CF Industries Q2 Profit Falls 37%

(RTTNews) - CF Industries Holdings, Inc. (CF) reported net earnings for the second quarter of $312.6 million or $6.10 per share, compared to $498.2 million or $8.38 per share for the year-ago quarter.

Total net sales for the second quarter fell 14% to $1.47 billion from $1.71 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $6.71 per share on revenue of $1.34 billion for the second quarter. Analysts' estimates typically exclude special items.

CF Industries completed its 2012 $3.0 billion share repurchase program with the repurchase of 3.1 million shares during the second quarter for $756.8 million. Subsequent to the end of the quarter, the company's board of directors approved a 50% increase in the company's quarterly cash dividend from $1.00 to $1.50 per share, and authorized an additional $1.0 billion share repurchase program through December 31, 2016.