Intrepid Potash Turns To Profit In Q4, Adj. Earnings Beat View - Quick Facts

(RTTNews) - Intrepid Potash Inc. (IPI), a producer of potash and langbeinite products, on Tuesday reported a turnaround to profit in the fourth quarter on higher sales. Adjusted earnings per share beat analysts' estimates.

The company's net income for the fourth quarter was $7.63 million or $0.06 per share, compared to net loss of $1.64 million or $0.01 per share in the same period last year.

The company noted that the improvement in net income was driven by increased water sales, higher average net realized sales prices for potash and Trio®, and reduced lower of cost or net realizable value adjustments related to international Trio shipments.

Adjusted earnings for the quarter were $0.06 per share, compared to $0.03 per share in the prior-year quarter.

Sales for the quarter rose to $54.36 million from $42.58 million in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share for the quarter on revenues of $36.19 million. Analysts' estimates typically exclude special items.

"Fourth quarter results benefited from strong potash sales, higher market prices for potash and Trio, and another quarter of solid demand for oilfield solutions. The fourth quarter also marks the first quarter of positive gross margin for our Trio segment since 2016 as we saw the benefits of a focused international strategy and increased byproduct sales," said Bob Jornayvaz, Intrepid's Executive Chairman, President, and CEO.