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Big Fertilizer: Comparing the Major Players' 2Q17 Results

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

Inside the 2Q17 Sales of Agricultural Fertilizer Peers

Sales growth

The sales of fertilizer companies (MOO) are driven by shipment volumes and realized prices. For many companies, the shipment volumes for fertilizers saw modest growth YoY (year-over-year) in 2Q17, but an extended weakness in price realization offsets growth in shipments.

Inside the 2Q17 Sales of Agricultural Fertilizer Peers

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Median sales growth

The median sales for our eight major fertilizer companies fell 3% YoY (year-over-year) in 2Q17. But this was still better than the 15% YoY decline in 2Q16.

Inside the 2Q17 Sales of Agricultural Fertilizer Peers

Company performance

Only two companies in the above chart showed positive YoY sales growth in 2Q17: PotashCorp (POT), which saw 6% YoY sales growth to $1.2 billion, and Mosaic (MOS), which saw YoY sales growth of 5% to $1.8 billion in 2Q17.

The remaining six companies experienced a sales declines in 2Q17. Terra Nitrogen (TNH) was hit the worst, with sales falling ~24% YoY to $96 million. CVR Partners (UAN) followed, with an 18% YoY sales fall to $98 million. Notably, both companies have heavy exposure to nitrogen fertilizers.

CF Industries (CF), one of the largest producers of nitrogen fertilizers in the North America, saw its sales fall 1% YoY to $1.1 billion.

Intrepid Potash (IPI) 2Q17 sales fell 15% YoY to $43 million, while Israel Chemical’s (ICL) sales fell 4% to $1.3 billion. Agrium’s (AGU) sales fell 1.5% YoY to $6.3 billion.

Next, we’ll discuss the nitrogen fertilizer segment sales for the above companies.

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