CF Industries reported its fourth quarter results that showed a tough business environment for the firm. Late harvest and a poor fall ammonia application season were responsible for these losses.

However, as the domestic conditions improved, CF Industries redirect its focus to North America and efficiently used its operating flexibility and took advantage of opportunities in export markets.

The company reported fourth quarter net earnings attributable to common stockholders of $51.4 million or $1.04 per diluted share as compared to $190.1 million or $3.59 per diluted share in the same period last year. Net sales for the fourth quarter 2009 were down 53% versus same quarter in 2008. For the full year, net sales were down 33%. Gross margin was also down by 65% mainly driven by lower prices for all products.

Most impressive result during the fourth quarter was the company's improving cash generation. The overall balance sheet looks buoyant with good cash balance of $882.1 million at the end of the fourth quarter.

CF Industries now expects market conditions to improve due to higher planted corn acreage; poor fall weather, decreased production by some global competitors and low downstream inventories.

The Board of Directors has also declared the regular quarterly dividend of $0.10 per common share in the month of January. The dividend will be paid on March 1 to stockholders of record on February 16.