CF Industries Jumps Most in 2 Years on Bullish Nitrogen Outlook
(Bloomberg) -- CF Industries Holdings Inc. rose the most in more than two years as the fertilizer maker surpassed quarterly profit expectations and forecast robust global nitrogen pricing.
The stock rose 8.3% to $79.36 as of 1:35 p.m. in New York trading, the biggest intraday jump since June 2022. Second-quarter sales and earnings beat analysts’ estimates.
CF Industries said that going into the current quarter, natural gas curtailments in Egypt and Trinidad, and anemic urea exports from China helped lift global nitrogen pricing during what’s normally a lackluster season for the sector. The boost comes as CF and other fertilizer producers have been contending with lower profits and sales.
“In the near-term, management expects the global supply-demand balance to remain constructive, led by nitrogen import requirements through year-end for Brazil and India and continued wide energy spreads between North America and high-cost production in Europe,” the company said in a statement late Tuesday.
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