For the quarter ended June 2024, CF Industries (CF) reported revenue of $1.57 billion, down 11.4% over the same period last year. EPS came in at $2.30, compared to $2.70 in the year-ago quarter.The reported revenue represents a surprise of -0.52% over the Zacks Consensus Estimate of $1.58 billion. With the consensus EPS estimate being $1.80, the EPS surprise was +27.78%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine thei ...

CF Industries (CF) came out with quarterly earnings of $2.30 per share, beating the Zacks Consensus Estimate of $1.80 per share. This compares to earnings of $2.70 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 27.78%. A quarter ago, it was expected that this fertilizer maker would post earnings of $1.47 per share when it actually produced earnings of $1.03, delivering a surprise of -29.93%.Over the last four quarters, the co ...

财务业绩 - 公司在第二季度2024年实现净收益4.2亿美元，每股摊薄收益2.30美元，EBITDA为7.52亿美元，调整后EBITDA为7.52亿美元[12] - 公司在2024年上半年实现净收益6.14亿美元，每股摊薄收益3.31美元，EBITDA为12.4亿美元，调整后EBITDA为12.11亿美元[8] - 公司在过去12个月实现经营活动净现金流20.2亿美元，自由现金流11.5亿美元[4] - 公司第二季度净销售额为15.72亿美元，同比下降11.4%[102] - 第二季度毛利润为6.79亿美元，同比下降15.5%[102] - 第二季度净收益为4.20亿美元，同比下降20.3%[102] - 第二季度每股摊薄收益为2.30美元，同比下降14.8%[103] - 截至2023年12月31日，公司现金及现金等价物余额为20.32亿美元[104] - 截至2023年12月31日，公司总资产为143.76亿美元[104] - 截至2023年12月31日，公司总权益为83.73亿美元[105] - 第二季度经营活动产生的现金流量净额为4.75亿美元，同比下降33.3%[106] - 第二季度自由现金流量为3.91亿美元，同比下降45.1%[108] - 2024年6月30日的自由现金流为11.53亿美元[109] - 2023年6月30日的自由现金流为21.19亿美元[109] - 2024年6月30日的调整后EBITDA为12.11亿美元[113] - 2023年6月30日的调整后EBITDA为17.23亿美元[113] - 2024年6月30日的EBITDA为12.40亿美元[113] - 2023年6月30日的EBITDA为17.79亿美元[113] - 2024年6月30日的净收益为6.14亿美元[113] - 2023年6月30日的净收益为10.87亿美元[113] - 2024年6月30日的每吨调整后EBITDA为128.84美元[115] - 2023年6月30日的每吨调整后EBITDA为181.89美元[115] 产品销量和价格 - 2024年上半年氨气销量增加,主要由于新收购的瓦格曼氨气生产设施带来的合同承诺增加,但部分被北美春季农业用氨气需求下降所抵消[58] - 2024年上半年氨气平均售价下降,主要由于全球能源成本下降导致全球市场清算价格下降,以及公司非农业用氨气销售占比增加[58] - 2024年上半年尿素销量下降,主要由于氨气供应可用性降低以及天气因素导致尿素装置停产的影响[66] - 2024年上半年尿素平均售价下降,主要由于全球能源成本下降导致全球市场清算价格下降[66] - 2024年上半年UAN销量下降,主要由于氨气供应可用性降低[68] - 2024年上半年UAN平均售价下降,主要由于全球能源成本下降导致全球市场清算价格下降[69] - 销量方面,UAN和其他产品的销量与上年同期相当[75,92] - 价格方面,UAN和其他产品的平均售价较上年同期有所下降[75,92] 毛利率 - 2024年上半年氨气调整后毛利率下降,主要由于平均售价下降和维护成本上升,部分被天然气成本下降所抵消[58] - 2024年上半年尿素调整后毛利率下降,主要由于平均售价下降和为满足客户需求而采购尿素的影响,部分被天然气成本下降所抵消[66] - 2024年上半年UAN调整后毛利率下降,主要由于平均售价下降[70] - 公司采用了非GAAP财务指标,如调整后毛利率,以更好地反映业务表现[54][62][70] - 公司的调整毛利率为30.6%，调整毛利率占净销售额的比例为33.7%[79] - 氨基氮产品的调整毛利率为259美元/吨，较上年同期下降[80] - 其他产品的调整毛利率为716美元/吨，较上年同期下降[90] 其他 - 公司与埃克森美孚签订协议,将从密西西比州亚苏城工厂每年捕集并永久封存高达50万吨二氧化碳,预计2028年启动[4] - 公司在第二季度回购了400万股,共计3.05亿美元[4] - 公司预计2024年全年氨产量约为980万吨[7] - 公司宣布将于2024年8月30日向股东派发每股0.5美元的季度股息[93] - 公司将于2024年8月8日召开电话会议讨论二季度和上半年业绩[94] - 公司致力于实现氨生产网络的脱碳,以生产绿色和低碳氢和氮产品[95] - 公司使用的非GAAP财务指标包括EBITDA、自由现金流、分部调整毛利率等[96] - 公司未来发展计划存在不确定性,可能会影响实际业绩[97] - 公司第二季度收购了Waggaman氨生产设施[106]

文章核心观点 - CF Industries即将于8月7日盘后公布2024年第二季度业绩 [1] - 公司过去四个季度中有三个季度的业绩未达到Zacks共识预期,平均负面业绩惊喜为4.6% [2] - 公司二季度业绩可能受到较低氮肥价格的影响,但有望受益于主要市场的健康氮肥需求和天然气成本下降 [2] - 公司股价在过去一年内下跌9.5%,而行业下跌29.7% [2] 根据相关目录分别进行总结 销售收入 - 公司二季度总销售额预计为15.802亿美元,同比下降约11% [4] - 氨销售额预计为4.301亿美元,同比下降18.1% [5] - 颗粒尿素销售额预计为4.544亿美元,同比下降1.2% [5] - 尿素氨溶液销售额预计为5.082亿美元,同比下降7.3% [6] - 硝酸铵销售额预计为9470万美元,同比下降8.9% [7] 影响因素 - 公司有望受益于全球氮肥需求旺盛,受益于农业需求强劲和工业需求复苏 [8] - 天然气价格下降有望带来成本下降 [8] - 但氮肥价格疲软可能对公司销售和利润产生不利影响 [9]

simonkr If the stock market is headed for a further 3Q downdraft, as some expect, investors may want to consider their individual timing relative to my buy recommendation for CF Industries Holdings (NYSE:CF) to apply after the overall market stabilizes. At the same time, short-term traders should be aware the company’s 2Q24 earnings date is August 7, 2024. CF Industries is the world’s largest ammonia producer, with 10.4 million tons/year of capacity. Ammonia is the key ingredient for fertilizer. CF’s ma ...

In its upcoming report, CF Industries (CF) is predicted by Wall Street analysts to post quarterly earnings of $1.87 per share, reflecting a decline of 30.7% compared to the same period last year. Revenues are forecasted to be $1.58 billion, representing a year-over-year decrease of 11%.The current level reflects a downward revision of 3.4% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial pro ...

The market expects CF Industries (CF) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on August 7, 2024, might help the stock move higher if these key numbers are bett ...

CF Industries Holdings, Inc. (CF) recently stated that it is moving forward with a carbon capture and sequestration (CCS) project at its Yazoo City, MS, Complex, which is estimated to reduce carbon dioxide (CO2) emissions to the atmosphere by up to 500,000 metric tons per year. As part of the project, CF inked a definitive commercial deal with ExxonMobil for CO2 transport and sequestration in permanent geologic storage. Sequestration is projected to begin in 2028.CF Industries will invest around $100 millio ...

simonkr/E+ via Getty Images Investment Thesis Since my last post on it, CF Industries Holdings, Inc. (NYSE:CF) has faced several issues affecting performance, with their shares declining by 8.35% over the last year, primarily due to a drastic decline in ammonia prices. Global ammonia prices have fallen by over 50% since the peak in 2022, adding margin pressure on companies (like CF) reliant on these prices for profitability. Adding to the woes, the sector has seen a broader rotation out of commodity ind ...

CF Industries Holdings, Inc. (CF) and POET LLC, the world's largest producer of biofuel and a global leader in sustainable bioproducts, announced a partnership to test the use of low-carbon ammonia fertilizer to reduce the carbon intensity of corn production and ethanol. Demand for lower-carbon ethanol is likely to rise considerably to fulfill low-carbon fuel standards.Although ammonia is a popular direct-application fertilizer for corn production in the United States, the traditional ammonia production pro ...