The stock of CF Industries rose 3% in premarket trading on Friday after the company boosted its full-year EBITDA guidance amid increasing fertilizer sales.

On Thursday, the stock finished 2.7 % down.

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At the midpoint of its guidance range, the fertilizer company now expects an EBITDA of $2.75 billion, up 20% from the previous forecast of $2.3 billion.

This was due to higher-than-expected realized product pricing and robust demand for nitrogen-based fertilizers, as a result of pandemic-fueled consumption of both organic and processed foods, according to the business.

The strongest fall ammonia application season in North America in the last decade, according to CF Industries, was made possible by good weather.

Last month, the business released its third-quarter results, predicting that the worldwide nitrogen demand-supply balance will remain tight until at least 2023. The conditions were ideal for prices to remain strong, according to the report. It is estimated that it will produce 9 million tonnes of ammonia this year.

Given the current relatively high prices for nitrogen-consuming crops (corn, wheat, cotton, and canola), it is expected that farmers in North America will continue to plant them at high levels. It claimed in November that industrial activity in the region is increasing in lockstep with economic growth, bolstering demand for nitrogen products.

The company's third-quarter sales increased by 61% to $1.36 billion.