CF Industries 3Q net income falls 42 percent

Fertilizer maker CF Industries 3rd-quarter net income falls 42 percent as prices, volumes drop

Associated Press

NEWS: CF Industries Holdings Inc.'s third-quarter net income fell 42 percent on weaker demand for fertilizer. Its shares fell Monday in after-hours trading Monday.

DETAILS: CF Industries makes nitrogen- and phosphate-based fertilizer for farmers around the world. The Deerfield, Ill., company said prices fell because of weakening global demand. It sold 2.8 million tons of nitrogen products in the third quarter, down from 3 million last year. It sold 526,000 tons of phosphate products, up from 517,000 tons.

NUMBERS: Net income fell to $234.1 million, or $4.07 per share, in the quarter that ended on Sept. 30. That compares with $403.3 million, or $6.35 per share, in the same quarter a year ago. Revenue fell 19 percent, to $1.1 billion from $1.36 billion.

Analysts expected earnings of $3.88 per share and revenue of $1.14 billion.

FUTURE: CF said that the amount of nitrogen supply available is likely to keep prices in check this year, but expects a rebound in the nitrogen market in 2014.

STOCK: Down $4.63, or 2.1 percent, to $213 in after-hours trading Monday. Shares rose $2.69 to close at $217.63 during normal trading hours.

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