Strong Operational Performance and Wide Energy Spreads Drive Record Results
Returned $1.65 Billion to Shareholders through Share Repurchases and Dividends
MOU with JERA for Long-Term Clean Ammonia Supply
DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for the full year and fourth quarter ended December 31, 2022.
Highlights
- Full year net earnings of $3.35 billion(1), or $16.38 per diluted share, EBITDA(2) of $5.54 billion, and adjusted EBITDA(2) of $5.88 billion
- Fourth quarter net earnings of $860 million(1), or $4.35 per diluted share, EBITDA(2) of $1.25 billion, and adjusted EBITDA(2) of $1.30 billion
- Full year net cash from operating activities of $3.86 billion and free cash flow(3) of $2.78 billion; these amounts reflect the impact of $491 million in payments related to a Canada/U.S. tax matter
- Repurchased approximately 2.2 million shares for $223 million during the fourth quarter of 2022
- Signed a memorandum of understanding with JERA Co., Inc., Japan’s largest energy generator, regarding the supply of up to 500,000 metric tons per year of clean ammonia beginning in 2027
“The CF Industries team delivered outstanding results in 2022, producing record financial performance for the fourth quarter and full year by working safely, operating our manufacturing and distribution assets extremely well, and serving our global customer base,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “At the same time, we drove significant progress across our clean energy and strategic initiatives by entering into our landmark carbon capture and sequestration partnership with ExxonMobil, commencing a front-end engineering and design study for our proposed blue ammonia plant in Louisiana, and being selected for advanced discussions with JERA Co. Inc., for the first significant volumes of ammonia as a clean energy source.
“Looking ahead, we believe that the global nitrogen supply-demand balance and global energy cost structure will continue to present attractive margin opportunities for our cost-advantaged network. As a result, we expect to drive strong cash generation in the years ahead, enabling us to make disciplined investments in our clean energy initiatives to meet what we believe will be significant global demand for low-carbon ammonia while we continue to return substantial capital to shareholders.”
Nitrogen Market Outlook
Global nitrogen supply availability was tight for the first three quarters of 2022 but loosened in the fourth quarter of 2022 due to weak industrial demand in Europe and Asia, delayed purchasing in the agriculture sector and a partial recovery of European ammonia operating rates. With the spring application season approaching for the Northern Hemisphere, management believes substantial agriculture demand will emerge, supporting global nitrogen prices. Longer-term, management expects the global nitrogen supply-demand balance will remain tight into at least 2025 due to agriculture-led demand and forward energy curves that point to challenging production economics for producers in Europe and Asia.
The need to replenish global grains stocks, which has supported high prices for corn, wheat and canola, continues to drive global nitrogen demand. Stocks-to-use ratios remain low for feed grains and oilseeds. Management believes that it will take at least two more years of harvests at trend yield to fully replenish global grains stocks, supporting strong grains plantings and incentivizing nitrogen fertilizer application over this time period.
- North America: Farm economics in the region are expected to remain positive for 2023, supported by strong crop futures prices and improving yields, assuming a return to normal weather conditions. Management projects 91-93 million acres of corn will be planted in the United States in the spring of 2023.
- India: Management expects that India will continue to be one of the world’s largest importers of urea in 2023 though overall urea imports may be lower than recent record highs if new domestic capacity adds to recently improved domestic production volumes.
- Brazil: Brazil imported an estimated 7 million metric tons of urea in 2022. Management expects demand for urea imports to remain strong in 2023 due to high crop prices, increases in planted acres and improved farm income levels.
- Europe: Management expects a higher-than-normal level of nitrogen imports into Europe in 2023 due to lower-than-normal ammonia operating rates in the region.
Management expects global trade flows to continue to adjust to market dynamics that have affected global supply availability over the previous 18 months.
- Europe: Management believes that production economics in Europe will remain challenging as natural gas prices in the region, though lower than the highs of 2022, remain well above the 2015-2020 average. As a result, the Company does not expect full ammonia capacity production rates to return during the year, with some facilities continuing to favor importing ammonia to manufacture upgraded products.
- China: Urea exports from China were approximately 2.8 million metric tons in 2022 due to government measures to promote availability and affordability of fertilizers domestically. Management projects urea exports from China will be in a range of 2-3 million metric tons in 2023 under current measures before returning to a range of 3-5 million metric tons on an annual basis if government measures limiting exports are loosened.
- Russia: Exports of ammonia from Russia were significantly lower in 2022 compared to prior years due to geopolitical disruptions arising from Russia’s invasion of Ukraine and the resulting closure of the ammonia pipeline to the port of Odessa in Ukraine. In contrast, exports of other nitrogen products from Russia are at near-normal levels.
Energy differentials between North America and marginal producers in Europe and Asia have compressed recently, but remain well above historical levels. Forward energy curves continue to suggest that these wider differentials will persist for an extended period. As a result, the Company believes the global nitrogen cost curve will remain steep, supporting significant margin opportunities for low-cost North American producers.
Operations Overview
The Company continues to operate safely and efficiently across its network. As of December 31, 2022, the 12-month rolling average recordable incident rate was 0.33 incidents per 200,000 work hours, significantly better than industry benchmarks.
Gross ammonia production for the full year and fourth quarter of 2022 was approximately 9.8 million tons and 2.4 million tons, respectively. The Company expects that gross ammonia production for 2023 will be approximately 9.5 million tons(4).
Financial Results Overview
Full Year 2022 Financial Results
For the full year 2022, net earnings attributable to common stockholders were $3.35 billion, or $16.38 per diluted share, and EBITDA was $5.54 billion, which include the impact of pre-tax impairment and restructuring charges of $258 million related to the Company’s U.K. operations, and adjusted EBITDA was $5.88 billion. These results compare to full year 2021 net earnings attributable to common stockholders of $917 million, or $4.24 per diluted share and EBITDA of $2.17 billion, which included the impact of pre-tax impairment charges of $521 million related to the Company’s U.K. operations, and adjusted EBITDA of $2.74 billion.
Net sales for the full year 2022 were $11.19 billion compared to $6.54 billion for 2021. Average selling prices for 2022 were higher than 2021 across all segments due to decreased global supply availability, as higher global energy costs reduced global operating rates and geopolitical factors disrupted the global fertilizer supply chain. Sales volumes for 2022 decreased compared to 2021 due to lower ammonia, AN and Other product sales, mostly offset by higher urea and UAN sales.
Cost of sales for 2022 was higher compared to 2021 due primarily to higher natural gas costs.
In 2022, the average cost of natural gas reflected in the Company’s cost of sales was $7.18 per MMBtu compared to the average cost of natural gas in cost of sales of $4.21 per MMBtu in 2021.
Fourth Quarter 2022 Financial Results
For the fourth quarter of 2022, net earnings attributable to common stockholders were $860 million, or $4.35 per diluted share, EBITDA was $1.25 billion, and adjusted EBITDA was $1.30 billion. These results compare to 2021 net earnings attributable to common stockholders of $705 million, or $3.27 per diluted share, EBITDA of $1.19 billion, and adjusted EBITDA of $1.26 billion.
Net sales in the fourth quarter of 2022 were $2.61 billion compared to $2.54 billion in 2021. Average selling prices for 2022 were higher than 2021 for most segments due to decreased global supply as higher global energy costs reduced global operating rates and geopolitical factors disrupted the global fertilizer supply chain. Sales volumes in the fourth quarter of 2022 were lower than 2021 due primarily to lower ammonia and UAN sales.
Cost of sales for the fourth quarter of 2022 were similar to 2021 as higher natural gas costs were offset by lower sales volumes.
The average cost of natural gas reflected in the Company’s cost of sales was $6.88 per MMBtu in the fourth quarter of 2022 compared to the average cost of natural gas in cost of sales of $6.00 per MMBtu in the fourth quarter of 2021.
Capital Management
Capital Expenditures
Capital expenditures in the fourth quarter and full year 2022 were $134 million and $453 million, respectively, which incorporates expenditures related to the Company’s clean energy initiatives. Management projects capital expenditures for full year 2023 will be in the range of $500-$550 million.
Share Repurchase Programs
The Company repurchased approximately 14.9 million shares for $1.35 billion during 2022. At the end of 2022, the Company had approximately $150 million remaining under the $1.5 billion share repurchase authorization that went into effect January 1, 2022, and is effective through the end of 2024.
On November 2, 2022, the Board of Directors of CF Industries Holdings, Inc., authorized a new $3 billion share repurchase program. The program will commence upon completion of the current share repurchase program and is effective through the end of 2025.
Canada/U.S. Tax Matter
In the first quarter of 2022, an arbitration panel decided in favor of the Canadian competent authority regarding a long-standing dispute dating back to the early 2000s between Canadian and U.S. tax authorities about the allocation of CF Industries’ profits and associated tax between the U.S. and Canada. As a result, the Company made payments in the second half of 2022 of $224 million in assessed tax and interest to Canadian taxing authorities for tax years 2006-2011. The Company is filing amended U.S. federal and state tax returns seeking refunds of related taxes paid in the United States.
Additionally, the Company made payments of $267 million in the fourth quarter of 2022 in estimated tax and interest to Canada for tax years 2012-2020. The Company took this step in order to mitigate assessment of future interest by Canada while these tax years are being resolved through bilateral governmental procedures. Following the final assessment of tax and interest for tax years 2012 and after, the Company will file amended U.S. federal and state tax returns seeking refunds of related taxes paid in the United States.
CHS Inc. Distribution
On January 31, 2023, the Board of Managers of CF Industries Nitrogen, LLC (CFN) approved a semi-annual distribution payment to CHS Inc. (CHS) of $255 million for the distribution period ended December 31, 2022. The distribution was paid on January 31, 2023. Distributions to CHS pertaining to 2022 distribution periods were approximately $627 million.
Clean Energy Initiatives
CF Industries continues to advance its plans to support the global hydrogen and clean fuel economy, which is expected to grow significantly over the next decade, through the production of blue ammonia (ammonia produced with the corresponding carbon dioxide (CO2) byproduct removed through carbon capture and sequestration) and green ammonia (ammonia produced from carbon-free sources).
Memorandum of Understanding with JERA Co., Inc.
On January 17, 2023, CF Industries announced that it had signed a memorandum of understanding (MOU) with JERA Co., Inc. (JERA), Japan’s largest energy generator, regarding the supply of up to 500,000 metric tons per year of clean ammonia beginning in 2027. The execution of the MOU is the result of a supplier comparison and evaluation process for the procurement of clean ammonia that JERA initiated in February 2022 for the world’s first commercial scale ammonia co-firing operations.
The MOU establishes a framework for the companies to assess how CF Industries would best supply JERA with clean ammonia, which will be required to be produced with at least 60% lower carbon emissions than conventionally produced ammonia, under a long-term offtake agreement. The companies expect to evaluate a range of potential supply options, including an equity investment alongside CF Industries to develop a clean ammonia facility in Louisiana and a supplementary long-term offtake agreement.
Proposed Joint Venture with Mitsui & Co., Ltd. at CF Industries’ Blue Point Complex
CF Industries and Mitsui & Co., Ltd. (Mitsui) continue to progress a front-end engineering and design (FEED) study, which is being conducted by thyssenkrupp UHDE, for their proposed joint venture to construct an export-oriented blue ammonia facility. CF Industries and Mitsui expect to make a final investment decision on the proposed facility in the second half of 2023. Construction and commissioning of a new world-scale ammonia plant typically takes approximately 4 years from that point.
Should the companies agree to move forward, the ammonia facility would be constructed at CF Industries’ new Blue Point Complex. CF Industries acquired the land on the west bank of Ascension Parish, Louisiana, for the complex during the third quarter of 2022.
Donaldsonville Complex Blue Ammonia Project
Engineering activities for the construction of a dehydration and compression unit at the Donaldsonville Complex continue to advance, procurement of major equipment for the facility is in progress, and modification of the site’s existing equipment to allow integration with existing operations has begun. Once in service, the dehydration and compression unit will enable up to 2 million tons of process CO2 to be transported and stored.
As previously announced, ExxonMobil will transport and permanently store the captured CO2 in secure geologic storage it owns in Vermilion Parish, Louisiana. As part of the project, ExxonMobil has signed an agreement with EnLink Midstream to use EnLink’s transportation network to deliver CO2 to permanent geologic storage. Start-up for the project is scheduled for early 2025.
Donaldsonville Green Ammonia Project
The Donaldsonville green ammonia project, which involves installing an electrolysis system at the Donaldsonville Complex to generate carbon-free hydrogen from water that will then be supplied to an existing ammonia plant to produce green ammonia, continues to progress. Major equipment is being fabricated and site work is ongoing for installation of the new electrolyzer unit and integration into Donaldsonville’s existing operations. Once complete, the project will enable the Company to produce approximately 20,000 tons of green ammonia per year.
___________________________________________________
(1) |
Certain items recognized during the full year and fourth quarter of 2022 impacted our financial results and their comparability to the prior year periods. See the table accompanying this release for a summary of these items. |
|
(2) |
EBITDA is defined as net earnings attributable to common stockholders plus interest expense—net, income taxes and depreciation and amortization. See reconciliations of EBITDA and adjusted EBITDA to the most directly comparable GAAP measures in the tables accompanying this release. |
|
(3) |
Free cash flow is defined as net cash from operating activities less capital expenditures and distributions to noncontrolling interest. See reconciliation of free cash flow to the most directly comparable GAAP measure in the table accompanying this release. |
|
(4) |
Gross ammonia production volumes for 2023 could be higher or lower than 9.5 million tons depending on operating rates at the Company’s Billingham Complex. |
Consolidated Results
|
Three months ended |
|
Year ended |
|||||||||||||
December 31, |
|
December 31, |
||||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
(dollars in millions, except per share and per
|
|||||||||||||||
Net sales |
$ |
2,608 |
|
|
$ |
2,540 |
|
|
$ |
11,186 |
|
|
$ |
6,538 |
|
|
Cost of sales |
|
1,352 |
|
|
|
1,385 |
|
|
|
5,325 |
|
|
|
4,151 |
|
|
Gross margin |
$ |
1,256 |
|
|
$ |
1,155 |
|
|
$ |
5,861 |
|
|
$ |
2,387 |
|
|
Gross margin percentage |
|
48.2 |
% |
|
|
45.5 |
% |
|
|
52.4 |
% |
|
|
36.5 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Net earnings attributable to common stockholders |
$ |
860 |
|
|
$ |
705 |
|
|
$ |
3,346 |
|
|
$ |
917 |
|
|
Net earnings per diluted share |
$ |
4.35 |
|
|
$ |
3.27 |
|
|
$ |
16.38 |
|
|
$ |
4.24 |
|
|
|
|
|
|
|
|
|
|
|||||||||
EBITDA(1) |
$ |
1,246 |
|
|
$ |
1,188 |
|
|
$ |
5,542 |
|
|
$ |
2,172 |
|
|
Adjusted EBITDA(1) |
$ |
1,296 |
|
|
$ |
1,258 |
|
|
$ |
5,880 |
|
|
$ |
2,743 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Tons of product sold (000s) |
|
4,464 |
|
|
|
4,979 |
|
|
|
18,331 |
|
|
|
18,501 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Natural gas supplemental data (per MMBtu): |
|
|
|
|
|
|
|
|||||||||
Cost of natural gas used for production in cost of sales(2) |
$ |
6.88 |
|
|
$ |
6.00 |
|
|
$ |
7.18 |
|
|
$ |
4.21 |
|
|
Average daily market price of natural gas Henry Hub (Louisiana) |
$ |
5.55 |
|
|
$ |
4.74 |
|
|
$ |
6.38 |
|
|
$ |
3.82 |
|
|
Average daily market price of natural gas National Balancing Point (United Kingdom) |
$ |
19.53 |
|
|
$ |
29.96 |
|
|
$ |
24.56 |
|
|
$ |
15.50 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Unrealized net mark-to-market loss on natural gas derivatives |
$ |
80 |
|
|
$ |
43 |
|
|
$ |
41 |
|
|
$ |
25 |
|
|
Depreciation and amortization |
$ |
198 |
|
|
$ |
238 |
|
|
$ |
850 |
|
|
$ |
888 |
|
|
Capital expenditures |
$ |
134 |
|
|
$ |
132 |
|
|
$ |
453 |
|
|
$ |
514 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Production volume by product tons (000s): |
|
|
|
|
|
|
|
|||||||||
Ammonia(3) |
|
2,441 |
|
|
|
2,452 |
|
|
|
9,807 |
|
|
|
9,349 |
|
|
Granular urea |
|
1,143 |
|
|
|
984 |
|
|
|
4,561 |
|
|
|
4,123 |
|
|
UAN (32%) |
|
1,827 |
|
|
|
2,135 |
|
|
|
6,706 |
|
|
|
6,763 |
|
|
AN |
|
355 |
|
|
|
390 |
|
|
|
1,517 |
|
|
|
1,646 |
|
|
(1) |
See reconciliations of EBITDA and adjusted EBITDA to the most directly comparable GAAP measures in the tables accompanying this release. |
|
(2) |
Includes the cost of natural gas used for production and related transportation that is included in cost of sales during the period under the first-in, first-out inventory cost method. Includes realized gains and losses on natural gas derivatives settled during the period. Excludes unrealized mark-to-market gains and losses on natural gas derivatives. For the year ended December 31, 2021, excludes the $112 million gain on net settlement of certain natural gas contracts with suppliers due to Winter Storm Uri in February 2021. |
|
(3) |
Gross ammonia production, including amounts subsequently upgraded into other products. |
Ammonia Segment
CF Industries’ ammonia segment produces anhydrous ammonia (ammonia), which is the base product that the Company manufactures, containing 82 percent nitrogen and 18 percent hydrogen. The results of the ammonia segment consist of sales of ammonia to external customers for its nitrogen content as a fertilizer, in emissions control and in other industrial applications. In addition, the Company upgrades ammonia into other nitrogen products such as urea, UAN and AN.
|
Three months ended |
|
Year ended |
|||||||||||||
December 31, |
|
December 31, |
||||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
(dollars in millions,
|
|||||||||||||||
Net sales |
$ |
804 |
|
|
$ |
778 |
|
|
$ |
3,090 |
|
|
$ |
1,787 |
|
|
Cost of sales |
|
416 |
|
|
|
487 |
|
|
|
1,491 |
|
|
|
1,162 |
|
|
Gross margin |
$ |
388 |
|
|
$ |
291 |
|
|
$ |
1,599 |
|
|
$ |
625 |
|
|
Gross margin percentage |
|
48.3 |
% |
|
|
37.4 |
% |
|
|
51.7 |
% |
|
|
35.0 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Sales volume by product tons (000s) |
|
895 |
|
|
|
1,180 |
|
|
|
3,300 |
|
|
|
3,589 |
|
|
Sales volume by nutrient tons (000s)(1) |
|
734 |
|
|
|
968 |
|
|
|
2,707 |
|
|
|
2,944 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Average selling price per product ton |
$ |
898 |
|
|
$ |
659 |
|
|
$ |
936 |
|
|
$ |
498 |
|
|
Average selling price per nutrient ton(1) |
|
1,095 |
|
|
|
804 |
|
|
|
1,141 |
|
|
|
607 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted gross margin(2): |
|
|
|
|
|
|
|
|||||||||
Gross margin |
$ |
388 |
|
|
$ |
291 |
|
|
$ |
1,599 |
|
|
$ |
625 |
|
|
Depreciation and amortization |
|
47 |
|
|
|
71 |
|
|
|
166 |
|
|
|
209 |
|
|
Unrealized net mark-to-market loss on natural gas derivatives |
|
19 |
|
|
|
13 |
|
|
|
13 |
|
|
|
7 |
|
|
Adjusted gross margin |
$ |
454 |
|
|
$ |
375 |
|
|
$ |
1,778 |
|
|
$ |
841 |
|
|
Adjusted gross margin as a percent of net sales |
|
56.5 |
% |
|
|
48.2 |
% |
|
|
57.5 |
% |
|
|
47.1 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Gross margin per product ton |
$ |
434 |
|
|
$ |
247 |
|
|
$ |
485 |
|
|
$ |
174 |
|
|
Gross margin per nutrient ton(1) |
|
529 |
|
|
|
301 |
|
|
|
591 |
|
|
|
212 |
|
|
Adjusted gross margin per product ton |
|
507 |
|
|
|
318 |
|
|
|
539 |
|
|
|
234 |
|
|
Adjusted gross margin per nutrient ton(1) |
|
619 |
|
|
|
387 |
|
|
|
657 |
|
|
|
286 |
|
|
(1) |
Nutrient tons represent the tons of nitrogen within the product tons. |
|
(2) |
Adjusted gross margin, adjusted gross margin as a percent of net sales and adjusted gross margin per product ton and per nutrient ton are non-GAAP financial measures. Adjusted gross margin is defined as gross margin excluding depreciation and amortization and unrealized net mark-to-market (gain) loss on natural gas derivatives. A reconciliation of adjusted gross margin, adjusted gross margin as a percent of net sales and adjusted gross margin per product ton and per nutrient ton to gross margin, the most directly comparable GAAP measure, is provided in the table above. See “Note Regarding Non-GAAP Financial Measures” in this release. |
Comparison of 2022 to 2021:
- Ammonia sales volume for 2022 decreased compared to 2021 as fall ammonia applications returned to more normal levels compared to 2021’s record fall ammonia season and due to the transfer of 61,000 tons of ammonia in the fourth quarter to the Company’s Billingham Complex in the U.K. for ammonium nitrate production.
- Ammonia average selling prices increased for 2022 compared to 2021 due to decreased global supply availability, as higher global energy costs reduced global operating rates and geopolitical factors disrupted the global fertilizer supply chain.
- Ammonia adjusted gross margin per ton increased for 2022 compared to 2021 due to higher average selling prices, partially offset by higher realized natural gas costs.
Granular Urea Segment
CF Industries’ granular urea segment produces granular urea, which contains 46 percent nitrogen. Produced from ammonia and carbon dioxide, it has the highest nitrogen content of any of the Company’s solid nitrogen products.
|
Three months ended |
|
Year ended |
|||||||||||||
December 31, |
December 31, |
|||||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
(dollars in millions,
|
|||||||||||||||
Net sales |
$ |
605 |
|
|
$ |
662 |
|
|
$ |
2,892 |
|
|
$ |
1,880 |
|
|
Cost of sales |
|
304 |
|
|
|
287 |
|
|
|
1,328 |
|
|
|
992 |
|
|
Gross margin |
$ |
301 |
|
|
$ |
375 |
|
|
$ |
1,564 |
|
|
$ |
888 |
|
|
Gross margin percentage |
|
49.8 |
% |
|
|
56.6 |
% |
|
|
54.1 |
% |
|
|
47.2 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Sales volume by product tons (000s) |
|
1,033 |
|
|
|
1,018 |
|
|
|
4,572 |
|
|
|
4,290 |
|
|
Sales volume by nutrient tons (000s)(1) |
|
475 |
|
|
|
468 |
|
|
|
2,103 |
|
|
|
1,973 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Average selling price per product ton |
$ |
586 |
|
|
$ |
650 |
|
|
$ |
633 |
|
|
$ |
438 |
|
|
Average selling price per nutrient ton(1) |
|
1,274 |
|
|
|
1,415 |
|
|
|
1,375 |
|
|
|
953 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjusted gross margin(2): |
|
|
|
|
|
|
|
|||||||||
Gross margin |
$ |
301 |
|
|
$ |
375 |
|
|
$ |
1,564 |
|
|
$ |
888 |
|
|
Depreciation and amortization |
|
59 |
|
|
|
56 |
|
|
|
272 |
|
|
|
235 |
|
|
Unrealized net mark-to-market loss on natural gas derivatives |
|
17 |
|
|
|
11 |
|
|
|
13 |
|
|
|
6 |
|
|
Adjusted gross margin |
$ |
377 |
|
|
$ |
442 |
|
|
$ |
1,849 |
|
|
$ |
1,129 |
|
|
Adjusted gross margin as a percent of net sales |
|
62.3 |
% |
|
|
66.8 |
% |
|
|
63.9 |
% |
|
|
60.1 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Gross margin per product ton |
$ |
291 |
|
|
$ |
368 |
|
|
$ |
342 |
|
|
$ |
207 |
|
|
Gross margin per nutrient ton(1) |
|
634 |
|
|
|
801 |
|
|
|
744 |
|
|
|
450 |
|
|
Adjusted gross margin per product ton |
|
365 |
|
|
|
434 |
|
|
|
404 |
|
|
|
263 |
|
|
Adjusted gross margin per nutrient ton(1) |
|
794 |
|
|
|
944 |
|
|
|
879 |
|
|
|
572 |
|
|
Contacts
Media
Chris Close
Director, Corporate Communications
847-405-2542 - This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors
Martin Jarosick
Vice President, Treasury and Investor Relations
847-405-2045 - This email address is being protected from spambots. You need JavaScript enabled to view it.
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