June 2009 -- Nitrogen and phosphate fertilizer manufacturer CF Industries Holdings Inc. reported on April 23 that first-quarter 2009 net earnings declined 61% from the year-earlier period due to lower selling prices and demand. Profit reached $62.7 million, or $1.28 a share, compared with $158.8 million, or $2.76 per share, in the year-ago period.
Net sales in the quarter totaled $680.6 million, a 2% increase from first-quarter 2008.
"Complicating matters throughout the industry were ongoing delays in customer purchasing decisions due to the rapid decline in wholesale prices, especially for phosphate," said Stephen Wilson, chairman and CEO, in a prepared statement. "As a result, many customers are taking a wait-and-see approach before making fertilizer commitments."
The company's Nitrogen Fertilizer segment experienced flat sales volumes because of uncertainty regarding weather conditions for the spring season. Nitrogen net sales totaled $456.2 million, up 4% from $437.8 million, in first-quarter 2008.
