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TheStreet Open House

CF Industries Holdings, Inc. Reports Second Quarter Earnings

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

Second Quarter Highlights

  • Net earnings attributable to common stockholders of $498.2 million, or $8.38 per diluted share, compared to earnings of $606.3 million, or $9.31 per diluted share, in the second quarter of 2012.
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) of $912.8 million compared to $1,054.4 million in the second quarter of 2012.
  • Repurchased 2.6 million shares for $474.2 million.

First Half Highlights

  • Net earnings attributable to common stockholders of $904.7 million, or $14.80 per diluted share, compared to earnings of $974.7 million, or $14.81 per diluted share, in the prior year period.
  • EBITDA of $1.6 billion, compared to $1.8 billion in the prior year period.
  • Net sales of $3.1 billion, compared to $3.3 billion in the prior year period.
  • Repurchased 5.1 million shares for $981.5 million.

Outlook

  • While seasonal supply build-up is expected to constrain nitrogen fertilizer prices in the near-term, attractive crop economics, strong product demand and CF Industries’ North American cost advantage continue to support the company’s long-term earnings prospects.

CF Industries Holdings, Inc. today reported second quarter 2013 net earnings attributable to common stockholders of $498.2 million, or $8.38 per diluted share, compared to earnings of $606.3 million, or $9.31 per diluted share, in the second quarter of 2012. Second quarter 2013 results included $18.0 million of pre-tax unrealized losses on natural gas derivatives and $4.0 million of pre-tax gains on foreign currency derivatives. These items increased/(decreased) after-tax earnings per diluted share by ($0.19) and $0.04, respectively. Second quarter 2012 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, which together increased after-tax earnings per diluted share by $0.60. Share repurchases during the first half of 2013 increased after-tax earnings per diluted share by $0.53, reflecting a 6 percent decrease in the average number of shares outstanding for the quarter.

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