Intrepid Potash Inc. reports that its third-quarter potash volumes dropped 37 percent to 156,000 st from the year-ago 249,000 st. The company cited a general hesitation by dealers to secure product for fall application season due to the pricing uncertainty for potash and delayed harvest in portions of the U.S. Average net realized potash sales prices were also down at $363/st versus the year-ago $444/st.
Third-quarter Intrepid net income sank to $2 million ($0.03 per diluted share) on sales of $70.6 million, down from the year-ago $33.3 million ($0.44 per share) on sales of $129.3 million. Income was reduced by $3 million due to two one-time items, which included a market inventory adjustment and a reserve for previously recorded wage credits.