CF Industries Holdings, Inc. Reports Full Year 2019 Net Earnings of $493 Million, EBITDA of $1,620 Million
Business Wire Business Wire•February 12, 2020
Strong Safety Focus and Operational Performance Drive Solid Results
Net Cash from Operating Activities of $1.5 Billion
Positive Outlook for North American Spring Demand and Longer-Term Industry Fundamentals
CF Industries Holdings, Inc. (NYSE: CF), a leading global fertilizer and chemical company, today announced results for its fourth quarter and year ended December 31, 2019.
Highlights
Full year net earnings of $493 million(1), or $2.23 per diluted share; EBITDA(2) of $1,620 million; adjusted EBITDA(2) of $1,610 million
Fourth quarter net earnings of $55 million(1), or $0.25 per diluted share; EBITDA of $306 million; adjusted EBITDA of $325 million
Full year net cash from operating activities of $1,505 million, free cash flow(3) of $915 million
Lowest year-end 12-month rolling average recordable incident rate in company’s history
Set company record for quarterly gross ammonia production in fourth quarter
Redeemed $750 million in debt, lowering long-term debt to $4.0 billion
Repurchased 1.9 million shares during the quarter
Overview of Results
CF Industries Holdings, Inc. today announced full year 2019 net earnings attributable to common stockholders of $493 million, or $2.23 per diluted share; EBITDA of $1,620 million; and adjusted EBITDA of $1,610 million. These results compare to the full year 2018 net earnings attributable to common stockholders of $290 million, or $1.24 per diluted share; EBITDA of $1,429 million; and adjusted EBITDA of $1,403 million.
For the fourth quarter of 2019, net earnings attributable to common stockholders were $55 million, or $0.25 per diluted share; EBITDA was $306 million; and adjusted EBITDA was $325 million. These results compare to fourth quarter 2018 net earnings attributable to common stockholders of $49 million, or $0.21 per diluted share; EBITDA of $349 million; and adjusted EBITDA of $341 million.
"The CF team executed exceptionally well in 2019, achieving our lowest year-end recordable incident rate ever and delivering a 15 percent increase in adjusted EBITDA compared to 2018," said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. "Our 2019 performance and our position on the low-end of the global nitrogen cost curve enabled us to generate more than $900 million in free cash flow, strengthen our balance sheet and increase shareholder participation in the underlying business. As a result, we delivered a one-year total shareholder return of 13 percent, which was the top performance in our fertilizer peer group."
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(1)
Certain items recognized during the full year and fourth quarter of 2019 impacted our financial results and their comparability to the prior year periods. See the table accompanying this release for a summary of these items.