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CF Industries Holdings, Inc. Reports Third Quarter Earnings

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

Third Quarter Highlights
  • Net earnings attributable to common stockholders of $234.1 million, or $4.07 per diluted share, compared to earnings of $403.3 million, or $6.35 per diluted share, in the third quarter of 2012.
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) of $477.7 million compared to $729.1 million in the third quarter of 2012.

Year To Date Highlights
  • Net earnings attributable to common stockholders of $1,138.8 million, or $19.01 per diluted share, compared to earnings of $1,378.0 million, or $21.19 per diluted share, in the prior year period.
  • EBITDA of $2.0 billion, compared to $2.5 billion in the prior year period.
  • Repurchased 5.8 million shares for $1.1 billion.

Subsequent Events
  • Increased quarterly dividend 150% to $1.00 per share.
  • Company announced a set of strategic agreements with the Mosaic Company, including an agreement to sell the phosphate business for $1.4 billion and two long-term ammonia supply agreements.

Outlook
  • 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 third quarter 2013 net earnings attributable to common stockholders of $234.1 million, or $4.07 per diluted share, on revenues of $1.1 billion. This compares to earnings of $403.3 million, or $6.35 per diluted share, on revenues of $1.4 billion in the third quarter of 2012. Third quarter 2013 results included $5.6 million of pre-tax unrealized losses on natural gas derivatives and $22.1 million of pre-tax gains on foreign currency derivatives. These items increased/(decreased) after-tax earnings per diluted share by ($0.06) and $0.24, respectively. Third quarter 2012 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 which, together, increased after-tax earnings per diluted share by $0.50. Share repurchases during the first nine months of 2013 increased after-tax earnings per diluted share by $0.37, reflecting a 9 percent decrease in the average number of shares outstanding for the third quarter.

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