logo
Plus   Neg
Share
Email

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

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
PG&E agreed to pay around $13.5 billion to settle all individual claims related to California wildfires, due to which the electric utility had to file for bankruptcy. With the Bankruptcy Court's approval of the settlement agreement, PG&E hopes to emerge from Chapter 11 by the June 30, 2020 deadline to participate in the State of California's go-forward wildfire fund. Airbnb has introduced few new rules to control parties and nuisances amidst the backlash the service received after the Halloween shooting at an Airbnb rental in a San Francisco. San Francisco-based Airbnb said it is banning "open invite" parties at all of its accommodations. The company is also banning... The U.S. Food and Drug Administration has approved three generic versions of Novartis' Gilenya capsule for treating relapsing forms of multiple sclerosis. "Approving safe and effective generics so patients have more treatment options continues to be a priority for the FDA," said Janet Woodcock, director...
RELATED NEWS
Follow RTT
>