(Reuters) - U.S. fertilizer producer CF Industries Holdings Inc (CF.N) reported a 93.6 percent fall in quarterly profit on Wednesday and said it expects nitrogen pricing to be challenged through 2017 and into 2018. <\/p>\n
Fertilizer prices have faced pressure from soft crop prices and expanding U.S. nitrogen fertilizer capacity. <\/p>\n
The average selling price for ammonia fell nearly 18 percent to $338 per ton in the second quarter, while the price of UAN (urea ammonium nitrate) dropped about 13 percent to $175 per ton. <\/p>\n
The Deerfield, Illinois-based company's net earnings fell to $3 million, or 1 cent per share, in the quarter ended June 30, from $47 million, or 20 cents per share, a year earlier. <\/p>\n
The company recorded a derivative loss of $18 million in the latest reported quarter. <\/p>\n
Net sales fell marginally to $1.12 billion. <\/p>\n
Industry peer Mosaic Co (MOS.N) on Tuesday forecast slower phosphate sales and weaker prices for the third quarter. <\/p>\n
Shares of CF were marginally down at $28.55 in after-hours trading on Wednesday. <\/p>\n
Reporting by John Benny in Bengaluru; Editing by Maju Samuel <\/p>\n
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Fertilizer maker CF Industries posts 93.6 percent plunge in profit - Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" (Reuters) - U.S. Continue reading