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CF Industries posts smaller-than-expected third-quarter loss
November 1, 2017 / 8:40 PM / in 20 days

CF Industries posts smaller-than-expected third-quarter loss

(Reuters) - North America’s largest nitrogen fertilizer maker CF Industries Holdings Inc (CF.N) reported a smaller-than-expected quarterly loss on Wednesday, as higher sales volumes more than offset lower average selling prices.

Shares rose 3.3 percent to $39.30 in after market, reaching their highest since late 2015.

The company’s ammonia sales volumes rose 54 percent to 826,000 tons in the reported quarter, as lesser Chinese exports coupled with a higher-than-usual global demand.

Average selling price for ammonia fell 18 percent to $235 per ton.

The company’s net loss widened to $87 million, or 37 cents per share, in the third quarter ended Sept. 30, from $30 million, or 13 cents per share, a year earlier.

Excluding items, the company lost 39 cents per share, smaller than the loss of 54 cents per share expected by analysts, according to Thomson Reuters I/B/E/S.

Net sales rose to $870 million from $680 million.

Reporting by Karan Nagarkatti in Bengaluru; Editing by Shounak Dasgupta

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