©Reuters. A general view of the CF Industries factory in Billingham, Britain, September 22, 2021. REUTERS/Lee Smith/File Photo
(Reuters) – Fertilizer maker CF Industries (NYSE:) reported on Wednesday that fourth-quarter earnings fell 68%, as lower prices for its products weighed on earnings.
The company said its net earnings fell to $274 million, or $1.44 per share, in the quarter ended Dec. 31, compared with $860 million, or $4.35 per share, for the year previous.
Nitrogen fertilizer prices have fallen from last year as supplies have stabilized, affecting the profits of companies like CF Industries, which they use as feedstock and fuel to produce nitrogen fertilizer.
The Deerfield, Ill.-based company’s net sales fell to $1.57 billion in the October-December quarter, compared to $2.61 billion a year ago in the same period under review.
In the ammonium nitrate solutions segment, quarterly sales fell to $418 million from $845 million a year ago.
Peer Yara International (OL:) ASA also reported earlier this month that its quarterly revenue took a hit as demand and prices softened from 2022 peaks.