CF Industries Holdings, Inc. Reports Nine Month 2021 Net Earnings of $212 Million, EBITDA of $984 Million, Adjusted EBITDA of $1,485 Million

CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for its first nine months and third quarter ended September 30, 2021. As discussed below, results are preliminary pending completion of an impairment analysis and finalization of  non-cash impairment charges related to the Company’s UK operations.

Highlights

• First nine months net earnings of $212 million⁽¹⁾, or $0.98 per diluted share, and EBITDA⁽²⁾ of $984 million, which include the impact of preliminary pre-tax non-cash impairment charges of $495 million related to the Company’s UK operations; adjusted EBITDA⁽²⁾ of $1,485 million
• Third quarter net loss of $185 million⁽¹⁾, or $0.86 per diluted share, and EBITDA loss of $10 million, which include the impact of preliminary pre-tax non-cash impairment charges of $495 million related to the Company’s UK operations; adjusted EBITDA of $488 million
• Trailing twelve month net cash from operating activities of $1.68 billion, free cash flow⁽³⁾ of $1.00 billion
• Achieved Investment Grade Credit Ratings from S&P Global Ratings and Fitch Ratings
• Redeemed $250 million in debt in the third quarter, lowering long-term debt to $3.5 billion, committed to lowering gross debt to $3.0 billion
• Repurchased approximately 1.1 million shares for $50 million during the third quarter; new $1.5 billion share repurchase program authorized for 2022-2024
• Board approved construction of carbon dioxide dehydration and compression units at Donaldsonville and Yazoo City complexes, enabling the production of up to 1.25 million tons of blue ammonia annually
• U.S. International Trade Commission issued an affirmative decision in the preliminary phase of its antidumping and countervailing duty investigation of UAN imports from Russia and Trinidad

“Strong global nitrogen demand, favorable energy spreads and continued excellent performance by the CF team  helped us deliver a nearly 50 percent increase in adjusted EBITDA through the first nine months of 2021 compared to 2020,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “We expect positive nitrogen industry fundamentals will persist at least into 2023, underpinned by the need to replenish global grains stocks and by rising economic activity. We are well-positioned to capitalize on these positive industry dynamics, enabling us to invest in our clean energy initiatives, return substantial capital to shareholders and achieve our goal of $3 billion of gross debt by 2023.”

Read the full release here.