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CF Industries Holdings, Inc. Reports Fourth Quarter Earnings

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

Fourth Quarter Highlights

  • EBITDA 1 of $643.0 million during period of weak global fertilizer prices.
  • Net earnings attributable to common stockholders of $325.8 million, or $5.71 per diluted share.
  • Announced sale of phosphate business to the Mosaic Company for $1.4 billion and separate long-term ammonia supply agreement with a defined margin.
  • Repurchased 1.5 million shares at an average price of approximately $223 per share.
  • Increased dividend 150% to $1.00 per share per quarter.

Full Year Highlights

  • EBITDA of $2.7 billion, third highest in company history.
  • Net earnings attributable to common stockholders of $1.5 billion, or $24.74 per diluted share.
  • Repurchased 7.3 million shares, 12% of shares outstanding.
  • Inaugural issuance of $1.5 billion of investment grade debt.
  • Acquired outstanding one-third interest in Medicine Hat facility and 3 Canadian distribution facilities.

Focus for 2014

  • Maintain commitment to safety and operational excellence.
  • Complete $1.4 billion sale of phosphate to Mosaic.
  • Raise up to $1.5 billion in new long-term debt.
  • Continue to execute capacity expansion projects which will increase nitrogen capacity 25% by 2016.
  • Return significant cash to shareholders via repurchases and dividends.

1 Earnings Before Interest, Taxes, Depreciation and Amortization.

Overview

CF Industries Holdings, Inc. today reported fourth quarter 2013 EBITDA of $643.0 million and net earnings attributable to common stockholders of $325.8 million, or $5.71 per diluted share, compared to EBITDA of $835.2 million and net earnings attributable to common stockholders of $470.7 million, or $7.40 per diluted share, in the fourth quarter of 2012. Net sales in the fourth quarter of 2013 were $1.3 billion, down 10 percent from $1.5 billion in the same period last year.

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