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CF Industries lower quarterly profit slumps nearly 70%

Published 02/14/2024, 05:36 PM
Updated 02/14/2024, 05:41 PM
© Reuters. A general view of the CF industries plant in Billingham, Britain September 22, 2021. REUTERS/Lee Smith/File Photo

(Reuters) - Fertilizer maker CF Industries (NYSE:CF) reported on Wednesday that fourth-quarter profit slumped 68%, as lower prices of its products weighed on earnings.

The company said its net earnings fell to $274 million, or $1.44 per share, in the quarter ended December 31, from $860 million, or $4.35 per share, a year earlier.

Nitrogen fertilizer prices have fallen compared to last year as supplies have stabilized, denting profits for companies like CF Industries, which use natural gas as a feedstock and fuel for producing nitrogen fertilizers.

The Deerfield, Illinois-based firm's net sales fell to $1.57 billion in the October-December quarter, from $2.61 billion a year ago during the same reporting period.

© Reuters. A general view of the CF industries plant in Billingham, Britain September 22, 2021. REUTERS/Lee Smith/File Photo

At its ammonium nitrate solution segment, quarterly sales decreased to $418 million from $845 million a year ago.

Peer Yara International (OL:YAR) ASA's, also reported earlier this month that its quarterly income took a hit as demand and prices scaled back from the peaks of 2022.

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