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CF Industries adjusted profit falls

May 7 (Reuters) - U.S. fertilizer producer CF Industries reported on Wednesday a big drop in adjusted profit for the first quarter after markets closed.

Adjusted net earnings, excluding a one-time gain from the sale of CF's phosphate business, fell to $247.5 million or $4.51 per share from $406.5 million or $6.47 per share a year earlier.

(Reporting by Rod Nickel in Winnipeg, Manitoba; Editing by James Dalgleish)