attributable to common stockholders of $470.7 million, or $7.40 per diluted share, compared to earnings of $438.9 million, or $6.66 per diluted share, in the fourth quarter of 2011.
  • Record ammonia shipments from several terminals.
  • Announced approval of and began work on $3.8 billion nitrogen expansion program.

Full Year Highlights

  • Record net earnings attributable to common stockholders of $1.8 billion, or $28.59 per diluted share, compared to earnings of $1.5 billion, or $21.98 per diluted share, in 2011.
  • Record earnings before interest, taxes, depreciation and amortization (EBITDA) of $3.3 billion, compared to $3.0 billion in 2011.
  • Record net sales of $6.1 billion and record sales volume of 15.0 million tons.
  • Completed 2011 share repurchase program ahead of the expiration date with repurchase of 3.1 million shares for $500 million.
  • Approved new share repurchase plan of up to $3.0 billion through December 31, 2016.
  • Announced agreement to purchase all of the outstanding interests in Canadian Fertilizers Limited (CFL) for C$0.9 billion.

Outlook

  • High anticipated 2013 corn planting, strong domestic fertilizer demand and favorable natural gas costs provide a positive operating environment for the first half of 2013.

CF Industries Holdings, Inc. today reported fourth quarter 2012 net earnings attributable to common stockholders of $470.7 million, or $7.40 per diluted share, compared to earnings of $438.9 million, or $6.66 per diluted share, in the fourth quarter of 2011. Fourth quarter results included $13.1 million of non-cash pre-tax mark-to-market gains on natural gas and foreign currency derivatives, which increased after-tax earnings per diluted share by $0.13. Fourth quarter 2011 results included a $49.7 million non-cash mark-to-market loss on natural gas derivatives, which reduced after-tax earnings per diluted share by $0.47.

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