CF Industries suffers fall in fourth-quarter profits

CF Industries’ fourth-quarter profits decreased by 68% year on year, according to a press release issued by the fertilizer producer on Wednesday.

The company reported that its net earnings in the final three months of last year fell to $274mn, or $1.44 per share, which was down from $860 million, or $4.35 per share, in 2022.

CF Industries also said that net sales in Q4 2023 fell to $1.57bn, down from $2.61bn in Q4 2022.

It attributed the results to a drop in the price of nitrogen fertilizer, which hit record highs in 2022 following Russia’s invasion of Ukraine and the ensuing market disruptions.

CF Industries nonetheless expressed optimism over the year ahead, saying that it expects nitrogen demand in North America for the spring application season to remain strong.