AgroPages-CF Industries' sales up 7%, earnings up 82%-Agricultural news

CF Industries Holdings, Inc. (NYSE: CF), a leading global fertilizer and chemical company, recently announced results for its third quarter and nine months ended September 30, 2019.

Highlights

• Nine month net earnings of $438 million, or $1.97 per diluted share; EBITDA of $1,314 million; adjusted EBITDA of $1,285 million

• Third quarter net earnings of $65 million, or $0.29 per diluted share; EBITDA of $341 million; adjusted EBITDA of $349 million

• Trailing 12-month net cash from operating activities of $1,457 million, free cash flow of $830 million

• Cash and cash equivalents of $1,019 million on the balance sheet as of September 30, 2019

• Company to redeem $750 million in debt by end of year

• Repurchased approximately 1.5 million shares during the quarter

Overview of Results

CF Industries Holdings, Inc. announced for the first nine months of 2019 net earnings attributable to common stockholders of $438 million, or $1.97 per diluted share; EBITDA of $1,314 million; and adjusted EBITDA of $1,285 million. These results compare to the first nine months of 2018 net earnings attributable to common stockholders of $241 million, or $1.03 per diluted share; EBITDA of $1,080 million; and adjusted EBITDA of $1,062 million.

For the third quarter of 2019, net earnings attributable to common stockholders were $65 million, or $0.29 per diluted share; EBITDA was $341 million; and adjusted EBITDA was $349 million. These results compare to third quarter 2018 net earnings attributable to common stockholders of $30 million, or $0.13 per diluted share; EBITDA of $308 million; and adjusted EBITDA of $299 million.

"The CF team's outstanding execution and our company's position on the low end of the global cost curve continue to drive substantial cash generation and an industry-leading free cash flow yield," said Tony Will, president and chief executive officer, CF Industries Holdings, Inc.

"Over the last 24 months, this superior cash flow generation has enabled us to repay $1.1 billion in debt, with another $750 million to be retired by the end of this year. Additionally, we repurchased more than 16 million shares for $750 million, distributed $550 million in dividends and invested approximately $400 million in growth. We believe our structural and operational advantages, along with positive nitrogen industry fundamentals, will continue to support our cash generation, allowing us to build on this track record in 2020 and beyond," said Will.