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CF Industries lower premarket as Q4 earnings slip, expansion costs rise

Seekingalpha - February 18, 2015

CF Industries (NYSE:CF-0.9% premarket after Q4 earnings fell short of analyst estimates, hurt by higher natural gas prices and negative derivatives impacts.
CF says nitrogen expansion projects in Louisiana and Iowa now look to cost $4.2B, up from earlier expectations of $3.8B, after factoring in higher cost estimates for construction materials and labor in Iowa. A drop in crop prices to multi-year lows last year and a delayed U.S. harvest was expected to reduce fertilizer use; given the shortened fall season to apply fertilizer last year, a significant volume of nitrogen needs to be applied in H1 of 2015 to catch up, CF says. Q4 net nitrogen sales rose 3% Y/Y to $1.2B despite lower sales volume, buoyed by higher selling prices. Expects U.S. farmers to plant 90M acres of corn in 2015, after planting 90.6M acres in 2014.
 
 

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