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Aug. 8, 2024 Source: CF Industries news release NORTHBROOK, Ill.-- CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for the first half and second quarter ended June 30, 2024. Highlights *First half 2024 net earnings (1)(2) of $614 million, or $3.31 per diluted share, EBITDA (3) of $1.24 billion, and adjusted EBITDA (3) of $1.21 billion *Second quarter 2024 net earnings of $420 million, or $2.30 per diluted share, EBITDA of $752 million, and adjusted EBITDA of $752 million *Trailing twelve months net cash from operating activities of $2.02 billion and free cash flow (4) of $1.15 billion *Entered agreement with ExxonMobil for the transport and sequestration of up to 500,000 metric tons of carbon dioxide from Company's Yazoo City, Mississippi, facility; start-up expected in 2028 *Repurchased 4.0 million shares for $305 million during the second quarter of 2024 "I am extremely proud of the team for running our plants exceptionally well, with phenomenal safety performance in the second quarter," said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. Operations Overview The Company continues to operate safely across its network. As of June 30, 2024, the 12-month rolling average recordable incident rate was 0.17 incidents per 200,000 work hours, significantly better than industry averages. Gross ammonia production for the first half and second quarter of 2024 was approximately 4.8 million and 2.6 million tons, respectively, compared to 4.7 million and 2.4 million tons in the first half and second quarter, respectively, of 2023. The Company expects gross ammonia production for the full year 2024 to be approximately 9.8 million tons. Financial Results Overview First Half 2024 Financial Results For the first half of 2024, net earnings attributable to common stockholders were $614 million, or $3.31 per diluted share, EBITDA was $1.24 billion, and adjusted EBITDA was $1.21 billion. These results compare to first half of 2023 net earnings attributable to common stockholders of $1.09 billion, or $5.55 per diluted share, EBITDA of $1.78 billion, and adjusted EBITDA of $1.72 billion. Net sales in the first half of 2024 were $3.04 billion compared to $3.79 billion in the first half of 2023. Average selling prices for the first half of 2024 were lower than in the first half of 2023 as lower global energy costs reduced the global market clearing price required to meet global demand. Sales volumes in the first half of 2024 were similar to the first half of 2023 as higher ammonia sales volumes due primarily to the addition of contractual commitments served from the recently acquired Waggaman ammonia production facility were offset primarily by lower urea and UAN sales volumes. Cost of sales for the first half of 2024 was lower compared to the first half of 2023 due to lower realized natural gas costs partially offset by higher maintenance costs incurred in the first quarter of 2024 related to plant outages. The average cost of natural gas reflected in the Company's cost of sales was $2.53 per MMBtu in the first half of 2024 compared to the average cost of natural gas in cost of sales of $4.56 per MMBtu in the first half of 2023. To read the entire report click here. Tweet |
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