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LONDON, UK / ACCESSWIRE / May 31, 2018 / If you want access to our free earnings report on CF Industries Holdings, Inc. (NYSE: CF), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CF. CF Industries reported its first quarter fiscal 2018 operating and financial results on May 02, 2018. The fertilizer maker beat earnings estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
CF Industries' net sales in the first quarter of 2018 decreased to $957 million from $1.04 billion in Q1 2017, due to lower sales volumes across most segments. The Company' earnings lagged behind analysts' estimates of $1.05 billion.
During Q1 2018, CF Industries' total sales volumes were lower on a y-o-y basis, due to unfavorable weather that delayed the start of the spring application season across the Northern Hemisphere. The Company's average selling prices for the reported quarter were higher on a y-o-y basis, across most segments due primarily to a tighter global nitrogen supply and demand balance driven by less nitrogen production from marginal producers in Eastern Europe and China.
For Q1 2018, CF Industries' average selling price for ammonia was $319 per ton compared to $307 per ton in Q1 2017. The Company's average selling price for urea was $269 per ton in the reported quarter compared to $248 per ton in the year earlier same quarter, and the average selling price for UAN was $170 per ton in Q1 2018 compared to $171 per ton in Q1 2017.
In Q1 2018, CF Industries' cost of sales decreased on a y-o-y basis, primarily driven by lower sales volumes and lower realized gas costs, and an unrealized net mark-to-market gain on natural gas derivatives of $3 million in Q1 2018 compared to an unrealized net mark-to-market loss on natural gas derivatives of $53 million in Q1 2017.
During Q1 2018, CF Industries' average cost of natural gas reflected in the company's cost of sales was $3.33 per MMBtu compared to the average cost of natural gas in cost of sales of $3.65 per MMBtu for Q1 2017. During the reported quarter, the average price of natural gas at Henry Hub in North America was $3.02 per MMBtu, and the average price of natural gas at the National Balancing Point in the United Kingdom was $8.20 per MMBtu.
CF Industries reported net earnings attributable to common stockholders of $63 million, or $0.27 per diluted share, compared to net loss attributable to common stockholders of $23 million, or $0.10 per diluted share. The Company's earnings beat Wall Street's estimates of $0.23 per share.
For Q1 2018, CF Industries' earnings before interest, tax, depreciation, and amortization (EBITDA) totaled $302 million and adjusted EBITDA was $296 million compared to EBITDA of $218 million and adjusted EBITDA of $272 million in Q1 2017
CF Industries' management expects demand in North America for nitrogen fertilizer for H1 2018 to be similar to H1 2017, projecting 88 million - 90 million acres of corn, 46 million acres of wheat, and 13 million acres of cotton to be planted in the United States, along with 25 million acres of wheat and 21 million acres of canola in Canada.
In Q1 2018, urea barge prices at New Orleans traded at an average of $13 per ton below international parity, continuing a trend since early 2017 and discouraging excess imports into the region. The Company is estimating imports of nitrogen into North America to continue to trend lower as global trade flows adjust to account for the additional production coming from the ramp-up of the remaining North American nitrogen capacity additions.
CF Industries' capital expenditures for new activity are estimated to be in the range of approximately $400 million to $450 million in 2018, which takes into account a higher number of scheduled plant turnarounds in 2018 compared to 2017.
As of March 31, 2018, CF Industries had cash and cash equivalents of $936 million on the balance sheet, had no borrowings outstanding under its $750 million revolving credit facility and was in compliance with all applicable covenant requirements under its debt instruments.
Stock Performance Snapshot
May 30, 2018 - At Wednesday's closing bell, CF Industries' stock was slightly up 0.90%, ending the trading session at $41.54.
Volume traded for the day: 1.70 million shares.
Stock performance in the last month – up 7.06%; previous three-month period – up 0.73%; past six-month period – up 15.65%; and last twelve-month – up 48.84%
After yesterday's close, CF Industries' market cap was at $9.72 billion.
The stock has a dividend yield of 2.89%.
The stock is part of the Basic Materials sector, categorized under the Agricultural Chemicals industry. This sector was up 2.5% at the end of the session.
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