CF Industries Holdings, Inc. Reports First Quarter 2023 Net Earnings of $560 Million, Adjusted EBITDA of $866 Million
By: Corporate Communications
May 1, 2023
CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for the first quarter ended March 31, 2023.
- First quarter 2023 net earnings of $560 million(1), or $2.85 per diluted share, EBITDA(2) of $924 million, and adjusted EBITDA(2) of $866 million
- Trailing twelve months net cash from operating activities of $3.41 billion and free cash flow(3) of $2.33 billion
- Signed a definitive asset purchase agreement with Incitec Pivot Limited (IPL) for IPL’s ammonia production complex located in Waggaman, Louisiana
- Executed memorandum of understanding (MOU) with LOTTE CHEMICAL Corporation (LOTTE), South Korea’s leading chemical company, regarding clean ammonia supply into South Korea
- Repurchased more than 1 million shares for $75 million during the first quarter of 2023
“The CF Industries team executed our business well in the first quarter of 2023 as we worked safely, delivered strong operational performance and advanced our clean energy and growth initiatives, including our agreement to buy the Waggaman ammonia production complex,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “Despite downward pressure in the global nitrogen market compared to the unprecedented pricing environment in 2022, industry fundamentals remain positive and forward global energy curves suggest attractive margin opportunities for our cost-advantaged network for the foreseeable future. As a result, we expect to continue to drive strong cash generation, enabling us to create long-term shareholder value through disciplined investments in clean energy, inorganic growth opportunities and returning substantial capital to shareholders.”
Read the entire press release here.