CF Industries Holdings, Inc. (NYSE:CF) Q1 2024 Earnings Conference Call May 2, 2024 10:00 AM ET

Company Participants

Martin Jarosick - IR
Tony Will - CEO
Chris Bohn - EVP and COO
Bert Frost - EVP, Sales, Market Development and Supply Chain

Conference Call Participants

Chris Parkinson - Wolfe Research
Joel Jackson - BMO Capital Markets
Andrew Wong - RBC Capital Markets
Adam Samuelson - Goldman Sachs
Steve Byrne - Bank of America
Josh Spector - UBS
Ben Isaacson - Scotia Bank
Ben Theurer - Barclays
Richard Garchitorena - Wells Fargo
Aron Ceccarelli - Berenberg

Operator

Ladies and gentlemen, and welcome to CF Industries' First Quarter of 2024. All participants will be in a listen-only mode. [Operator Instructions]

I would now like to turn the presentation over to the host for today, Mr. Martin Jarosick, with CF Investor Relations. Sir, please proceed.

Martin Jarosick

Good morning and thanks for joining the CF Industries earnings conference call. With me today are Tony Will, CEO; Chris Bohn, Executive Vice President and Chief Operating Officer; and Bert Frost, Executive Vice President of Sales, Market Development and Supply Chain.

CF Industries reported its results for the first quarter of 2024 yesterday afternoon. On this call, we'll review the results, discuss our outlook, and then host a question-and-answer session.

Statements made on this call and in the presentation on our website that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any statements.

More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available on our website. Also, you will find reconciliations between GAAP and non-GAAP measures in the press release and presentation posted on our website.

Now, let me introduce Tony Will, our President and CEO.

Tony Will

Thanks, Martin and good morning everyone. Yesterday afternoon, we posted results for the first quarter of 2024 in which we generated adjusted EBITDA of $460 million. Our performance reflects a challenging quarter for our production network plant outages caused by severe cold in January as well as other unplanned downtime, resulted in a significant loss of production and maintenance activity.

Even with the production outages and associated expenses, our business generated strong cash flow for the quarter. Net cash from operations from the first quarter was $445 million and free cash flow was approximately $200 million.