15 February 2012 23:22 [Source: ICIS news]
HOUSTON (ICIS)--US fertilizer maker CF Industries on Wednesday reported fourth quarter 2011 net earnings of $438.9m (€333.6m), a 119% increase from net earnings of $200.3m in the same quarter of 2010.
The net earnings, a CF record for the quarter, came on fourth quarter net sales of $1.7bn, a 39% increase from the same period in 2010.
Total fertilizer sales volumes in the fourth quarter were 3.8m short tons, down 44,000 short tons from the same quarter in 2010.
Illinois-based CF's earnings for the full year were $1.5bn on record net sales of $6.1bn, compared to sales of $4.0bn in 2010.
"Industry conditions were very attractive in 2011, with demand for products supported by robust grain market fundamentals, sustained nitrogen and phosphate imports by India and South America, and restrictive export policies in China," said CF chief executive Stephen Wilson.
"CF enjoyed a position of competitive strength because of the combination of high global prices for commodities, declining natural gas costs in North America and our advantageous business configuration," Wilson said.
The full year 2011 marked the first time the company sold 13m short tons of nitrogen products in a year, CF said.
Looking ahead, CF projects that US farmers will plant about 93.5m acres of corn in 2012, equal to the record established in 2007.
CF expects robust wholesale demand for nitrogen and phosphate fertilizers this spring in the US.
CF stock closed at $179.12/share on Wednesday, up $1.28 from the prior day's close.
($1 = €0.76)
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