Intrepid Potash, Inc. (IPI Quick QuoteIPI – Free Report) recorded a loss of 56 cents per share for third-quarter 2023, compared with earnings of 97 cents per share in the year-ago quarter.
Barring one-time items, adjusted loss per share for the reported quarter were 53 cents per share, wider than the Zacks Consensus Estimate of a loss of 2 cents.
The company registered revenues of $54.5 million for the quarter, down around 27% year over year. IPI saw lower average net realized sales price for potash and Trio in the reported quarter. Lower prices for key products and higher cost of goods sold also weighed on its profitability.
Intrepid Potash, Inc Price, Consensus and EPS Surprise
Segment Highlights
Revenues from the Potash segment tumbled roughly 35% year over year to $27.6 million in the reported quarter. The downside was driven by lower average net realized sales price per ton. The figure was above the consensus estimate of $24.6 million.
The Trio unit raked in revenues of $22 million, down around 8% year over year. Sales were hurt by lower average net realized sales price per ton, which more than offset higher sales volumes.
Revenues from the Oilfield Solutions unit came in at $4.9 million, down around 42% year over year. The figure was below the consensus estimate of $7.6 million.
Financials
The company had roughly $7 million in cash and cash equivalents and $146 million available under its revolving credit facility, for total liquidity of roughly $153 million as of Oct 31, 2023.
Cash flow used in operations was $0.3 million for the reported quarter.
Outlook
The company said that it remains focused on improving its potash unit economics through higher production. It has demonstrated a strong project execution throughout the year and recently commissioned its latest undertaking, the Eddy Shaft Brine Extraction project, which serves as an important bridge to increased potash production in the near term, IPI noted.
Price Performance
Shares of Intrepid Potash have declined 45.3% over a year compared with the industry’s decline of 36.1%.
