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Nov. 3, 2022 Source: Intrepid Potash news release Denver, CO -- Intrepid Potash, Inc. ("Intrepid", the "Company", "we", "us", "our") (NYSE:IPI) today reported its results for the third quarter of 2022. Key Highlights for Third Quarter 2022 *Total sales of $74.8 million, an increase of $15.6 million compared to the third quarter of 2021, as potash and Trio® average net realized sales prices(1) increased to $734 and $488 per ton, respectively. *Net income of $13.1 million (or $0.97 per diluted share), a $9.1 million improvement compared to the third quarter of 2021. *Gross margin of $26.8 million, a $16.2 million improvement over the same prior year period. *Cash flow used in operations was $14.1 million, as we refunded a customer's $32.6 million prepayment balance; absent this repayment, cash flow from operations would have totaled approximately $18.5 million in the third quarter of 2022. Adjusted EBITDA(1) of $27.0 million, which was a $13.9 million improvement over the same prior year period. Bob Jornayvaz, Intrepid's Executive Chairman and CEO commented: "Intrepid continues to deliver strong execution in the backdrop of high fertilizer pricing and a broadly supportive agriculture market, with adjusted EBITDA of approximately $119 million in the first nine months of 2022 being 177% higher than the same prior year period. "While farmer economics remain quite robust, we saw the trend of mostly just-in-time purchasing in agriculture markets continue through the third quarter and into the fall harvest. Moreover, lingering and persistent inflation in farmer cost inputs is driving some uncertainty, despite spot pricing for key crops remaining substantially higher than previous decade averages, with futures into the 2023 fall harvest and beyond also showing strength. "Putting this together, while a more pronounced pickup in sales for our potash and Trio® in the second half of 2022 has been slower than we previously expected for timing reasons, the demand is still robust and the outlook for agricultural and fertilizer markets into 2023 and longer-term remains overwhelmingly positive, with this view being supported by 71k shares repurchased in the third quarter under our $35 million share repurchase program." To read the entire report click here. Tweet |
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