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CF · CF Industries Holdings

50 filings

10-Q

CF 10-Q Quarterly Reports

CF Industries Holdings - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K158

CF filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 158 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jul ’17Jul ’17
  2. Material agreement8-K · Dec ’19Dec ’19
  3. Material agreement8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Jan ’26Jan ’26
  1. 2026-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2026

    CF Industries Holdings, Inc. reported a substantially stronger second quarter of 2026, with net sales of $2.22 billion, up 18% from $1.89 billion in the second quarter of 2025, and gross margin of $1.15 billion, up 52% from $755 million. The increase was driven primarily by higher average selling prices, which rose 39% to $523 per ton, partially offset by a 15% decline in sales volume to 4.3 million tons. Net earnings attributable to common stockholders were $727 million, or $4.73 diluted earnings per share, compared to $386 million, or $2.37 per share, a year earlier. The filing attributes the pricing strength to a tight global nitrogen supply balance following the conflict with Iran, which constrained Middle East fertilizer exports, though the filing notes nitrogen prices declined near the end of the second quarter. Second-quarter results also included $50 million of business interruption insurance recoveries and a $23 million asset impairment related to the idled Yazoo City complex, which is being rebuilt with production expected to resume in the first half of 2027. For the first six months, the company recognized a $170 million litigation settlement gain from an Orica settlement, and diluted EPS was $8.71. Cash and cash equivalents rose to $2.48 billion at June 30, 2026, and the company repurchased $245 million of stock in the first half. The board declared a quarterly dividend increase to $0.60 per share from $0.50. The Blue Point low-carbon ammonia joint venture, in which CF holds a 40% interest and consolidates, is estimated to cost approximately $3.7 billion, with low-carbon ammonia production expected to begin in 2029. The filing also discloses a July 2026 lawsuit seeking a preliminary injunction against the permits for the Blue Point complex, and a putative antitrust class action filed in March 2026 related to nitrogen, phosphorus and potassium fertilizer.

    Aug 6, 2026
  2. 2026-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2026

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $615 million, or $3.98 per diluted share, for the three months ended March 31, 2026, compared to $312 million, or $1.85 per diluted share, in the first quarter of 2025. Net sales rose 19% to $1.99 billion, driven primarily by a 28% increase in average selling prices to $424 per ton, partially offset by lower sales volume of 4.7 million tons versus 5.0 million tons. Gross margin increased 30% to $746 million, though higher natural gas costs reduced gross margin by $76 million and the idled Yazoo City plant weighed on AN volumes. The quarter's earnings were also boosted by non-recurring and one-time items: a $170 million litigation settlement gain from the resolution of litigation with Orica and Nelson Brothers, $25 million of Yazoo City property damage insurance recoveries, and $24 million of 45Q Tax Credits. Management attributes the stronger pricing environment to tight global nitrogen supply, further affected by the conflict with Iran and disruptions through the Strait of Hormuz. Cash provided by operating activities was $496 million, down from $586 million, reflecting working capital changes and approximately $95 million of Canadian income tax deposits. The company continues to advance the Blue Point low-carbon ammonia joint venture, in which CF holds a 40% interest and consolidates the entity, with an estimated facility cost of approximately $3.7 billion. Cash and cash equivalents were $2.04 billion at March 31, 2026, and the company had $750 million of unused revolving credit capacity. Management also disclosed that the company is a defendant in putative antitrust class actions filed in March 2026 related to nitrogen, phosphorus and potassium fertilizer, and cannot estimate potential losses at this time.

    May 7, 2026
  3. 2025-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2025

    CF Industries Holdings, Inc. reported third-quarter 2025 net sales of $1.66 billion, up from $1.37 billion a year earlier, and net earnings attributable to common stockholders of $353 million, or $2.19 per diluted share, versus $276 million, or $1.55 per diluted share, in the third quarter of 2024. The increase was driven primarily by an average selling price of $368 per ton, up from $286 per ton, which the company says increased gross margin by $370 million. Gross margin rose to $632 million, and natural gas costs, including realized derivatives, reduced gross margin by $73 million. Gross margin percentage was 38.1% compared with 32.4% a year earlier. Net earnings attributable to noncontrolling interests increased to $107 million, reflecting higher earnings at CF Industries Nitrogen, LLC and the newly consolidated Blue Point joint venture. For the first nine months of 2025, net sales were $5.21 billion and net earnings attributable to common stockholders were $1.05 billion, or $6.39 per diluted share, compared with $890 million, or $4.86 per diluted share, a year earlier. Net cash provided by operating activities was $2.21 billion, versus $1.85 billion in the prior-year period. Capital expenditures rose to $724 million from $321 million, including $213 million tied to the Blue Point joint venture. Cash and cash equivalents were $1.84 billion at September 30, 2025, and the company repurchased $1.00 billion of common stock under the 2022 Share Repurchase Program during the nine months. The company completed that program in October 2025 and began repurchases under a new $2 billion program authorized May 6, 2025. Key risks flagged in the filing include volatile natural gas prices, which rose to an average Henry Hub price of $3.03 per MMBtu in the third quarter from $2.08, tariff and trade policy uncertainty, execution risk and cost overruns on the Blue Point low-carbon ammonia project, which has an estimated cost of approximately $3.7 billion, and the timing of cash taxes under recent U.S. tax legislation.

    Nov 6, 2025
  4. 2025-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2025

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $386 million for the three months ended June 30, 2025, compared to $420 million in the second quarter of 2024, and $698 million for the six months ended June 30, 2025, compared to $614 million a year earlier. Net sales rose to $1.89 billion for the quarter from $1.57 billion, driven primarily by a higher average selling price of $376 per ton (versus $322 per ton) and higher sales volume of 5.0 million tons. Gross margin increased to $755 million from $679 million, but the quarter's net earnings decline reflected the absence of second-quarter 2024 gains on emission credit sales, higher SG&A, a higher tax provision and higher earnings attributable to noncontrolling interests. Diluted EPS was $2.37 versus $2.30, helped by 11% fewer diluted weighted-average shares following repurchases. Cost pressures were significant: the company's cost of natural gas used for production rose 77% to $3.36 per MMBtu in the quarter, which the filing says decreased gross margin by $136 million. Cash from operations was $1.15 billion for the six months ended June 30, 2025, versus $920 million a year earlier. Cash and cash equivalents were $1.69 billion at June 30, 2025, and the company had $750 million of unused capacity under its revolving credit agreement. The filing highlights the consolidation of the Blue Point joint venture, formed in April 2025 with JERA and Mitsui, in which CF holds a 40% interest. The project's estimated cost is approximately $3.7 billion, and the joint venture's partners contributed $157 million (CF), $137 million (JERA) and $98 million (Mitsui) in initial capital. The company also noted that a new $2 billion share repurchase authorization runs through December 31, 2029, and that its 2022 program, with $2.57 billion repurchased as of June 30, 2025, remains effective through December 31, 2025.

    Aug 7, 2025
  5. 2025-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2025

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $312 million, or $1.85 per diluted share, for the three months ended March 31, 2025, compared to $194 million, or $1.03 per diluted share, in the first quarter of 2024. Net sales rose to $1.66 billion from $1.47 billion, driven by a sales volume increase to 5.0 million tons from 4.5 million tons and a higher average selling price of $332 per ton versus $325 per ton. Gross margin increased to $572 million from $409 million, with a gross margin percentage of 34.4% versus 27.8%, while natural gas costs, including realized derivatives, reduced gross margin by $40 million. Results were partly offset by a $23 million pre-tax loss on the sale of the previously decommissioned Ince facility in the U.K. Cash and cash equivalents declined to $1.41 billion from $1.61 billion at December 31, 2024, as the company repurchased $444 million of treasury stock and paid $129 million in distributions to noncontrolling interest. Operating cash flow was $586 million, up from $445 million. Customer advances rose to $241 million from $118 million. The company holds $750 million of unused revolving credit capacity. Looking ahead, the company announced a joint venture, Blue Point Number One, LLC, with JERA and Mitsui to build a low-carbon ammonia facility estimated to cost approximately $4 billion, with CF holding a 40% stake and planning to consolidate the entity. On May 6, 2025, the Board authorized a new $2 billion share repurchase program effective through December 31, 2029. The company expects 2025 consolidated capital expenditures of $800 million to $900 million.

    May 8, 2025
  6. 2024-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2024

    CF Industries Holdings, Inc. reported third-quarter 2024 net earnings attributable to common stockholders of $276 million, or $1.55 per diluted share, compared with $164 million, or $0.85 per diluted share, in the third quarter of 2023. Net sales rose to $1.37 billion from $1.27 billion, driven by higher average selling prices ($286 per ton versus $268) and the Waggaman ammonia facility acquired December 1, 2023. Gross margin increased to $444 million from $377 million, and interest expense fell to zero from $39 million, reflecting a $37 million reduction tied to discretionary interest relief from the Canada Revenue Agency. For the first nine months of 2024, results declined year over year. Net sales fell to $4.41 billion from $5.06 billion, as the average selling price dropped to $311 per ton from $356, and net earnings attributable to common stockholders decreased to $890 million from $1.25 billion. Diluted EPS was $4.86 versus $6.42. Lower natural gas costs, which fell to $2.38 per MMBtu from $3.90, partially offset the price decline. Cash from operations was $1.85 billion versus $2.28 billion. Capital returns remained significant. The company repurchased about 14.4 million shares for $1.13 billion in the first nine months of 2024, and the quarterly dividend rose to $0.50 per share from $0.40. Cash and cash equivalents totaled $1.88 billion at September 30, 2024, and the $750 million revolving credit facility was undrawn.

    Oct 31, 2024
  7. 2024-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2024

    CF Industries Holdings, Inc. reported second-quarter 2024 net earnings attributable to common stockholders of $420 million, or $2.30 per diluted share, compared with $527 million, or $2.70 per diluted share, in the second quarter of 2023. Net sales fell 11% to $1.57 billion, driven by a 10% decline in the average selling price to $322 per ton, which the company attributes to lower global energy costs reducing the global market clearing price for nitrogen products. Gross margin declined 16% to $679 million, partly offset by lower natural gas costs, which fell 31% to $1.90 per MMBtu including realized derivatives. The Waggaman, Louisiana ammonia facility acquired December 1, 2023 contributed $59 million to net sales in the quarter. For the first six months of 2024, net earnings attributable to common stockholders were $614 million, or $3.31 per diluted share, versus $1.09 billion, or $5.55 per diluted share, a year earlier. Net sales decreased 20% to $3.04 billion and operating cash flow fell to $920 million from $1.66 billion, with the company citing lower net earnings and working capital changes. Capital returns remained significant: the company repurchased 8.3 million shares for $652 million in the first half under its 2022 Share Repurchase Program, paid $188 million in common dividends, and raised its quarterly dividend to $0.50 per share from $0.40. Cash and cash equivalents were $1.82 billion at June 30, 2024, and the company had $750 million of unused revolving credit capacity. The company continues to advance its clean energy strategy, including a 20-megawatt green hydrogen electrolyzer at Donaldsonville that is mechanically complete and nearing commissioning, carbon capture projects at Donaldsonville and Yazoo City, and evaluation of a greenfield low-carbon ammonia plant at Blue Point, estimated at roughly $3 billion. Full-year 2024 capital expenditures are expected to be approximately $550 million.

    Aug 8, 2024
  8. 2024-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2024

    CF Industries Holdings, Inc. reported a sharp decline in first-quarter 2024 earnings compared with the first quarter of 2023. Net sales fell to $1.47 billion from $2.01 billion, and gross margin decreased to $409 million from $863 million, driven primarily by a 27% decrease in average selling prices to $325 per ton. Net earnings attributable to common stockholders were $194 million, or $1.03 per diluted share, compared with $560 million, or $2.85 per diluted share, a year earlier. Lower natural gas costs partially offset the pricing decline: the cost of natural gas used for production fell 52% to $3.19 per MMBtu, which increased gross margin by $269 million. Gross ammonia production declined 9% to 2.1 million tons, reflecting maintenance and adverse weather in January, and the Waggaman acquisition contributed incremental ammonia sales volume. Cash and cash equivalents declined to $1.77 billion at March 31, 2024, from $2.03 billion at December 31, 2023. Operating cash flow was $445 million versus $947 million a year earlier, and the company repurchased $347 million of common stock under the 2022 Share Repurchase Program during the quarter, with cumulative repurchases under that program totaling $772 million. The quarterly dividend was raised to $0.50 per share from $0.40. The company retains an undrawn $750 million revolving credit facility and reported $3.00 billion of principal outstanding in senior notes. Management expects 2024 gross ammonia production of approximately 9.8 million tons and full-year 2024 capital expenditures of approximately $550 million. The filing also describes the company's low-carbon and green ammonia initiatives, including a potential greenfield low-carbon ammonia facility at Blue Point, Louisiana, with a final investment decision targeted for the second half of 2024, and a joint development agreement with JERA announced April 17, 2024.

    May 2, 2024
  9. 2023-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2023

    CF Industries Holdings, Inc. reported a sharp year-over-year decline in profitability for the third quarter ended September 30, 2023. Net sales fell to $1.27 billion from $2.32 billion, a decrease of $1.05 billion, or 45%, driven primarily by a 49% drop in average selling prices to $268 per ton, partially offset by an 8% increase in sales volume. Gross margin declined to $377 million from $916 million, and net earnings attributable to common stockholders were $164 million, or $0.85 per diluted share, compared with $438 million, or $2.18 per diluted share, in the prior-year quarter. Lower natural gas costs, which fell 70% to $2.54 per MMBtu, offset part of the price decline, adding $496 million to gross margin in the quarter. For the nine months, net earnings attributable to common stockholders were $1.25 billion, or $6.42 per diluted share, versus $2.49 billion, or $12.04 per diluted share, a year earlier. The results include a $43 million impairment of the company's equity method investment in Point Lisas Nitrogen Limited (PLNL) and $27 million of transaction costs tied to the pending purchase of the Waggaman, Louisiana ammonia complex from Dyno Nobel Louisiana Ammonia, LLC for $1.675 billion, subject to adjustment, which the company expects to fund with cash on hand. Cash and cash equivalents rose to $3.25 billion from $2.32 billion at December 31, 2022, and operating cash flow was $2.28 billion for the nine months, compared with $3.27 billion in the prior-year period. Capital allocation remained active. The company repurchased $355 million of treasury stock in the nine months and completed its 2021 share repurchase program, with $200 million repurchased under the 2022 program as of September 30, 2023. The company also approved the permanent closure of its Billingham, U.K. ammonia plant in the third quarter, and entered a new $750 million senior unsecured revolving credit agreement on October 26, 2023, maturing in 2028. Management expects 2023 capital expenditures of $450 million to $500 million.

    Nov 2, 2023
  10. 2023-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2023

    CF Industries Holdings, Inc. reported a sharp decline in earnings for the second quarter of 2023 as average selling prices fell. Net sales for the three months ended June 30, 2023 were $1.78 billion, compared to $3.39 billion in the second quarter of 2022, due primarily to a decrease in average selling prices to $359 per ton from $701 per ton. Gross margin fell to $804 million from $1.99 billion, and net earnings attributable to common stockholders were $527 million, or $2.70 per diluted share, compared to $1.17 billion, or $5.58 per diluted share, a year earlier. Lower natural gas costs, with cost of natural gas used for production of $2.75 per MMBtu versus $7.05 per MMBtu, partially offset the price decline and added approximately $360 million to gross margin. For the six months ended June 30, 2023, net sales were $3.79 billion and net earnings attributable to common stockholders were $1.09 billion, or $5.55 per diluted share. Cash and cash equivalents rose to $3.22 billion at June 30, 2023 from $2.32 billion at December 31, 2022, and net cash provided by operating activities was $1.66 billion. The company repurchased $155 million of shares under the completed 2021 Share Repurchase Program and $50 million under the 2022 Share Repurchase Program during the six months. The filing also discloses a March 2023 agreement to purchase the Waggaman, Louisiana ammonia production complex from Dyno Nobel Louisiana Ammonia, LLC for $1.675 billion, subject to adjustment, to be funded with cash on hand. In July 2023 the company approved a proposed plan to permanently close the Billingham, U.K. ammonia plant, and the filing notes that U.K. operations could require additional funding and further losses.

    Aug 3, 2023
  11. 2023-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2023

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $560 million, or $2.85 per diluted share, for the three months ended March 31, 2023, compared to $883 million, or $4.21 per diluted share, in the first quarter of 2022. Net sales fell to $2.01 billion from $2.87 billion, driven primarily by a 28% decline in average selling price to $444 per ton, as lower global energy costs drove higher global nitrogen operating rates and supply availability increased. Gross margin declined to $863 million from $1.70 billion, and interest expense dropped to $40 million from $241 million, largely because the prior-year quarter included interest on Canadian tax matters that did not recur. Liquidity remained strong, with cash and cash equivalents of $2.83 billion at March 31, 2023, up $502 million from year-end 2022, and $750 million of unused revolving credit capacity. Operating cash flow was $947 million, down from $1.39 billion. The company repurchased about 1.1 million shares for $75 million under its 2021 program and paid $0.40 per share in dividends declared. Management also disclosed an agreement signed March 20, 2023 to purchase the Waggaman, Louisiana ammonia complex from a subsidiary of Incitec Pivot Limited for $1.675 billion, subject to adjustment, to be funded with cash on hand after a $425 million allocation to an ammonia offtake agreement. Looking ahead, the filing notes full-year 2023 capital expenditures are expected to be $500 to $550 million, and it describes ongoing green and blue ammonia initiatives, including a 20 MW electrolysis project at Donaldsonville expected to finish in late 2023 and a blue ammonia final investment decision targeted for the second half of 2023. The UK operations remain exposed to natural gas price uncertainty, with the Billingham ammonia plant idled since September 2022.

    May 2, 2023
  12. 2022-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2022

    CF Industries Holdings, Inc. reported third-quarter 2022 net earnings attributable to common stockholders of $438 million, or $2.18 per diluted share, compared with a net loss of $185 million, or $0.86 per diluted share, in the third quarter of 2021. Net sales rose to $2,321 million from $1,362 million, driven by an average selling price of $527 per ton (up 46%) and sales volume of 4.4 million product tons (up 16%). Gross margin increased to $916 million from $440 million, while natural gas costs for production rose 98% to $8.35 per MMBtu. Third-quarter 2022 results included $95 million of U.K. impairment and restructuring charges, compared with $495 million in the prior-year quarter. For the nine months ended September 30, 2022, net earnings attributable to common stockholders were $2,486 million, or $12.04 per diluted share, versus $212 million, or $0.98 per diluted share, a year earlier. Net sales were $8.58 billion and gross margin was $4.61 billion. Operating cash flow was $3.27 billion, and cash and cash equivalents ended the period at $2.19 billion. Interest expense rose to $369 million, including $246 million of interest on tax liabilities tied to the Canada Revenue Agency matter. The company repurchased about 12.7 million shares for $1.12 billion in the first nine months and, on November 2, 2022, the Board authorized a new $3 billion repurchase program. The U.K. operations remain under strain. The company permanently closed its Ince facility and temporarily idled ammonia production at Billingham in September 2022 because of high natural gas prices. Management states that further losses and additional funding needs for the U.K. business could have a material adverse impact on results and cash flows. Separately, the Canada Revenue Agency matter resulted in a $78 million income tax provision and $103 million of net interest expense in the nine months, with the remaining tax liability expected to be paid in the fourth quarter of 2022.

    Nov 3, 2022
  13. 2022-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2022

    CF Industries Holdings, Inc. reported a sharp increase in profitability for the quarter ended June 30, 2022. Net sales were $3.39 billion, up 113% from $1.59 billion a year earlier, driven mainly by higher average selling prices, which rose 128% to $701 per ton. Gross margin reached $1.99 billion, a gross margin percentage of 58.7% versus 31.7% in the prior-year quarter. Net earnings attributable to common stockholders were $1.17 billion, or $5.58 per diluted share, compared with $246 million, or $1.14 per diluted share. Cost of natural gas used for production rose 117% to $7.05 per MMBtu, which the filing says reduced gross margin by $352 million. The quarter also included a $162 million charge for the proposed restructuring of U.K. operations, which includes permanently closing the Ince facility and optimizing the Billingham facility. The charge comprised $152 million of asset impairments and $10 million of post-employment benefits. Net interest expense rose to $74 million from $46 million, due primarily to $37 million of net interest recorded in the quarter related to income tax matters. The filing also describes a Canada Revenue Agency arbitration outcome for tax years 2006 through 2011, with additional Canadian tax of approximately $129 million plus interest of approximately $103 million expected to be assessed and paid in the second half of 2022. Balance-sheet liquidity remained strong. Cash and cash equivalents were $2.37 billion at June 30, 2022, up from $1.63 billion at December 31, 2021, and unused borrowing capacity under the revolving credit agreement was $750 million. Customer advances fell to $72 million from $700 million, and operating cash flow for the six months was $2.28 billion. The company repurchased approximately 6.6 million shares for $590 million in the first half under its $1.5 billion program, and the quarterly dividend was raised to $0.40 per share, a 33% increase.

    Aug 2, 2022
  14. 2022-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2022

    CF Industries Holdings, Inc. reported a sharply higher first quarter of 2022, with net earnings attributable to common stockholders of $883 million, compared to $151 million in the first quarter of 2021. Diluted earnings per share rose to $4.21 from $0.70. Net sales increased $1.82 billion, or 174%, to $2.87 billion, driven primarily by a 170% increase in average selling price to $620 per ton, while sales volume was essentially unchanged at 4.6 million tons. Gross margin rose to $1.70 billion from $289 million, with the gross margin percentage at 59.2% versus 27.6%. Higher natural gas costs partially offset these gains: the cost of natural gas used for production rose 101% to $6.48 per MMBtu, reducing gross margin by $271 million. The quarter also carried significant tax and interest items. Interest expense rose to $241 million, largely from interest on tax liabilities of $198 million tied to the Canada Revenue Agency Competent Authority Matter and transfer pricing reserves. The income tax provision was $401 million, for an effective tax rate of 27.6%. Management expects Canadian tax and interest of approximately $225 million to be assessed in the second quarter and paid in the third quarter of 2022, partly offset by expected U.S. refunds of approximately $50 million over the next twelve months. Liquidity strengthened, with cash and cash equivalents rising to $2.62 billion from $1.63 billion at December 31, 2021, and operating cash flow of $1.39 billion. The company repurchased about 1.3 million shares for $100 million and declared a quarterly dividend increase to $0.40 per share from $0.30. The U.K. operations remain a small contributor, with the Ince facility still idled and the Billingham facility operating, and the filing notes continued uncertainty about the U.K. energy crisis.

    May 5, 2022
  15. 2021-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2021

    CF Industries Holdings, Inc. reported a third quarter 2021 net loss attributable to common stockholders of $185 million, or $0.86 per diluted share, compared with a net loss of $28 million, or $0.13 per diluted share, in the third quarter of 2020. The decline was driven primarily by $495 million of impairment charges tied to the U.K. energy crisis, consisting of a $259 million goodwill impairment and $236 million of long-lived and intangible asset impairments. Excluding these charges, the company's gross margin rose to $440 million from $83 million, on net sales of $1.36 billion versus $847 million, as average selling prices increased 101% to $360 per ton while sales volume fell 20% to 3.8 million tons. For the nine months ended September 30, 2021, the company reported net earnings attributable to common stockholders of $212 million, or $0.98 per diluted share, compared with $230 million, or $1.07 per diluted share, a year earlier. Net sales rose 32% to $4.00 billion and gross margin rose to $1.23 billion from $621 million. Net cash provided by operating activities was $1.39 billion, up from $941 million. The company redeemed $518 million of debt during the period, including the 2021 Notes and a partial redemption of the 2023 Notes, and ended the quarter with $757 million of cash and $750 million of unused revolving credit capacity. Management stated that production remains idled at the Ince facility in the U.K., while the Billingham facility is operating under carbon dioxide agreements, and that continued high U.K. energy costs could lead to further losses or impairment charges. On November 3, 2021, the Board authorized a share repurchase program of up to $1.5 billion covering January 1, 2022 through December 31, 2024.

    Nov 5, 2021
  16. 2021-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2021

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $246 million, or $1.14 per diluted share, for the three months ended June 30, 2021, compared to $190 million, or $0.89 per diluted share, in the second quarter of 2020. Net sales rose to $1,588 million from $1,204 million, driven primarily by higher average selling prices, which the filing states were $307 per ton versus $224 per ton. Sales volume declined to 5.2 million tons from 5.4 million tons, and higher natural gas costs and manufacturing, maintenance and other costs partially offset the pricing gains. For the six months ended June 30, 2021, net earnings attributable to common stockholders were $397 million, or $1.83 per diluted share, including a $112 million gain from the net settlement of natural gas contracts with suppliers during Winter Storm Uri. The balance sheet remained solid, with cash and cash equivalents of $777 million at June 30, 2021, up from $683 million at December 31, 2020, and $750 million of unused borrowing capacity under the Revolving Credit Agreement. Long-term debt, net of current maturities, was $3,713 million. The company redeemed the remaining $250 million of its 3.400% senior secured notes due 2021 in March 2021 and announced on August 9, 2021 that it will redeem $250 million of its 3.450% senior notes due 2023 on September 10, 2021, funded with cash on hand. Operating cash flow for the six months was $706 million, and capital expenditures for full-year 2021 are expected to be approximately $500 million, including the Donaldsonville green ammonia project. Management also noted that UAN imports from Russia and Trinidad became subject to antidumping and countervailing duty investigations, with the ITC scheduled to take a preliminary vote on August 13, 2021. The company expects 2021 sales volumes of approximately 19 million product tons, reflecting maintenance deferred from 2020 and the effects of severe weather in the first quarter of 2021.

    Aug 9, 2021
  17. 2021-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2021

    CF Industries Holdings, Inc.'s first-quarter 2021 Form 10-Q reports net sales of $1,048 million, up from $971 million in the first quarter of 2020, driven mainly by higher average selling prices of $230 per ton (up 11% from $207), partially offset by a 3% decline in sales volume to 4.6 million tons. Gross margin rose to $289 million from $204 million, and net earnings attributable to common stockholders increased to $151 million, or $0.70 per diluted share, from $68 million, or $0.31 per diluted share. The results include a $112 million gain on the net settlement of certain natural gas contracts with suppliers, recognized in February 2021 following Winter Storm Uri, which partly offset higher natural gas costs of $3.22 per MMBtu (up 23%) and higher manufacturing, maintenance and other costs of $63 million that the filing attributes largely to winter storm-related maintenance and repair activity. Cash flow and liquidity strengthened during the quarter. Net cash provided by operating activities was $578 million compared with $292 million a year earlier, reflecting favorable working capital changes, including customer advances that rose to $341 million from $130 million at December 31, 2020. Cash and cash equivalents ended the quarter at $804 million. The company redeemed in full its remaining $250 million of 3.400% senior secured notes due December 2021 on March 20, 2021, for a total of $258 million including accrued interest, recognizing a $6 million loss on debt extinguishment. The $750 million Revolving Credit Agreement remained undrawn, and no shares were repurchased in the quarter under the $1 billion 2019 Share Repurchase Program. The filing also highlights the company's clean energy strategy, including a green ammonia project at its Donaldsonville complex, with full-year 2021 capital expenditures expected to be in the range of $450 million. Management reports that it has not seen a meaningful impact on customer demand from COVID-19, and it states that the West Fertilizer Co. litigation is not expected to have a material adverse effect, although a loss could be recognized in the future and the company cannot provide a range of reasonably possible loss.

    May 6, 2021
  18. 2020-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2020

    CF Industries Holdings, Inc. reported a net loss attributable to common stockholders of $28 million for the third quarter of 2020, compared with net earnings of $65 million in the third quarter of 2019. Net sales fell $191 million, or 18%, to $847 million, driven mainly by an 18% decrease in average selling prices to $179 per ton, which reduced net sales by $185 million. Gross margin declined to $83 million from $228 million, while sales volume was essentially flat at 4.7 million product tons. Diluted loss per share was $(0.13) versus $0.29 a year earlier. For the nine months ended September 30, 2020, net earnings attributable to common stockholders were $230 million, or $1.07 per diluted share, compared with $438 million, or $1.97 per diluted share, in the prior-year period. Lower natural gas costs partly offset the pricing pressure. Natural gas costs in cost of sales, including realized derivatives, fell 15% to $1.91 per MMBtu in the quarter, adding approximately $30 million to gross margin. Cash flow from operations was $941 million for the nine months, down from $1.20 billion, and cash and cash equivalents rose to $553 million at September 30, 2020. The company had $750 million of unused capacity under its revolving credit agreement and no borrowings outstanding at quarter end, after repaying a $500 million draw in April 2020. The filing notes that the company received $108 million of income tax refunds, including interest, in the second quarter related to the Terra amended tax returns, which finalized the matter with the IRS. Management states that its manufacturing complexes continued to operate through the pandemic and that customer demand was not meaningfully affected in the first nine months. The company repurchased no shares in the second or third quarter of 2020, and it expects full-year 2020 capital expenditures of approximately $350 million. It also cites a $225 million minimum customer purchase obligation under certain contracts and remaining performance obligations of approximately $892 million.

    Nov 5, 2020
  19. 2020-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2020

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $190 million for the three months ended June 30, 2020, compared to $283 million a year earlier, and $258 million for the six months ended June 30, 2020, versus $373 million in the prior-year period. Net sales fell 20% in the quarter to $1.20 billion, driven by a 15% decrease in average selling prices ($224 per ton) and a 6% decrease in sales volume (5.4 million product tons). Gross margin declined to $334 million from $499 million, with a 27.7% gross margin percentage versus 33.2%, partially offset by a 34% decrease in natural gas costs per MMBtu. Diluted EPS was $0.89 for the quarter, down from $1.28. The balance sheet and cash flow were strengthened by several one-time items. The company received $108 million of income tax refunds, including interest, related to the Terra amended tax returns, and recognized $16 million of interest income and a $16 million income tax benefit in the second quarter. Cash and cash equivalents rose to $563 million from $287 million at December 31, 2019, and net cash provided by operating activities was $718 million for the six months. The company borrowed $500 million under its revolving credit agreement in March 2020 as a precaution related to COVID-19 and repaid it in April 2020; unused capacity under the $750 million facility stood at $750 million at June 30, 2020. Management stated that the COVID-19 pandemic had not had a meaningful impact on customer demand in the first half of 2020 and that its manufacturing complexes continued to operate as critical infrastructure, though it cautioned that the long-term effects remain unclear. Capital expenditures for full-year 2020 are now anticipated to be approximately $350 million, reflecting deferral of certain non-essential projects. No shares were repurchased in the second quarter of 2020, and the company had $563.4 million of remaining authorization under its 2019 share repurchase program as of June 30, 2020.

    Aug 6, 2020
  20. 2020-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2020

    CF Industries Holdings, Inc. reported first-quarter 2020 net sales of $971 million, down from $1,001 million in the first quarter of 2019, as a 16% decrease in average selling prices (reducing net sales by $203 million) was largely offset by a 15% increase in sales volume (adding $173 million). Net earnings attributable to common stockholders fell to $68 million, or $0.31 per diluted share, from $90 million, or $0.40 per diluted share. The decline was driven mainly by lower gross margin ($204 million versus $220 million) and the absence of a $30 million Louisiana incentive tax credit recognized in the prior-year quarter. Gross margin was supported by a 29% decrease in natural gas costs in cost of sales, which increased gross margin by $87 million. Liquidity was strengthened during the quarter: the company borrowed $500 million under its $750 million revolving credit agreement in March 2020 to maintain financial flexibility amid COVID-19 market uncertainty, lifting cash and cash equivalents to $753 million from $287 million at year-end 2019. Management stated that in April 2020 it repaid that $500 million, restoring unused revolver capacity to $750 million. Customer advances rose to $239 million from $119 million, and the company repurchased about 2.6 million shares for $100 million during the quarter under its $1 billion 2019 share repurchase program. The filing states that manufacturing complexes continued operating as essential infrastructure, with no significant shipping delays and no meaningful demand impact from COVID-19 in the first quarter, though management said the long-term effects remain unclear. The company also lowered its 2020 capital expenditure outlook to $350 to $400 million from $400 to $450 million, and expects about $68 million of Terra Amended Tax Returns refunds including interest in the second quarter.

    May 7, 2020
  21. 2019-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2019

    CF Industries Holdings, Inc. reported third-quarter 2019 net earnings attributable to common stockholders of $65 million, or $0.29 per diluted share, compared to $30 million, or $0.13 per diluted share, in the third quarter of 2018. Net sales were essentially unchanged at $1.04 billion, while gross margin rose to $228 million from $173 million, driven primarily by lower natural gas costs. Other operating—net income of $30 million included $37 million of insurance proceeds, and equity in losses of the operating affiliate reflected a $16 million share of a PLNL withholding tax charge. For the nine months ended September 30, 2019, net sales increased to $3.54 billion from $3.30 billion, driven primarily by an 8% increase in average selling prices, and net earnings attributable to common stockholders rose to $438 million from $241 million. The nine-month results include a $45 million pre-tax gain on the sale of the Pine Bend facility and a $30 million Louisiana incentive tax credit. Cash and cash equivalents stood at $1.02 billion at September 30, 2019, and the company had $750 million of undrawn capacity under its revolving credit agreement. The company also disclosed that it will redeem the $500 million 7.125% senior notes due May 2020 on November 13, 2019, with an estimated total cost of approximately $513 million, and will redeem $250 million of the 3.400% senior secured notes due 2021 on December 13, 2019, at an estimated cost of approximately $257 million, both funded with cash on hand. Share repurchases under the $1 billion 2019 program totaled $250 million for the nine months, with $72 million repurchased in the third quarter.

    Oct 31, 2019
  22. 2019-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2019

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $283 million for the three months ended June 30, 2019, compared to $148 million in the second quarter of 2018, and diluted EPS of $1.28 versus $0.63. Net sales rose to $1.50 billion from $1.30 billion, driven by a 12% increase in average selling prices to $263 per ton, which added $148 million to net sales, while sales volume grew 3% to 5.7 million product tons. Gross margin increased to $499 million from $312 million, and results were supported by a $45 million pre-tax gain on the sale of the Pine Bend facility, recorded in other operating—net. The filing attributes the higher prices to a tighter global nitrogen supply and demand balance and to high water levels and flooding that disrupted inland river shipping. For the six months ended June 30, 2019, net earnings attributable to common stockholders were $373 million, or $1.67 diluted EPS, compared to $211 million and $0.90 a year earlier. Net sales were $2.50 billion, and operating cash flow was $693 million, versus $598 million in the prior-year period. The company also repurchased approximately 4.2 million shares for $178 million in the first half under its $1 billion 2019 Share Repurchase Program, and it ended the quarter with $858 million in cash and cash equivalents and no borrowings under its $750 million revolving credit agreement. The filing also highlights several risks and items to monitor. The West Fertilizer Co. litigation remains pending, with the next group of cases set for trial beginning September 16, 2019, and the company states it does not expect a material adverse effect. The company also disclosed a Trinidadian tax assessment against PLNL, its 50%-owned equity affiliate, and it recorded an incentive tax credit from the State of Louisiana of $30 million, net of federal income tax, in the first half of 2019.

    Aug 1, 2019
  23. 2019-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2019

    CF Industries Holdings, Inc. reported first-quarter 2019 net sales of $1.00 billion, up $44 million, or 5%, from $957 million a year earlier. Average selling prices rose 10%, to $245 per ton from $222, which added about $62 million to net sales. Sales volume fell 5%, to 4.1 million product tons from 4.3 million, which the company attributes mainly to cold, wet weather that delayed the spring application season and to high water levels that disrupted shipping. Volume declines reduced net sales by about $18 million. Profitability improved. Gross margin rose $30 million to $220 million, and the gross margin percentage increased to 22.0% from 19.9%. Net earnings attributable to common stockholders were $90 million, or $0.40 per diluted share, compared with $63 million, or $0.27, in the first quarter of 2018. The result includes an income tax benefit of $8 million on pre-tax income of $110 million, which reflects a $30 million Louisiana incentive tax credit, net of federal income tax, tied to capital projects at the Donaldsonville complex. Liquidity and capital allocation remained strong. Cash and cash equivalents were $671 million, operating cash flow was $306 million, and customer advances rose to $301 million from $149 million. The company repurchased about 1.5 million shares for $60 million under a $1 billion authorization approved in February 2019, and it paid $0.30 per share in dividends. Long-term debt was $4.70 billion, and the $750 million revolving credit facility was undrawn. Subsequent to quarter end, the company sold its Pine Bend facility for $55 million. The filing also discloses provisional EU anti-dumping duties of 22.6% on U.S.-manufactured UAN, effective April 12, 2019, and a West Fertilizer litigation trial reset to begin July 23, 2019.

    May 2, 2019
  24. 2018-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2018

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $30 million for the third quarter of 2018, compared with a net loss of $87 million in the third quarter of 2017. Net sales rose $170 million, or 20%, to $1,040 million, driven by a 22% increase in average selling prices, which added $195 million to net sales, partially offset by a 2% decline in sales volume. Gross margin improved to $173 million from $11 million, and diluted earnings per share were $0.13 versus $(0.37) a year earlier. For the first nine months of 2018, net earnings attributable to common stockholders were $241 million, or $1.03 per diluted share, compared with a net loss of $107 million in the same period of 2017. Net sales were $3,297 million, up 9%, and gross margin was $675 million. Net interest expense fell to $171 million from $233 million, reflecting the redemption of the 2018 Notes and the partial repurchase of the 2020 Notes in December 2017. Cash and cash equivalents increased to $1,022 million, and customer advances rose to $313 million from $89 million at year-end 2017. During 2018 the company acquired the publicly traded common units of Terra Nitrogen Company, L.P. (TNCLP) for $388 million and announced an authorization to repurchase up to $500 million of common stock through June 30, 2020, under which 1.8 million shares were bought in the third quarter for $91 million. The filing also describes the West Fertilizer Co. litigation, in which the company says it does not believe the matter will have a material adverse effect after considering available insurance coverage, while noting that a potential loss could affect results if recognized.

    Nov 1, 2018
  25. 2018-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2018

    CF Industries Holdings, Inc. reported second-quarter 2018 net earnings attributable to common stockholders of $148 million, or $0.63 per diluted share, compared with $3 million, or $0.01 per share, in the second quarter of 2017. Net sales rose $176 million, or 16%, to $1,300 million, driven by a 10% increase in sales volume (adding about $98 million) and a 5% increase in average selling prices to $235 per ton (adding about $78 million). Gross margin increased to $312 million from $173 million, and the filing attributes the improvement to a tighter global nitrogen supply and demand balance, higher volumes, lower realized natural gas costs and higher unrealized mark-to-market gains on natural gas derivatives. Results also benefited from a roughly $19 million after-tax PLNL settlement gain and lower interest expense, which fell to $59 million net from $78 million. For the first six months, net earnings attributable to common stockholders were $211 million, or $0.90 per diluted share, versus a loss of $20 million, or $(0.09) per share, a year earlier. Cash and cash equivalents declined to $728 million from $835 million at December 31, 2017, and net cash from operating activities fell to $598 million from $1,187 million, mainly because the prior-year period included a $815 million income tax refund. The company completed the $388 million purchase of the publicly traded TNCLP units on April 2, 2018, and on August 1, 2018 its board authorized repurchases of up to $500 million of common stock through June 30, 2020. The balance sheet shows long-term debt of $4,695 million and total equity of $6,322 million, including $2,766 million of noncontrolling interests. The filing also discloses a West Fertilizer Co. explosion litigation for which the company cannot provide a range of reasonably possible loss, though management does not believe it will have a material adverse effect on the company's financial position.

    Aug 2, 2018
  26. 2018-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2018

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $63 million, or $0.27 per diluted share, for the first quarter of 2018, compared with a net loss of $23 million, or $(0.10) per share, in the first quarter of 2017. Net sales declined $80 million, or 8%, to $957 million, as a 9% decrease in sales volume (to 4.3 million product tons from 4.7 million) reduced net sales by $129 million. This was partially offset by a 1% increase in average selling prices to $222 per ton, which added $49 million. Gross margin rose $83 million to $190 million, helped by a $3 million unrealized mark-to-market gain on natural gas derivatives versus a $53 million loss a year earlier. Management attributed the volume decline mainly to unfavorable spring weather that delayed the application season. Interest expense fell to $60 million from $80 million, reflecting the December 2017 redemption of $800 million of 6.875% senior notes due 2018 and a purchase of approximately $300 million of 7.125% notes due 2020. Cash and cash equivalents rose to $936 million at March 31, 2018, and operating cash flow was $282 million versus $356 million a year earlier. Customer advances increased to $154 million from $89 million. Subsequent to quarter-end, on April 2, 2018, the company completed the $388 million purchase of all publicly traded Terra Nitrogen (TNCLP) common units, giving it 100% ownership of that partnership. The filing also discloses the West Fertilizer Co. litigation, in which the CF Entities are defendants in lawsuits arising from the April 2013 explosion in West, Texas. The company states it does not believe the litigation will have a material adverse effect, citing available insurance coverage, and the next trial is scheduled for July 2018. Capital expenditures for new activity in 2018 are estimated at $400 to $450 million.

    May 3, 2018
  27. 2017-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2017

    CF Industries Holdings, Inc. reported a net loss attributable to common stockholders of $87 million, or $0.37 per diluted share, for the third quarter of 2017, compared with a net loss of $30 million, or $0.13 per share, in the third quarter of 2016. For the nine months ended September 30, 2017, the company reported a net loss attributable to common stockholders of $107 million, or $0.46 per share, compared with net earnings of $43 million, or $0.19 per share, a year earlier. Net sales rose 28% in the quarter to $870 million, driven by a 33% increase in sales volume, but average selling prices fell 4% to $178 per ton amid global nitrogen oversupply. Gross margin was only $9 million for the quarter, and interest expense rose to $81 million as capitalized interest declined after the completion of the capacity expansion projects at Donaldsonville and Port Neal. Balance sheet liquidity improved substantially, with cash and cash equivalents of $1.99 billion at September 30, 2017, up from $1.16 billion at December 31, 2016. This increase was driven mainly by an $815 million federal tax refund received in June 2017 and operating cash flow of $1.40 billion for the nine months. Total long-term debt was $5.79 billion, and the company announced in October 2017 that it will redeem the $800 million 6.875% senior notes due May 2018 on December 1, 2017, at an estimated cost of approximately $817 million. Capital expenditures were $290 million for the nine months, and the company expects new 2017 capital expenditures of approximately $375 million. The filing also highlights ongoing risks, including the West Fertilizer Co. litigation, with the next trial scheduled for January 16, 2018, and the company's equity-method investment in PLNL, whose carrying value was $109 million at September 30, 2017 amid natural gas supply curtailments and pending arbitration with NGC.

    Nov 2, 2017
  28. 2017-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2017

    CF Industries Holdings, Inc.'s 10-Q for the quarter ended June 30, 2017 shows a sharp decline in profitability. Net sales were $1,124 million in the second quarter of 2017 compared to $1,134 million in the second quarter of 2016, while gross margin fell to $172 million from $527 million. Management attributes the drop mainly to lower average selling prices ($223 per ton versus $249 per ton, a 10% decrease) caused by greater global nitrogen supply, higher natural gas costs, an $18 million unrealized mark-to-market loss on natural gas derivatives (versus a $211 million gain a year earlier), and higher depreciation from completed capacity expansion projects. Net earnings attributable to common stockholders were $3 million, or $0.01 per diluted share, compared to $47 million, or $0.20 per diluted share, in the prior-year quarter. For the six months, the company reported a net loss attributable to common stockholders of $(20) million, or $(0.09) per diluted share. Liquidity improved materially. Cash and cash equivalents rose to $2,001 million at June 30, 2017 from $1,164 million at December 31, 2016, driven by operating cash flow of $1,187 million for the six months, which included an approximately $815 million federal tax refund from carrying back the 2016 tax loss. Capital expenditures fell to $185 million in the first six months of 2017 from $1,379 million a year earlier, as the capacity expansion projects at Donaldsonville and Port Neal were completed in 2016. Total long-term debt was $5,783 million carrying value, and the company had $695 million of excess borrowing capacity under its Revolving Credit Agreement. Investors should also note ongoing risks disclosed in the filing: the equity method investment in Point Lisas Nitrogen Limited (PLNL) faces a dispute with its natural gas supplier, the carrying value of that investment is $120 million, and a Trinidad tax assessment reduced equity earnings by approximately $7 million. The West Fertilizer Co. litigation remains pending, with the next trial scheduled for January 16, 2018, and the company does not believe it will have a material adverse effect after considering available insurance coverage.

    Aug 3, 2017
  29. 2017-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2017

    CF Industries Holdings, Inc. reported a first-quarter 2017 net loss attributable to common stockholders of $23 million, or $(0.10) per diluted share, compared with net earnings attributable to common stockholders of $26 million, or $0.11 per diluted share, in the first quarter of 2016. Net sales rose to $1,037 million from $1,004 million, but gross margin fell to $106 million from $217 million. The filing attributes the decline mainly to an average selling price of $219 per ton versus $248 per ton, higher natural gas costs, a $53 million unrealized mark-to-market loss on natural gas derivatives, and higher depreciation after the completion of the capacity expansion projects. Sales volume increased 17%, partially offsetting these pressures. Interest expense rose to $80 million from $38 million, largely because less interest was capitalized after the expansion projects were completed. The balance sheet remains strong, with cash and cash equivalents of $1.31 billion at March 31, 2017, up from $1.16 billion at December 31, 2016. Prepaid income taxes of $844 million include approximately $816 million that the company expects to recover through a carryback of its 2016 federal tax loss, with the refund expected in the third quarter of 2017. Long-term debt was $5.78 billion, and the company reported compliance with all covenants under its revolving credit agreement and senior notes. Customer advances rose to $184 million from $42 million as customers entered forward sales contracts ahead of the spring season. Net cash provided by operating activities was $356 million, and capital expenditures fell to $94 million from $676 million. Management expects the lower-price environment to persist until global nitrogen supply and demand become more balanced. The company also disclosed that new capital expenditures for 2017 are estimated at $400 to $450 million, and that the April 2017 voluntary pension contribution of approximately $59 million was made after quarter end. The West Fertilizer Co. litigation remains pending, and management does not believe it will have a material adverse effect on the company's financial position.

    May 4, 2017
  30. 2016-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2016

    CF Industries Holdings, Inc. reported a net loss attributable to common stockholders of $30 million, or $(0.13) per diluted share, for the third quarter of 2016, compared with net earnings of $90 million, or $0.39 per diluted share, in the third quarter of 2015. Net sales fell $248 million, or 27%, to $680 million, driven by a 35% decrease in average selling prices partly offset by a 6% increase in sales volume. Gross margin declined to $2 million from $165 million, reflecting lower average selling prices, $61 million of capacity expansion project expenses, and a $22 million unrealized loss on an embedded derivative tied to the CHS strategic venture. An income tax benefit of $131 million on a pre-tax loss of $131 million reflected a change in projected full-year 2016 pre-tax earnings to a loss. For the nine months ended September 30, 2016, net earnings attributable to common stockholders were $43 million, versus $673 million a year earlier. Cash and cash equivalents rose to $1.55 billion at September 30, 2016, largely from the $2.8 billion CHS purchase of a noncontrolling interest in CF Industries Nitrogen, LLC (CFN) in February 2016. The company also cited a global nitrogen oversupply that has pushed selling prices lower, and stated that it may be unable to maintain compliance with the total leverage ratio covenant under the Note Purchase Agreement at the end of the fourth quarter of 2016. In response, it intends to prepay the $1.0 billion Private Senior Notes in the fourth quarter of 2016, with an estimated make-whole amount of approximately $210 million, and entered into a revolver amendment on October 31, 2016 that would reduce commitments from $1.5 billion to $750 million and add security interests in substantially all Loan Party assets. Subsequent to quarter end, S&P Global Ratings lowered the corporate credit rating to BB+ from BBB- (negative outlook), Moody's lowered it to Baa3 from Baa2 (under further review), and Fitch lowered it to BB+ from BBB (stable outlook). The company also disclosed a Magellan ammonia pipeline shutdown in October 2016 whose duration and financial impact it could not estimate, and a Canadian tax reassessment of $88 million plus $31 million of interest and penalties, which it intends to appeal.

    Nov 3, 2016
  31. 2016-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2016

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $47 million in the second quarter of 2016, compared with $352 million in the second quarter of 2015, a decrease of $305 million, or 87%. Diluted EPS was $0.20 versus $1.49. Net sales fell 14% to $1.13 billion, with average selling prices down 30% amid a global nitrogen fertilizer oversupply, partly offset by a 13% increase in sales volume. Gross margin declined 23% to $527 million. Results were also affected by a $165 million of transaction costs in the quarter, including a $150 million termination fee paid to OCI N.V. after the proposed combination was terminated on May 22, 2016, and $211 million of unrealized mark-to-market gains on natural gas derivatives. For the six months ended June 30, 2016, net earnings attributable to common stockholders were $73 million versus $583 million, and diluted EPS was $0.31 versus $2.44. Cash and cash equivalents rose to $2.01 billion from $0.29 billion at year-end 2015, primarily because CHS Inc. purchased a minority equity interest in CF Industries Nitrogen, LLC (CFN) for $2.8 billion on February 1, 2016. Long-term debt was $5.54 billion, and the company reported $1.38 billion of capital expenditures in the first half, mainly for the Donaldsonville and Port Neal capacity expansion projects, with 2016 capital expenditures projected at $2.05 billion to $2.20 billion. The company also disclosed that it is seeking amendments to its Note Purchase Agreement and that, in July 2016, it amended its revolving credit agreement, reducing the facility from $2.0 billion to $1.5 billion and raising the maximum total leverage ratio covenant for certain periods. Prepaid income taxes of $855 million included approximately $690 million from carrybacks of U.S. tax losses.

    Aug 4, 2016
  32. 2016-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2016

    CF Industries Holdings, Inc. reported first-quarter 2016 net sales of $1,004 million, up from $954 million in the first quarter of 2015, but net earnings attributable to common stockholders fell to $26 million from $231 million, or $0.11 per diluted share versus $0.96. The decline was driven mainly by lower gross margin of $217 million (down from $416 million), reflecting a 23% decline in average selling prices, partially offset by a 19% increase in sales volume and lower physical natural gas costs. Other operating expense rose to $61 million, largely from foreign currency losses on intercompany debt, and the company recorded $14 million of transaction costs tied to its proposed combination with OCI N.V.'s ENA Business and its strategic venture with CHS. The balance sheet changed significantly in the quarter. Cash and cash equivalents rose to $2.69 billion from $286 million at December 31, 2015, primarily because CHS purchased a minority equity interest in CF Industries Nitrogen, LLC (CFN) for $2.8 billion, which increased noncontrolling interests to $3.15 billion. Capital expenditures were $676 million, mainly for the Donaldsonville, Louisiana and Port Neal, Iowa capacity expansion projects, and management expects 2016 capital spending of $1.8 billion to $2.0 billion. Long-term debt was $5.54 billion, and the company had $1,995 million of excess borrowing capacity under its revolving credit agreement. The filing also discloses pending matters that could affect the company's future structure. The Combination Agreement with OCI N.V.'s businesses would make CF Holdings a subsidiary of a new Netherlands-domiciled holding company, New CF, and is subject to shareholder approvals of both companies and regulatory approvals. Management also disclosed ongoing West Fertilizer Co. litigation, which it does not believe will have a material adverse effect, and a pending Mississippi environmental civil penalty matter.

    May 5, 2016
  33. 2015-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2015

    CF Industries Holdings, Inc. reported third-quarter 2015 net earnings attributable to common stockholders of $90.9 million, or $0.39 diluted per share, compared with $130.9 million, or $0.52 per share, in the third quarter of 2014. Net sales were $927.4 million, up $6.0 million, with the July 31, 2015 acquisition of GrowHow adding $83.7 million, while average selling prices fell 8% and gross margin declined to $165.0 million (17.8% of net sales) from $301.1 million. The quarter included a $94.4 million pre-tax gain on remeasuring the company's initial 50% GrowHow interest, $125.9 million of unrealized natural gas derivative losses, and $37.4 million of transaction costs related to pending agreements. For the first nine months, net earnings attributable to common stockholders were $673.4 million versus $1,152.0 million a year earlier, which included a $747.1 million gain on the 2014 phosphate sale. The balance sheet shows cash and cash equivalents of $943.2 million at September 30, 2015, down from $1,996.6 million at year-end 2014, while long-term debt rose to $5,592.6 million following a $1.0 billion private senior notes issuance in September 2015. Nine-month capital expenditures were $1,791.3 million, driven by the Donaldsonville, Louisiana and Port Neal, Iowa capacity expansion projects, which the company now expects to cost about 10% more than its prior $4.2 billion projection. Management also disclosed a pending combination with the European, North American and global distribution businesses of OCI N.V., expected to close in 2016, and a strategic venture with CHS Inc. for a $2.8 billion minority interest in CF Industries Nitrogen, LLC, expected to take effect in the first quarter of 2016. The company repurchased $527.2 million of stock in the first nine months of 2015 under its 2014 Program, leaving $100.0 million remaining under that authorization, and paid dividends of $0.90 per share declared year-to-date.

    Nov 9, 2015
  34. 2015-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2015

    CF Industries Holdings, Inc. reported second-quarter 2015 net earnings attributable to common stockholders of $351.9 million, or $1.49 diluted earnings per share, compared with $312.6 million, or $1.22 per share, in the second quarter of 2014. Net sales fell to $1,311.5 million from $1,472.7 million, while gross margin rose to $685.9 million from $590.3 million, driven primarily by lower natural gas costs. Gross margin percentage was 52.3% versus 40.1% a year earlier. Results were partly offset by $42.8 million of losses on the sale of equity method investments, including the Keytrade sale. Net cash provided by operating activities for the six months ended June 30, 2015 was $498.8 million, while capital expenditures were $1,031.9 million, mainly for the Donaldsonville, Louisiana and Port Neal, Iowa capacity expansion projects. Cash and cash equivalents declined to $809.9 million from $1,996.6 million at year-end 2014. The company disclosed two significant subsequent events. On July 31, 2015, it completed the acquisition of the remaining 50% interest in GrowHow UK Limited for $580 million in cash. On August 6, 2015, it agreed to combine with the European, North American and Global Distribution businesses of OCI N.V. in a transaction valued at approximately $8 billion, including about $2 billion of assumed net debt. The combined company would be domiciled in the United Kingdom, with CF shareholders owning approximately 72.3% and OCI approximately 27.7%, and the transaction is expected to close in 2016 subject to shareholder and regulatory approvals. Financing commitments of up to $4.0 billion in a senior unsecured bridge term loan were obtained in connection with the deal. The filing also reflects a five-for-one stock split effected as a stock dividend distributed on June 17, 2015, with all share and per share data restated. The company repurchased 4.5 million shares in the second quarter at an average price of $60 per share, costing $268.1 million, and it had $877.5 million repurchased under the 2014 program through June 30, 2015. Long-term debt was unchanged at $4,592.6 million.

    Aug 6, 2015
  35. 2015-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2015

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $230.6 million, or $4.79 diluted earnings per share, for the first quarter of 2015, compared with $708.5 million, or $12.90 per diluted share, in the first quarter of 2014. The prior-year period included a $747.1 million pre-tax gain on the sale of the phosphate business to Mosaic. Net sales were $953.6 million versus $1,132.6 million, and gross margin was $415.8 million versus $442.8 million. The filing attributes the gross margin decline mainly to a 4% decline in Nitrogen Product Segments volume and higher natural gas costs from realized derivative losses, partly offset by $51.3 million of unrealized mark-to-market gains on natural gas derivatives. Other operating expense rose to $18.2 million from income of $5.8 million, driven by foreign exchange derivative losses and expansion project costs. Cash generation weakened, with net cash from operating activities of $530.9 million versus $750.0 million, due to working capital changes and lower customer advances. Cash and cash equivalents fell to $1,778.8 million from $1,996.6 million at year-end 2014, while capital expenditures rose to $444.8 million. Management estimates 2015 capital expenditures of $2.0 billion to $2.5 billion, including $1.5 billion to $2.0 billion for the Donaldsonville, Louisiana and Port Neal, Iowa capacity expansion projects, whose aggregate cost is estimated at approximately $4.2 billion. Senior notes totaled $4,592.5 million, and the revolving credit facility was expanded to $1.5 billion with no borrowings outstanding. The company repurchased 0.8 million shares for $236.6 million in the quarter under its $1.0 billion 2014 program, and dividends declared rose to $1.50 per share from $1.00. Management also flagged an IRS proposed regulation on master limited partnerships, which could affect Terra Nitrogen Company, L.P., a 75.3%-owned subsidiary, though the company does not expect a material impact on its own results.

    May 7, 2015
  36. 2014-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2014

    CF Industries Holdings, Inc.'s third-quarter 2014 Form 10-Q reports net sales of $921.4 million, down from $1,097.0 million a year earlier, and net earnings attributable to common stockholders of $130.9 million versus $234.1 million. Diluted EPS was $2.62 compared with $4.07. The decline was driven mainly by lower gross margin ($301.1 million vs. $386.1 million), including a $27.7 million drag from the sale of the phosphate business, higher natural gas costs, lower UAN selling prices, and $35.6 million of net derivative losses, which were largely foreign currency derivatives tied to capacity expansion projects. Other operating expense rose to $25.7 million of expense from $20.3 million of income. For the nine months ended September 30, 2014, net earnings attributable to common stockholders were $1.15 billion, including a $747.1 million pre-tax gain ($461.0 million after tax) on the March 2014 sale of the phosphate mining and manufacturing business to Mosaic for approximately $1.4 billion in cash. Nine-month net sales fell to $3,526.7 million from $4,148.4 million. Cash and cash equivalents rose to $2.65 billion, and customer advances increased to $460.8 million from $120.6 million. Long-term debt increased to $4.59 billion after $1.5 billion of senior notes were issued in March 2014. Capital spending is concentrated in the Donaldsonville, Louisiana and Port Neal, Iowa capacity expansion projects, with total cost estimated at $3.8 billion and completion scheduled by 2016. Nine-month capital expenditures were $1.27 billion, and 2014 capital expenditures are projected at about $2.0 billion. The company repurchased 6.3 million shares for about $1.6 billion in the first half of 2014, completing its 2012 program, and the Board authorized an additional $1.0 billion repurchase program in August 2014, under which no shares had been bought as of September 30, 2014.

    Nov 6, 2014
  37. 2014-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2014

    CF Industries Holdings, Inc.'s second-quarter 2014 Form 10-Q shows net earnings attributable to common stockholders of $312.6 million, down from $498.2 million a year earlier, a decrease of $185.6 million, or 37%. Net sales fell 14% to $1,472.7 million, and gross margin declined 32% to $590.3 million. The company attributes the decline mainly to a 10% drop in nitrogen average selling prices, an 11% increase in realized natural gas costs, and $28.6 million of unrealized mark-to-market losses on natural gas derivatives. Results for the first half of 2014 were lifted by a $747.1 million pre-tax gain ($461.0 million after-tax) on the March 17, 2014 sale of the phosphate business to Mosaic for approximately $1.4 billion in cash. Diluted EPS for the first six months was $19.24, compared with $14.80 a year earlier. The balance sheet and capital allocation changed significantly. Cash and cash equivalents rose to $2,194.1 million, while restricted cash reached $645.0 million and long-term debt increased to $4,592.4 million from $3,098.1 million after $1.5 billion of senior notes were issued in March 2014. The company repurchased 6.3 million shares for $1.6 billion in the first half, completing its $3.0 billion 2012 repurchase program. Capital expenditures were $685.0 million in the first half, driven by the Donaldsonville and Port Neal capacity expansion projects, which the filing says will total $3.8 billion and be on-stream by 2016. Subsequent to quarter-end, the Board authorized a new $1.0 billion repurchase program and raised the quarterly dividend to $1.50 per share from $1.00.

    Aug 7, 2014
  38. 2014-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2014

    CF Industries Holdings, Inc. reported first-quarter 2014 net earnings attributable to common stockholders of $708.5 million, compared with $406.5 million in the first quarter of 2013, an increase of $302.0 million, or 74%. The result included a $747.1 million pre-tax gain ($461.0 million after-tax) on the sale of the phosphate business to Mosaic, which closed March 17, 2014 for approximately $1.4 billion in cash. Excluding that gain, results were weaker: net sales fell 15% to $1,132.6 million and gross margin fell 34% to $442.8 million, driven by a 11% decline in nitrogen average selling prices and a 22% increase in nitrogen cost of sales per ton, including $22.6 million of unrealized mark-to-market losses on natural gas derivatives. Diluted earnings per share were $12.90 versus $6.47, aided by a lower share count after repurchases. The company bought 3.2 million shares for $794.0 million in the quarter, and through the end of April 2014 had repurchased 11.2 million shares for $2.4 billion under a $3.0 billion program running through December 31, 2016. Cash and cash equivalents rose to $3.5 billion, and restricted cash to $653.3 million, including $460.6 million of phosphate sale proceeds held for like-kind exchange purchases in the capacity expansion program. CF also issued $1.5 billion of senior notes in March 2014, raising long-term debt to $4.6 billion from $3.1 billion at year-end 2013. Customer advances increased to $477.3 million from $120.6 million. The company expects 2014 capital expenditures of about $2.5 billion, including $2.0 billion for the Donaldsonville and Port Neal capacity expansion projects, which are scheduled to be on-stream by 2016.

    May 8, 2014
  39. 2013-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2013

    CF Industries Holdings, Inc. reported third-quarter 2013 net earnings attributable to common stockholders of $234.1 million, down from $403.3 million in the third quarter of 2012, and diluted EPS of $4.07 versus $6.35. Net sales fell to $1,097.0 million from $1,359.4 million, with gross margin declining to $386.1 million from $702.0 million. The company attributes the weakness to lower global fertilizer prices, lower nitrogen sales volume and higher natural gas costs. For the nine months, net earnings attributable to common stockholders were $1,138.8 million, versus $1,378.0 million a year earlier, and diluted EPS was $19.01 versus $21.19. The balance sheet shows cash and cash equivalents of $2,286.2 million and long-term debt rising to $3,098.0 million from $1,600.0 million, mainly due to $1.5 billion of senior notes issued in May 2013. The company acquired the noncontrolling interests in CFL for $918.7 million in cash during the nine months, and repurchased 5.8 million shares for $1.1 billion. Capital expenditures reached $632.9 million in the first nine months, tied to capacity expansion projects at Donaldsonville, Louisiana and Port Neal, Iowa, which are expected to be on-stream by 2016. After the period end, on October 28, 2013, the company agreed to sell its phosphate mining and manufacturing business to The Mosaic Company for cash consideration of $1.4 billion, subject to adjustment, and to enter into long-term ammonia supply agreements with Mosaic. The sale is expected to close in 2014 and is subject to customary conditions and regulatory clearances.

    Nov 5, 2013
  40. 2013-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2013

    CF Industries Holdings, Inc. reported second-quarter 2013 net sales of $1,714.9 million, down from $1,735.6 million a year earlier, and net earnings attributable to common stockholders of $498.2 million versus $606.3 million. Diluted EPS was $8.38 compared with $9.31. Gross margin fell to $865.2 million from $1,043.3 million, reflecting higher natural gas costs, a $18.0 million unrealized mark-to-market loss on natural gas derivatives, and lower phosphate results. For the six months, net earnings attributable to common stockholders were $904.7 million, and diluted EPS was $14.80 versus $14.81. Operating cash flow for the first half fell to $568.3 million from $1,048.7 million, mainly due to working capital investment and lower customer advances. Balance sheet and capital structure changed significantly in the quarter. The company issued $1.5 billion of senior notes on May 23, 2013 (3.450% due 2023 and 4.950% due 2043), bringing long-term debt to $3,098.0 million from $1,600.0 million. On April 30, 2013, it completed the purchase of the noncontrolling interests in Canadian Fertilizers Limited (CFL) for total cash consideration of approximately C$0.9 billion, making CFL wholly owned. Cash and cash equivalents declined to $1,934.1 million from $2,274.9 million. The company repurchased 5.1 million shares for $981.5 million in the first half under its $3.0 billion program, and total equity fell to $5,343.4 million from $6,282.2 million. Management highlighted that the CFL selling price modification affects year-over-year comparability of net sales, gross margin and noncontrolling interest for the first four months of 2013, but does not affect net earnings attributable to common stockholders. The filing also disclosed a $55.2 million charge in other non-operating expense tied to a settlement with the IRS over pre-IPO NOLs, and it describes a $3.8 billion capacity expansion at Donaldsonville, Louisiana and Port Neal, Iowa, with plants scheduled on-stream by 2016.

    Aug 7, 2013
  41. 2013-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2013

    CF Industries Holdings, Inc. reported first-quarter 2013 net earnings attributable to common stockholders of $406.5 million, up from $368.4 million in the first quarter of 2012, while net sales fell 13% to $1,336.5 million. Diluted EPS rose to $6.47 from $5.54, helped by lower average shares outstanding after share repurchases. Results were shaped by a $20.6 million after-tax net benefit from an IRS settlement on pre-IPO net operating losses, a $22.5 million pre-tax unrealized gain on natural gas derivatives, and a change in CFL selling prices that reduced net sales and noncontrolling interest earnings. On an as adjusted basis for the CFL pricing change, gross margin was roughly flat year over year. The nitrogen segment's gross margin fell $14.5 million to $647.6 million, while the phosphate segment's gross margin fell $22.2 million to $27.5 million, driven by higher ammonia and phosphate rock costs and lower average selling prices. Operating cash flow rose to $678.7 million, supported by a $317.9 million increase in customer advances. Cash and cash equivalents were $2,210.3 million at March 31, 2013, and long-term debt was $1,600.0 million. The company repurchased 2.5 million shares for $507.3 million in the quarter under a $3.0 billion program. Subsequent events include an April 2013 amendment increasing the revolving credit facility from $500 million to $1.0 billion, additional share repurchases bringing the program total to $750 million, and completion of the acquisition of the remaining CFL interests for approximately C$0.9 billion. The company also disclosed $3.8 billion of planned Donaldsonville and Port Neal capacity expansion projects, with 2013 capital expenditures expected between $1.0 billion and $1.3 billion.

    May 9, 2013
  42. 2012-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2012

    CF Industries Holdings, Inc. reported a strong third quarter of 2012, with net earnings attributable to common stockholders of $403.3 million, up from $330.9 million in the same quarter of 2011, and diluted earnings per share of $6.35 versus $4.73. Net sales were $1.36 billion, down $44.4 million from $1.40 billion, as lower nitrogen volumes and phosphate selling prices offset gains elsewhere. Gross margin rose $64.0 million to $702.0 million, driven by the nitrogen segment, where lower realized natural gas costs and unrealized mark-to-market gains on natural gas derivatives more than offset lower volume. Phosphate gross margin fell $22.5 million on lower average selling prices. For the nine months ended September 30, 2012, net sales rose $243.1 million to $4.62 billion and net earnings attributable to common stockholders reached $1.38 billion, compared with $1.10 billion a year earlier. Cash flow from operations was approximately $2.0 billion in both the 2012 and 2011 periods. Cash and cash equivalents increased to $2.22 billion at September 30, 2012, from $1.21 billion at December 31, 2011, while the company repurchased $500.0 million of stock to complete its $1.5 billion program and authorized a new program of up to $3.0 billion through December 31, 2016. Subsequent to quarter-end, on November 1, 2012, the company announced new ammonia and urea/UAN production units at Donaldsonville, Louisiana and new ammonia and urea units at Port Neal, Iowa, with Board-authorized expenditure of $3.8 billion and on-stream dates by 2016. The company also agreed on August 2, 2012 to acquire Viterra's 34% interest in Canadian Fertilizers Limited for C$915 million, subject to closing conditions including Glencore's acquisition of Viterra.

    Nov 6, 2012
  43. 2012-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2012

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $606.3 million for the second quarter of 2012, up from $487.4 million a year earlier, and $974.7 million for the six months ended June 30, 2012 versus $769.4 million. Net sales were $1,735.6 million in the quarter, down from $1,801.7 million, while gross margin rose to $1,043.3 million from $867.4 million. The quarter included a net $77.6 million pre-tax unrealized mark-to-market gain on natural gas derivatives and a $15.2 million charge for accelerated amortization of loan fees tied to the termination of the 2010 Credit Agreement. Results were driven by the nitrogen segment, where gross margin increased to $992.9 million, while the phosphate segment gross margin fell to $50.4 million on lower average selling prices. Cash flow and capital returns were significant. Net cash provided by operating activities for the six months was $1,048.7 million, compared with $922.1 million a year earlier. The company repurchased 3.1 million shares for $500.0 million in the second quarter, completing its $1.5 billion 2011 repurchase program, and paid dividends of $0.40 per share in the quarter. Cash and cash equivalents rose to $1,383.0 million at June 30, 2012. Long-term debt was $1,600.0 million, and $491.2 million was available under the new $500 million unsecured 2012 Credit Agreement. Subsequent events include an August 2, 2012 agreement to acquire Viterra's 34% interest in CFL for C$915 million in cash, which would give CF the right to purchase 100% of CFL's ammonia and urea production, subject to closing conditions. On August 6, 2012, the board authorized a new repurchase program of up to $3.0 billion through December 31, 2016.

    Aug 7, 2012
  44. 2012-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2012

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $368.4 million, or $5.54 per diluted share, for the first quarter ended March 31, 2012, compared with $282.0 million, or $3.91 per diluted share, in the first quarter of 2011. Net sales rose $353.6 million, or 30%, to $1,527.6 million, driven mainly by higher nitrogen sales volumes and higher average nitrogen selling prices, partially offset by lower phosphate selling prices. Gross margin increased $186.8 million to $711.8 million, with the nitrogen segment gross margin up $219.6 million to $662.1 million while phosphate gross margin fell $32.8 million to $49.7 million. Results included a $55.9 million pre-tax unrealized mark-to-market loss on natural gas derivatives. Cash and cash equivalents increased to $1,713.3 million at March 31, 2012 from $1,207.0 million at December 31, 2011, although operating cash flow of $603.2 million was $68.0 million lower than the prior-year quarter due to greater working capital investment. Customer advances rose to $399.9 million. Total debt was unchanged at $1,613.0 million in senior notes, and the company paid $26.2 million in common dividends, reflecting the quarterly dividend increase to $0.40 per share from $0.10. A subsequent event disclosed in the filing is the May 1, 2012 termination of the senior secured 2010 Credit Agreement and entry into a $500 million senior unsecured revolving credit facility maturing in five years, with $491.2 million available. The company also disclosed ongoing environmental matters in Florida and Louisiana, including Clean Air Act and EPCRA/CERCLA notices of violation, for which it said it could not estimate potential penalties.

    May 4, 2012
  45. 2011-Q3-A

    CF Industries Holdings Quarterly Report (Amendment) for Q3 Ended Sep 30, 2011

    CF Industries Holdings, Inc. filed this Form 10-Q/A (Amendment No. 1) on November 7, 2011, to amend its Quarterly Report for the period ended September 30, 2011, which had been filed on November 3, 2011. The amendment is limited to correcting an error on the cover page. The original cover page stated 71,903,355 shares of common stock outstanding as of October 27, 2011. The corrected figure is 65,388,104 shares. The difference of 6,515,251 shares was held in treasury and was issued but not outstanding as of that date. The same incorrect figure appeared in the XBRL Exhibit 101 to the original filing, and this amendment adds a corrected Exhibit 101 covering the nine-month period ended September 30, 2011. The company states that, except for these corrections, the amendment does not modify or update the financial results or disclosures in the original Form 10-Q, and it does not reflect events occurring after that filing. The Item 6 exhibit list includes a Change in Control Severance Agreement, effective August 22, 2011, between CF Industries Holdings, Inc. and Dennis P. Kelleher, which was previously filed with the October 27, 2011 Form 10-Q. The list also includes Sarbanes-Oxley Section 302 and 906 certifications from the principal executive and financial officers. Stephen R. Wilson, President and Chief Executive Officer, and Dennis P. Kelleher, Senior Vice President and Chief Financial Officer, signed the amendment.

    Nov 7, 2011
  46. 2011-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2011

    CF Industries Holdings, Inc. reported net earnings attributable to common stockholders of $330.9 million for the third quarter of 2011, compared with $48.2 million in the third quarter of 2010, on net sales of $1,403.8 million versus $917.1 million. Net sales rose $486.7 million, or 53%, driven mainly by higher average nitrogen and phosphate selling prices, and gross margin increased to $638.0 million from $169.8 million. Third-quarter results absorbed a $35.1 million pre-tax non-cash impairment on the Woodward, Oklahoma methanol plant, which is being permanently shut down as the complex refocuses on fertilizer production. For the first nine months of 2011, net earnings attributable to common stockholders were $1,100.3 million ($15.41 diluted per share), versus $148.9 million ($2.35 per share) a year earlier. Net cash provided by operating activities rose to $1,955.1 million from $634.0 million, largely due to higher net earnings and a $446.8 million increase in customer advances. Cash and cash equivalents ended the quarter at $1,426.1 million, against long-term debt of $1,613.0 million. Capital returns increased sharply. The Board authorized a share repurchase program of up to $1.5 billion on August 4, 2011; the company bought 5.6 million shares for $878.4 million in the third quarter and had repurchased 6.5 million shares, at an aggregate cost of $1.0 billion, to date. The quarterly dividend was raised to $0.40 per share from $0.10. The company also noted an EPA Notice of Violation and an EPCRA/CERCLA matter in Florida and a continuing dispute over Section 185 fees in Louisiana, none of which it could quantify as material at this time.

    Nov 3, 2011
  47. 2011-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2011

    CF Industries Holdings, Inc. reported a sharp improvement in its second quarter of 2011. Net sales rose $493.8 million, or 38%, to $1.8 billion from $1.3 billion, driven by higher average nitrogen and phosphate fertilizer selling prices. Gross margin increased to $867.4 million from $396.8 million. Net earnings attributable to common stockholders were $487.4 million, or $6.75 per diluted share, compared with $105.1 million, or $1.54 per diluted share, a year earlier. The quarter included a $14.2 million pre-tax unrealized mark-to-market loss on natural gas derivatives. Second-quarter 2010 results had been burdened by Terra acquisition costs, including $59.0 million of accelerated debt cost amortization and a $17.0 million loss on early retirement of Terra's 2019 Notes. For the six months ended June 30, 2011, net sales were $2,975.7 million and net earnings attributable to common stockholders were $769.4 million, or $10.66 per diluted share. Operating cash flow was $922.1 million, versus $46.0 million in the prior-year period. The company ended the quarter with $1,355.6 million in cash and cash equivalents and $1,613.0 million of long-term debt, down from $1,954.1 million at December 31, 2010, after repaying the remaining $346.0 million term loan in the first quarter. Subsequent to quarter-end, on August 3, 2011, the company amended its Credit Agreement, extending its maturity to 2016 and adding a $500 million incremental credit facility. On August 4, 2011, the Board authorized repurchases of up to $1.5 billion of common stock through December 31, 2013. The filing also discloses pending environmental matters, including an EPA Notice of Violation at the Plant City facility and an EPCRA/CERCLA notice, for which the company states it cannot estimate potential penalties.

    Aug 5, 2011
  48. 2011-Q1

    CF Industries Holdings Quarterly Report for Q1 Ended Mar 31, 2011

    CF Industries Holdings, Inc. reported a sharply higher first quarter of 2011, driven primarily by the April 2010 acquisition of Terra Industries Inc. Net sales rose $671.6 million to $1,174.0 million from $502.4 million, and gross margin increased $396.0 million to $525.0 million. Net earnings attributable to common stockholders were $282.0 million, or $3.91 per diluted share, compared with a net loss of $4.4 million, or $0.09 per share, in the first quarter of 2010. Results included a $32.5 million pre-tax gain on the sale of four dry product warehouses to GROWMARK, $19.9 million of accelerated amortization of debt issuance costs, and $2.1 million of restructuring and integration costs. Cash generation strengthened materially. Net cash provided by operating activities was $671.2 million versus $47.5 million a year earlier, supported by a $315.7 million increase in customer advances on forward fertilizer orders. The company repaid the remaining $346.0 million term loan in the quarter, reducing long-term debt to $1,613.0 million from $1,954.1 million at December 31, 2010. Cash and cash equivalents rose to $1,134.1 million. Revolving credit availability was $483.3 million with no borrowings outstanding. The filing also notes ongoing items for investors to monitor, including $103.6 million of auction rate securities that remain illiquid, potential Clean Air Act and EPCRA/CERCLA penalties from EPA notices of violation that cannot yet be estimated, and the Plant City Consent Decree requiring trust contributions of an estimated $54.7 million in each of the fourth quarters of 2011 and 2012. The company disclosed that it had not yet appointed a successor to its chief financial officer, who resigned effective September 20, 2010; the Vice President and Corporate Controller is signing as the person performing principal financial officer functions.

    May 6, 2011
  49. 2010-Q3

    CF Industries Holdings Quarterly Report for Q3 Ended Sep 30, 2010

    CF Industries Holdings, Inc. reported a transformed scale for the third quarter of 2010 following its April 2010 acquisition of Terra Industries Inc. Net sales rose to $917.1 million in the third quarter from $430.1 million a year earlier, and net earnings attributable to common stockholders were $48.2 million versus $38.5 million. Results were affected by a $25.7 million pre-tax unrealized mark-to-market loss on natural gas derivatives, $14.7 million of accelerated debt issuance cost amortization, and $8.6 million of restructuring and integration costs. Diluted EPS fell to $0.67 from $0.78 because of a larger share count, which rose after the 9.5 million shares issued for Terra and the 12.9 million shares sold in a public offering. For the first nine months of 2010, net earnings attributable to common stockholders were $148.9 million, down from $314.2 million, and diluted EPS was $2.35 versus $6.38. The filing attributes the decline primarily to $150.0 million of business combination and Peru project costs, including a $123 million termination fee paid to Yara International ASA on Terra's behalf, along with acquisition-related inventory and depreciation effects. Total assets were $8.62 billion at September 30, 2010, up from $2.49 billion at year-end 2009, with long-term debt of $2.25 billion. Cash and cash equivalents were $648.4 million, and the company repaid $350 million of its term loan in the third quarter. The filing also discloses that the chief financial officer resigned effective September 20, 2010, with no successor yet appointed, and that the Plant City, Florida RCRA Consent Decree became effective September 28, 2010. Under that decree the company deposited approximately $81.7 million into a trust for phosphogypsum stack closure costs and must fund the remaining 50% in 2011 and 2012. Several EPA Clean Air Act and EPCRA/CERCLA notices of violation remain open with no estimate of potential penalties.

    Nov 5, 2010
  50. 2010-Q2

    CF Industries Holdings Quarterly Report for Q2 Ended Jun 30, 2010

    CF Industries Holdings, Inc.'s second-quarter 2010 Form 10-Q reflects the April 2010 acquisition of Terra Industries Inc., which was completed for a total purchase price of $4.6 billion, comprising 9.5 million CF shares valued at $882 million and $3.2 billion in cash, net of cash acquired. Net sales rose 32% to $1,307.9 million in the quarter, driven by $526.3 million of Terra net sales, while gross margin fell 7% to $396.8 million. Net earnings attributable to common stockholders dropped to $105.1 million from $213.0 million a year earlier, and diluted EPS was $1.54 versus $4.33. Results were weighed down by a $59.0 million accelerated amortization of debt issuance costs, a $19.4 million inventory revaluation charge, a $17.0 million loss on early retirement of Terra's 2019 notes, and $9.3 million of restructuring and integration costs. The balance sheet changed substantially. Total assets rose to $8,595.3 million from $2,494.9 million at December 31, 2009, and long-term debt was $2,578.0 million, up from zero. Debt financing included a $2.0 billion senior secured term loan facility, with $983.6 million outstanding at June 30, 2010, and $1.6 billion of senior notes due 2018 and 2020. Equity was boosted by a public offering of about 12.9 million shares at $89.00 per share, with net proceeds of $1.1 billion. Cash flow from operations fell to $46.0 million for the first six months from $487.2 million, mainly due to a $255.4 million decrease in customer advances. The filing also discloses open items for investors. The company received a June 16, 2010 EPA Notice of Violation relating to Clean Air Act matters at Plant City, and a July 6, 2010 EPCRA/CERCLA Notice of Violation, and it reached an August 2010 agreement with EPA and FDEP on a Consent Decree for Plant City that requires a penalty of approximately $700,000 and a trust fund deposit of approximately $82 million. Shareholder litigation over the $123 million Yara termination fee remains pending in Iowa, and the Maryland action was dismissed on July 14, 2010 subject to a possible appeal.

    Aug 6, 2010