Intrepid Potash misses by $0.09, beats on revs (1.78)
- Reports Q1 (Mar) loss of $0.17 per share, $0.09 worse than the Capital IQ Consensus of ($0.08); revenues fell 34.1% year/year to $48.3 mln vs the $33.18 mln two analyst estimate
- Potash sale volume dropped 54% to 101,000 tons
- Average potash net realized sales price per ton increased 11% compared to the first quarter of 2016, as reduced volumes enabled Intrepid to focus its sales into higher margin locations and markets
- Potash segment gross margin of $2.3 million, driven by previous transition to lower-cost solar production and highe r average net realized sales prices as compared to the first quarter of 2016
- Expansion of global Trio footprint, leading to highest quarterly sales volume since the first quarter of 2008
- Trio production increased 61% compared to the first quarter of 2016 as a result of the transition to Trio-only production at Intrepid's East facility.
- Trio sales volumes increased 52% compared to the first quarter of 2016, primarily as a result of the increase in international sales
- Average net realized sales price per ton declined 36% compared with the same period in 2016, due to domestic price decreases announced in the second half of 2016 and an increase in international sales, which had lower average net realized sales prices