CF Industries misses second-quarter estimates as lower volumes offset higher fertilizer prices

U.S. fertilizer company CF Industries missed Wall Street estimates for second-quarter profit and revenue on Wednesday, as lower sales volumes outweighed some benefit from higher nitrogen product prices, sending its shares down 6.5% in after-hours trading.

Higher prices across all segments lifted quarterly net sales to $2.22 billion from $1.89 billion a year earlier, despite a 15% decline in sales volumes.

The Northbrook, Illinois-based company reported net earnings of $727 million, or $4.73 per diluted share, for the three months ended June 30, compared with $386 million, or $2.37 per share, a year earlier.

Analysts on average expected earnings of $5.50 per share and revenue of $2.44 billion, according to LSEG-compiled data.

CF Industries said volumes were affected by lower urea ammonium nitrate, ammonium nitrate and ammonia sales, and also lost product availability from its Yazoo City, Mississippi, complex, which has been offline since an incident in November 2025.

Tighter global supply due to the Middle East conflict pushed nitrogen prices higher from mid-February into the second quarter, though they returned to pre-conflict levels by quarter-end as seasonal demand eased.

The company estimated the Iran conflict has cut Middle East traded supply by 4 million to 4.5 million metric tons of urea and about 1 million tons of ammonia, and said hostilities, uncertainty around Strait of Hormuz transit and higher shipping costs could keep supply below pre-conflict levels.