Company: CF
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001324404-25-000015
Chunk: 103

Company: CF Industries Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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 as a fertilizer, in emissions control and in other industrial applications. In addition, we upgrade ammonia into other nitrogen products such as granular urea, UAN and AN. 

The following table presents summary operating data for our Ammonia segment:

 Three Months Ended March 31, 202520242025 v. 2024 (dollars in millions, except per ton amounts)Net sales$520 $402 $118 29 %Cost of sales334 337 (3)(1)%Gross margin$186 $65 $121 186 %Gross margin percentage35.8 %16.2 %19.6 %Sales volume by product tons (000s)1,146 918 228 25 %Sales volume by nutrient tons (000s)(1)940 753 187 25 %Average selling price per product ton$454 $438 $16 4 %Average selling price per nutrient ton(1)$553 $534 $19 4 %Gross margin per product ton$162 $71 $91 128 %Gross margin per nutrient ton(1)$198 $86 $112 130 %Depreciation and amortization$48 $72 $(24)(33)%Unrealized net mark-to-market loss (gain) on natural gas derivatives $1 $(12)$13 N/M

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N/M—Not Meaningful

(1)Ammonia represents 82% nitrogen content. Nutrient tons represent the tons of nitrogen within the product tons.

First Quarter of 2025 Compared to First Quarter of 2024 

Net Sales.    Net sales in our Ammonia segment increased by $118 million, or 29%, to $520 million in the three months ended March 31, 2025 from $402 million in the three months ended March 31, 2024. The increase in our net sales reflects a 25% increase in sales volume and a 4% increase in average selling prices. Average selling prices increased to $454 per ton in the three months ended March 31, 2025 compared to $438 per ton in the three months ended March 31, 2024 as higher global energy costs, due in part to gas curtailments in Iran and Trinidad and higher gas costs in Europe, raised the global market clearing price required to meet global demand. 

Ammonia