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Article Excerpt
CF Industries Holdings, Inc. (NYSE: CF): Second Quarter Highlights Net sales were $991.0 million, down 15 percent from second quarter 2008.
Operating earnings totaled $395.2 million, down from $452.1 million in second quarter 2008.
EBITDA totaled $383.7 million compared to $467.8 million in second quarter 2008.
Gross margin was $427.0 million, down 9 percent from $469.9 million in the year-earlier quarter. Nitrogen segment increased by $41.2 million or 11 percent while phosphate segment declined by $84.1 million or 78 percent.
Net earnings attributable to common stockholders were $213.0 million, or $4.33 per diluted share, down from a record $288.6 million, or $5.01 per share, in second quarter 2008.
Net debt (net cash), as calculated in the accompanying table, was $(400.5) million at March 31, 2009 versus $(846.1) million at June 30, 2009, an increase in net cash of $445.6 million during the quarter.
Domestic volumes declined for both nitrogen and phosphate. Total phosphate segment volume rose 48 percent, reflecting record exports and the sale of purchased potash.
Second quarter results included $34.3 million in non-cash, pre-tax unrealized gains, or $0.41 per diluted share on an after-tax basis, from mark-to-market adjustments on natural gas derivatives. The gains compare to $83.2 million in non-cash, pre-tax unrealized gains, or $0.92 per diluted share on an after-tax basis, from mark-to-market adjustments included in second quarter 2008 results.
Second quarter results also included $14.4 million of proposed business combination and Peru project development costs, or $0.17 per diluted share on an after-tax basis. The business combination costs are associated with CF Industries' proposed business combination with Terra Industries as well as costs associated with responding to Agrium Inc.'s tender offer for CF Industries.
Second quarter results also included $5.0 million of inventory write-downs associated with declines in potash selling prices, or $0.06 per diluted share on an after-tax basis. First Half Highlights Net sales totaled $1,671.6 million, down 9 percent from $1,828.3 million for first half 2008.
Operating earnings totaled $518.9 million, compared to $703.7 million for first half 2008.
EBITDA totaled $508.5 million, compared to $731.0 million for first half 2008.
Gross margin totaled $589.3 million, down 20 percent, compared to $741.1 million in the first half 2008.
Net earnings attributable to common stockholders totaled $275.7 million, or $5.61 per diluted share, compared to record $447.4 million, or $7.78 per diluted share, for first half 2008.
Net debt (net cash), as calculated in the accompanying table, was $(273.1) million at December 31, 2008 versus $(846.1) million at June 30, 2009, an increase in net cash of $573.0 million in the six-month period.
Domestic volumes declined for both nitrogen and phosphate for the first half of 2009. Total phosphate volume increased by 30 percent, reflecting greater exports and the sale of purchased potash.
First half results included $82.9 million in non-cash, pre-tax unrealized gains, or $1.00 per diluted share on an after-tax basis, from mark-to-market adjustments on natural gas derivatives. The gains compare to $152.8 million in non-cash, pre-tax unrealized gains, or $1.70 per diluted share on an after-tax basis, from mark-to-market adjustments included in first half 2008 results.
First half 2009 results also included $34.4 million of proposed business combination and Peru project development costs, or $0.42 per diluted share on an after-tax basis.
First half 2009 results also included $29.3 million of inventory write-downs associated with declines in potash selling prices, or $0.36 per diluted share on an after-tax basis.
Per share comparisons reflect a reduction of 8.5 million common shares resulting from company's $500 million share repurchase program completed in the fourth quarter of 2008. Outlook Positive long-term agricultural fundamentals, coupled with low downstream inventories and moderate farm input costs could -- weather permitting -- lead to a strong fall application season for nitrogen and phosphate....
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