June 2009 -- Terra Industries announced first quarter 2009 earnings of $30 million, or $0.30 per share, compared to $100.2 million, or $0.97 per share, for the same period in 2008. Terra declared a dividend of $0.10 per common share, payable June 9, to holders of record as of May 20, 2009.
The nitrogen producer had revenues of $419.8 million, compared to $574.7 million for the 2008 first quarter. Terra said the sales decline was due primarily to lower ammonia selling prices and lower urea ammonium nitrate (UAN) and ammonium nitrate (AN) sales volumes. The decrease in ammonia selling prices was attributed to soft global industrial demand related to the economic downturn.
Terra President and CEO Michael Bennett said a decline in natural gas prices, while not fully reflected in the first quarter, should benefit the company in coming months. The company expects much stronger earnings in the second quarter, driven by improved sales volumes and lower feedstock costs.
