US CF Industries Q3 profits fall 46% yr on yr

27 October 2008 22:07  [Source: ICIS news]

HOUSTON (ICIS news)--US fertilizer producer CF Industries reported on Monday third-quarter net profits of $47.1m (€37.7m), down 46% from $86.5m it reported for the same period last year in large due to a loss on natural gas derivatives.

The loss in natural gas derivatives cost CF $251m, the company said.

Third-quarter net sales were $1.02bn, up from $582.9m for the same time last year, CF said. Cost of sales were $899.9m, up from $431.6m reported for 2007.  

By segment, nitrogen had third-quarter sales of $599.1m, up from $388.8m during the same quarter last year, the company said. Cost of sales were $69.6m, up from $308.6m reported for 2007.

For phosphate, net sales were $421.7m, up from $194.1m reported for the same period last year, the company said. Cost of sales were $230.3m, up from $123.0m reported for 2007.

For both segments, higher prices more than offset lower volumes, CF said.

($1 = €0.80)

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By: Al Greenwood
+1 713 525 2653

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