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$MON’s Agricultural Productivity segment, which consists of crop protection products and herbicide products gross profit jumped 51% to $180MM on revenues of $888MM in 1Q18. This growth was mainly fueled by continued improvements in glyphosate pricing. Monsanto expects its dicamba manufacturing plant in Luling would be completed by 2020.
Strong demand for soybeans and pricing gains on glyphosate helped the US agriculture giant’s sales to remain flat during the first quarter of 2018. Total sales came in at $2.65Bil. Soybean, $MON’s second largest division under seeds and genomics segment, reported YoY sales growth of 21% to $728MM. Corn seeds net sales dwindled 17% during the quarter.
$ACET's finished dosage form generics subsidiary Rising Pharmaceuticals launched the first generic for Efavirenz Capsules. This is an FDA-approved generic version of the reference listed drug, Sustiva from $BMY, which in combination with other drugs is indicated for the treatment of HIV-1 infection in adults and pediatric patients.
$CF announced early tender results of the tender offer by its subsidiary CF Industries Inc. (CFI) to buy for cash CFI's 7.125% senior notes due 2020 and the increase by CFI in maximum aggregate of notes subject to tender offer from $200MM to $299.98MM. The aggregate of the notes that were validly tendered and not validly withdrawn is $565.92MM.
$ZEUS has entered into an amended and restated five-year loan and credit agreement. The amended facility, led by Bank of America as agent bank, increases the size of credit facility from $365MM to $400MM, and extends the maturity to Dec. 8, 2022. The new credit agreement allows for lenders to increase commitments up to a total of $600MM.
In China, $CF expects probably a $20-30 cost increase directly reflected in urea as coal prices have gone up even before winter. This combined with low-production capacity utilization puts production around 60-61MM metric tons. The company sees export market of 4-5MM metric tons and domestic market of around 56MM metric tons.
$CF said that compared to the 2Q starting point, prices, particularly for urea improved dramatically in August and September. Additionally, the company's team took advantage of rising prices and offshore demand to sell and ship about 300,000 product tons of more than expected.
$CF's urea ammonium nitrate solution sales volume for 3Q17 increased from last year, due to greater customer participation in summer UAN fill program. Ammonium nitrate sales volume increased due to increased demand from all major end uses of the product. Other segment volume rose on higher sales of DEF business.
$CF's Ammonia sales volume for 3Q17 increased from last year, due to additional production volume from the new capacity expansions at Donaldsonville and Port Neal Nitrogen Complexes. Granular urea sales volume increased on additional production volume from the new capacity expansion at Port Neal Nitrogen Complex.
$CF reported a wider loss in 3Q17 due to lower income tax benefit. Net loss widened to $87MM or $0.37 per share from $30MM or $0.13 per share last year. Net sales grew to $870MM from $680MM, on higher sales volumes. Adjusted loss per share was $0.39 per share compared to EPS of $0.13 a year ago.
$MOS said that it is idling its Plant City, Florida concentrates plant for an indefinite period of at least one year. The move is aimed at ensuring minimal market disruption from new capacity additions, including Mosaic's Saudi Arabian joint venture, and is expected to result in higher phosphate margins and lower capital requirements.
For 4Q17, $MOS' total Phosphate sales volumes are expected to be 2.3 - 2.6MM tonnes, compared to 2.5MM tonnes last year. Potash sales volumes are projected to be 1.9 - 2.2MM tonnes, vs 2MM tonnes last year. Meanwhile, sales volumes for International Distribution segment are expected to be 1.5 - 1.8MM tonnes, vs 1.9MM tonnes in 4Q16.