Nov 1 (Reuters) – Fertilizer maker CF Industries reported a 63% drop in third-quarter profit on Wednesday, as lower fertilizer prices hit its earnings.
CF’s shares fell 1.4% in extended trade.
Nitrogen fertilizer prices have fallen compared to last year as supplies have stabilized, denting margins for companies like CF Industries.
Rival Yara had reported a bigger-than-expected drop in third-quarter earnings as falling prices squeezed margins.
CF reported earnings of $164 million, or 85 cents per share, for the three months ended Sept. 30, down from $438 million, or $2.18 per share, a year-ago.
The company’s average selling price per product ton in its ammonia segment reduced to $308 from $826 last year.
Gross margin fell nearly 59% to $377 million from a year ago.
“Management expects demand through the end of 2023 and into 2024 to remain strong, led by India and Brazil,” the company said in a statement. (Reporting by Sourasis Bose in Bengaluru; Editing by Shailesh Kuber)
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