By Josh Beckerman
CF Industries Holdings Inc. ( CF ) swung to a third-quarter loss as an oversupply of nitrogen continued to depress prices.
The maker of fertilizer and other nitrogen products said “seasonal decreases in agricultural demand were compounded by delayed customer purchasing activity,” leading to multiyear lows in pricing.
Fitch Ratings, S&P Global Ratings and Moody’s Investors Service downgraded CF last month, citing market conditions.
Over all, CF posted a loss attributable to common shareholders of $ 30 million, or 13 cents a share, compared with a profit attributable to common shareholders of $ 90 million, or 39 cents a share, a year earlier. Revenue fell 27% to $ 680 million, below the $ 787.8 million estimate from analysts polled by Thomson Reuters.
In the latest quarter, CF recorded a $ 131 million income-tax benefit on a $ 131 million pretax loss. The benefit was recorded primarily due to CF’s projection of a 2016 pretax loss excluding noncontrolling interests.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires 11-02-161915ET Copyright (c) 2016 Dow Jones & Company, Inc.
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