(Reuters) – Fertilizer maker CF Industries reported on Wednesday that fourth-quarter profit slumped 68%, as lower prices of its products weighed on earnings.
The company said its net earnings fell to $274 million, or $1.44 per share, in the quarter ended December 31, from $860 million, or $4.35 per share, a year earlier.
Nitrogen fertilizer prices have fallen compared to last year as supplies have stabilized, denting profits for companies like CF Industries, which use natural gas as a feedstock and fuel for producing nitrogen fertilizers.
The Deerfield, Illinois-based firm’s net sales fell to $1.57 billion in the October-December quarter, from $2.61 billion a year ago during the same reporting period.
At its ammonium nitrate solution segment, quarterly sales decreased to $418 million from $845 million a year ago.
Peer Yara International ASA’s, also reported earlier this month that its quarterly income took a hit as demand and prices scaled back from the peaks of 2022.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Tasim Zahid)
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