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Big Fertilizer: Comparing the Major Players' 2Q17 Results

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Part 3
Big Fertilizer: Comparing the Major Players' 2Q17 Results PART 3 OF 11

Reading Nitrogen Shipments in 2Q17: Fertilizer Giants Weigh In

Nitrogen segment shipments

The eight fertilizer companies (XLB) that we’re considering in this series all produce and sell some or all of the three NPK (nitrogen, phosphorous, and potassium) products. For a more accurate comparison of 2Q17 performance, we’ll be comparing the companies in each of the NPK segments.

In this part, we’ll discuss nitrogen segment performances.

Reading Nitrogen Shipments in 2Q17: Fertilizer Giants Weigh In

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Shipment growth

Shipments and realized prices drive sales in the fertilizer world. Nitrogen shipments saw a median YoY (year-over-year) growth of 1% to 8.2 million metric tons in 2Q17. But nitrogen shipments have had a volatile history. Excess capacity additions along with pressures from Chinese manufacturers have fueled this volatility.

Reading Nitrogen Shipments in 2Q17: Fertilizer Giants Weigh In

Shipments by company

CF Industries (CF) led the group in YoY growth in the shipments of nitrogen products in 2Q17, reporting an 11% YoY rise to 4.6 million metric tons—almost half of the shipment volumes of the other five companies combined.

PotashCorp (POT) also experienced shipment growth in 2Q17—by 6% YoY to 1.6 million metric tons. Agrium (AGU) saw YoY shipment growth of 1% to 1.2 million tons.

Terra Nitrogen (TNH) and CVR Partners (UAN), however, saw YoY declines in shipment volumes in 2Q17. TNH’s shipments fell 6% YoY to 471 thousand tons, while UAN’s shipment volumes fell 1% YoY to 368 thousand tons.

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