CF Industries Holdings (NYSE: CF - News) reported results for the 4th quarter of 2008. Net earnings for the quarter were $3.59 per diluted share, compared to $2.38 in the 4th quarter of 2007. Net sales for the quarter totaled $1.07 billion, a 26% increase over the 4th quarter of 2007
The increase in sales can be attributed significantly to higher prices for all of the company's products. Nitrogen net sales were $705.6 million, up 23% from $603.7 million in the comparable quarter of 2007. Increased prices for all of the nitrogen products have more than offset the decline in volumes, driving net sales well above year-earlier levels.
The average selling price for ammonia was $653 per ton, up from $410 in the year-ago quarter; for urea, $480 per ton, up from $357 in the year-ago quarter; for UAN [a solution of urea and ammonium nitrate in water], $352 per ton, up from $239 in the year-ago quarter.
Net sales of phosphate totaled $366.4 million, 65% increase from the 4th quarter of 2007. Substantial price increases for phosphate products have more than offset lower volumes during the quarter. The average selling price was $906 per ton for DAP [diammonium phosphate], up from $431 in the year-ago quarter; and $903 per ton for MAP [monoammonium phosphate], up from $431 in the year-ago quarter.
During November 2008, the company completed its program, announced on October 27, 2008, to repurchase $500 million of its common stock. The company purchased 8.5 million common shares, representing about 15% of its outstanding common stock at September 30, 2008 at an average price of $58.96. The company had approximately 48.4 million shares outstanding authorization at December 31, 2008.
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