US CF net income falls 42% on higher costs, lower sales

04 November 2013 21:45  [Source: ICIS news]

HOUSTON (ICIS)--US-based fertilizer producer CF Industries reported on Monday Q3 net income of $234.1m (€173.2m), down 42% from $403.3m reported for the same time last year because sales fell while costs rose.

Q3 sales were $1.10bn, down 19% from $1.36bn reported for the same time last year.

Nitrogen net sales were $876.3m, down 20% from $1.1bn in Q3 2012, CF said. Volumes and prices fell for all major nitrogen products.

Phosphate sales were $220.7m, down 16% from $264.2m from the same time last year, CF said.

Q3 cost of sales were $710.9m, up 8% from $657.4m reported for the same time last year.

Looking ahead, CF still pointed to a bright outlook because of growing populations, changing diets favouring more meat and increasing usage of plant-based fuels.

The advent of shale gas in North America should also give CF a cost advantage in its nitrogen products, the company said.

($1 = €0.74)

By: Al Greenwood
+1 713 525 2645

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