Intrepid Potash, Inc. (IPI) is dropping during pre-market trading following the release of its quarterly report.
At 8:15 am ET the stock is trading at $44.47 down $2.23 from Wednesday's close.
With the decline, the stock stands to open having reversed some recent gains.
The company reported second quarter net income of $25.76 million, compared to $7.25 million last year. Earnings for the current quarter were $0.34 per share.
Pro forma net income for the quarter was $32.45 million, or $0.43 per share, up from $4.01 million, or $0.05 per share, in the same quarter of last year.
Adjusted net income for the quarter rose to $31.56 million from $4.33 million in the prior year quarter.
Sales for the quarter were $80.16 million, higher than $56.12 million in the corresponding period last year.
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