The company recorded 1Q21 net earnings of US$151 million, or US$0.70 per diluted share; EBITDA of US$398 million; and adjusted EBITDA of US$398 million. These results compare to 1Q20 net earnings attributable to common stockholders of US$68 million, or US$0.31 per diluted share; EBITDA of US$314 million; and adjusted EBITDA of US$318 million.
Net sales in 1Q21 were $1.05 billion compared to US$971 million in 1Q20. Average selling prices for 1Q21 were higher than 1Q20 across most segments due to decreased global supply availability as higher global energy costs drove lower global operating rates. Sales volumes in 1Q21 were lower than 1Q20 due to lower supply availability from lower production.
The company has completed the redemption of the remaining US$250 million of Senior Secured Notes due December 2021.
The company also signed an engineering and procurement contract with thyssenkrupp for an electrolysis plant to supply green hydrogen for green ammonia production at Donaldsonville, Louisiana, US. Construction and installation, which will be managed by CF Industries, is expected to begin in the second half of 2021 and to finish in 2023. The cost of the project is expected to fit within the company’s annual capital expenditure budget. CF Industries will integrate the green hydrogen generated by the electrolysis plant into existing ammonia synthesis loops to enable the production of 20 000 tpy of green ammonia. When complete in 2023, the Donaldsonville green ammonia project will be the largest of its kind in North America.
“The CF team delivered solid results in the first quarter as increased global energy spreads and strong demand led to rising nitrogen prices,” said Tony Will, president and CEO, CF Industries Holdings, Inc. “We experienced a number of unusual negative impacts from weather and other factors that created challenges during the quarter, but we navigated those issues successfully in a way that mitigated a potentially negative outcome.”
Read the latest issue of World Fertilizer in full for free: April 2021
The April issue of World Fertilizer begins with a regional report that examines the opportunities and challenges currently facing Latin America’s fertilizer industry. The remainder of the issue is dedicated to a range of technical articles covering ammonia, blending and bagging, plant design, fertilizer cargo measurement and fertilizer storage. Our World Review of fertilizer projects in Africa and the Middle East, Asia Pacific, Europe and CIS and the Americas rounds off the issue.
Read the article online at: https://www.worldfertilizer.com/nitrogen/06052021/cf-industries-releases-1q21-results/