Total Revenue

$1,370 million (+8% YoY) " "

Primarily driven by higher ammonia sales and slightly improved volumes, offset by ongoing global price competition. Stable natural gas costs helped maintain production levels, contributing to steady revenue growth.

North America Revenue

$1,085 million (+9% YoY) " "

Strong domestic fertilizer demand during the key planting season supported higher sales, albeit partially offset by competitive global supply. The region also benefited from stable energy costs relative to other major production areas.

Ammonia

$353 million (+50% YoY) " "

A substantial rebound from the prior year’s lower pricing, aided by increased global demand for both agricultural and industrial applications. Lower natural gas costs helped sustain production volumes, contributing to higher overall sales.

Granular Urea

$388 million (+8% YoY) " "

Modest gains in average selling prices and a slight increase in volumes drove this uptick. Although global capacity expansions kept prices in check, continued strong crop demand supported the year-over-year improvement.

UAN

$406 million (-7% YoY) " "

Reflects lower average selling prices due to abundant global supply, partially offset by stable volumes in key North American markets. The segment also faced heightened competition driven by lower-cost producers abroad.

Operating Income (EBIT)

$364 million (+49% YoY) " " "

Driven by improved gross margin, as stable or modestly higher product prices coincided with lower natural gas expenses. The company also benefited from better operating efficiencies and fewer one-time charges compared to the prior year.

Net Income

$276 million (+68% YoY) " " "

Boosted by higher operating income and the absence of major extraordinary costs from the prior year. Favorable tax adjustments and operational improvements supported the significant increase, despite global market headwinds in certain segments.

EPS (Diluted)

$1.55 (+78% YoY) " " "

Reflects robust net income growth and a lower share count from ongoing repurchases, magnifying per-share earnings. The combination of stable production costs and stronger profitability in ammonia contributed notably to the EPS increase.

Gross ammonia production

FY 2024

9.8 million tons "

9.8 million tons "

no change

Share repurchase program

FY 2024

$1.9B "

$1.5B "

lowered

Carbon capture

FY 2024

no prior guidance

$100 million "

no prior guidance

Europe’s production curtailments and high energy costs creating a competitive advantage for CF.

Mentioned consistently in Q2 2024 " , Q1 2024 " " , and Q4 2023. " "

Europe’s high energy costs continue to support CF’s margin advantage. They expect further European capacity reductions leading to increased imports. "

Ongoing competitive advantage

Ongoing investments in low-carbon/clean ammonia supported by tax credits and growing global demand.

Consistent focus in Q2 2024 " " " " " , Q1 2024 " " , and Q4 2023. " " " " "

Progress on carbon capture (45Q) and green ammonia projects; expecting ~$100M annual credits, tightening market supports returns. " " " "

Continues as a major strategic priority

Continuing share repurchase programs as a key component of capital returns.

Also highlighted in Q2 2024 " " " , Q1 2024 " , and Q4 2023. " " "

Repurchased ~15M shares for >$1.1B YTD, reducing share count by 7.5%. ~$1.5B authorized remains. " "

Sustained commitment to share buybacks

Waggaman facility performance and integration updates

Only discussed in Q1 2024 " " , with some updates in Q2 2024 " " and Q4 2023. " " "

Not mentioned in Q3 2024.

Dropped after early 2024

Significant production outages and associated maintenance costs

Discussed mainly in Q1 2024 " " " " " , with follow-up in Q2 2024 " " and Q4 2023. " "

No direct reference in Q3 2024. " "

No longer mentioned

CBAM regulations in Europe potentially reducing regional nitrogen production and increasing imports

Brief mention in Q2 2024 context " ; not discussed in Q1 or Q4 2023.

Newly emphasized. Europe could need 3–4M extra nutrient tons; CF sees ~$150/ton margin advantage for low-carbon. "

New focus in Q3 2024

Chinese urea exports dropping below 1 million tonnes, supporting tighter global supply and higher prices

Projected at 2–3M tonnes in Q2 2024 " " , ~4M in Q1 2024 " " , 3–4M in Q4 2023. "

Exports expected at <1M tonnes, 90% lower YoY; tight global market supports higher prices. " "

Markedly reduced exports

Change in sentiment on Chinese exports

In Q2 2024, volumes turned “almost negligible” " , while Q1 2024 forecast was ~4M " " , and Q4 2023 suggested 3–4M. "

Shift to much lower export volumes (<1M) vs. earlier forecasts (2–4M). " "

Significant revision downward

Shift in farmer demand sentiment

Q2 2024 noted strong spring demand but some purchase delays " " ; no mention in Q1 2024 or Q4 2023 references.

Farmers delayed purchases in Q3 2024, managing cash constraints but still requiring nitrogen. "

Moved from robust early-year demand to cautious buying

Europe’s transition to low-carbon ammonia imports, offering substantial margin advantages for CF.

Q2 2024 discussed carbon arbitrage with high energy costs " " ; partial mentions in Q4 2023. " "

Sees up to ~$150/ton benefit under CBAM, expects Europe to need 3–4M additional imports by 2030. "

Increasingly important as CBAM nears

Decarbonization trends fueling long-term growth opportunities for clean ammonia in power generation and marine fuels

Consistently noted in Q2 2024 " " , Q1 2024 " " , and partially in Q4 2023. "

CF sees tightening S&D and new applications in energy, continuing to justify expansions. " " "

Remains a core growth driver