CF Industries Holdings, Inc. Reports First Quarter 2024 Net Earnings of $194 Million, Adjusted EBITDA of $459 Million

By: Corporate Communications
May 1, 2024


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, 2024.


  • First quarter net earnings(1)(2) of $194 million, or $1.03 per diluted share, EBITDA(3) of $488 million, and adjusted EBITDA(3) of $459 million
  • Trailing twelve months net cash from operating activities of $2.26 billion and free cash flow(4) of $1.38 billion
  • Production outages in the first quarter 2024 due to severe cold and other maintenance events resulted in approximately $75 million higher maintenance expenses than the first quarter of 2023
  • Lower ammonia production in the first quarter of 2024 compared to the first quarter of 2023 reduced ammonia available to produce higher-margin upgraded fertilizer products
  • Executed a joint development agreement with JERA Co., Inc., Japan’s largest energy company, to explore development of greenfield low-carbon ammonia production capacity in Louisiana
  • Commissioning of electrolyzer at Company’s Donaldsonville, Louisiana, facility nearing completion, with start-up of green ammonia production to follow
  • Repurchased 4.3 million shares for $347 million during the first quarter of 2024

“The CF Industries team faced a challenging quarter as severe cold in January and some unplanned maintenance disrupted our network significantly,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “However, our team did an outstanding job restoring our operations to normal utilization rates.

“Longer-term, we remain confident in our ability to drive strong cash generation due to a global energy cost structure favorable to our North American-based production network and continued progress on our low-carbon clean energy initiatives. As a result, we believe we will be able to continue to create significant shareholder value from disciplined investments in growth opportunities and returning substantial capital to shareholders.”

Read the full press release.