2023-08-03 18:40:26
© Reuters. CF Industries profit declines 54.8% in Q2 to $527 million
U.S.-based nitrogen fertilizer maker CF Industries Holdings Inc (NYSE:) reported net income of $527 million, or $2.70 per share, for the second quarter of 2023, the company said on Wednesday, 2, after the closing of the financial market. The result represents a drop of 54.8% compared to the same period last year, when the company earned US$ 1.165 billion, or US$ 5.58 per share.
Net revenue decreased 47.6% in the same comparison, from US$ 3.389 billion to US$ 1.775 billion.
Ebitda (earnings before interest, taxes, depreciation and amortization) increased from US$ 1.795 billion to US$ 855 million.
The company said average selling prices were lower in the second quarter year-on-year because of greater global supply.
According to CF Industries, the lower costs of , the raw material used to obtain nitrogen, resulted in higher global production.
The CF believes that the Northern Hemisphere ended the first semester with low stocks of nitrogenous fertilizers. This, “along with expected strong demand from Brazil and India, should underpin a positive demand environment in the second half of the year,” the company said in a statement.
In Brazil, the company believes that urea consumption will remain strong in 2023, supported by the expectation of a larger area planted with and improvement in agricultural income.
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