Intrepid Announces First Quarter 2023 Results

May 18, 2023 | potash news

 Intrepid Potash, Inc. (“Intrepid”, the “Company”, “we”, “us”, “our”) (NYSE:IPI) today reported its results for the first quarter of 2023.

Key Highlights for First Quarter 2023

Financial & Operational

  • Total sales of $86.9 million, which compares to $104.4 million in the first quarter of 2022, as Potash and Trio® average net realized sales prices(1) decreased to $485 and $344 per ton, respectively.
  • Net income of $4.5 million (or $0.35 per diluted share), which compares to $31.4 million in the first quarter of 2022 (or $2.31 per diluted share).
  • Gross margin of $16.4 million, which compares to $47.2 million in the first quarter of 2022.
  • Cash flow from operations of $8.4 million, which compares to $34.1 million in the first quarter of 2022.
  • Adjusted EBITDA(1) of $16.4 million, which compares to $50.2 million in the first quarter of 2022.
  • Potash and Trio® sales volumes of 89 thousand and 65 thousand tons, respectively, which compares to prior-year respective figures of 69 thousand and 71 thousand, respectively.

Liquidity

  • As of April 28, 2023, Intrepid had approximately $9.5 million in cash and cash equivalents and $150 million available under its revolving credit facility, for total liquidity of approximately $159.5 million.
  • Intrepid maintains an investment account of short-and-long-term fixed income securities that had a balance of approximately $7.8 million as of April 28, 2023.

Capital Expenditures

  • Incurred capital expenditures of $21.0 million in the first quarter of 2023 and expect full-year 2023 capital expenditures to be in the range of $60 to $75 million.
  • We have two primary goals for our 2023 capital expenditures. First, continue to invest in our potash and Trio® assets to improve our production and unit economics. Second, invest in our sand project at Intrepid South.

East Facility in Carlsbad, New Mexico

  • The first of the two new continuous miners at our East plant has been delivered and is expected to improve operating efficiencies in the coming months. The second new miner is scheduled for July delivery and should be operational by the middle of the third quarter.

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