CF Industries announces high commodity prices helped it doubled earnings in 2021
By MEDICINE HAT NEWS on February 17, 2022.
https://www.medicinehatnews.com@MedicineHatNews CF Industries doubled its earnings in 2021 thanks to higher prices across all segments for the fertilizer maker that has a major operation in Medicine Hat, it announced Wednesday in year-end financial statements. Sales volumes were slightly lower, but net income nearly tripled to US$917 million, compared to a year earlier, but profit margin was muted by high natural gas prices. Adjusted earnings were US $2.74 billion, up from US$1.35 billion in 2020. During the year, CF also completed a US$1-billion share buy-back program and spend US$500 million in capital expenditures. In late 2020 the company announced it would seek to become a leader in emerging hydrogen production and delivery sector. The company has begun installing at its Donaldson, La. facility a “green Hydrogen” electrolyzer, which separates water molecules into oxygen and hydrogen with an attached 20-megawatt renewable power system. It will also install carbon capture infrastructure at two U.S. plants – Donaldsonville and Yazoo City – capable of processing carbon resulting from 1.25 million tonnes of “blue ammonia”, made from natural gas feedstock. The company has targeted spending US $325 million on environmental projects by 2025. 9-8
