Phosphate producer Itafos Inc., Houston, reported first-quarter net income of $33 million on revenues of $149.9 million, up from the year-ago $1.9 million and $90.1 million, respectively. Adjusted EBITDA moved to $60.4 million from the year-ago $20.6 million. Conda P205 production was off slightly at 89,096 mt from the year-ago 89,355 mt.
“We are pleased to report record performance during the first quarter of 2022 in terms of safety and financial results, along with continued strong operational performance,” said G. David Delaney, Itafos CEO. “We recorded $150 million of revenues and $60 million of adjusted EBITDA for the quarter and continued strong production out of our Conda facility. In addition, we made great progress toward deleveraging our balance sheet, having paid down $40 million of debt during the quarter.
“We have updated our full-year guidance for 2022 to reflect the continued strength of the business and strong fundamentals in the agriculture and phosphate fertilizer markets,” he added. “Finally, we remain focused on extending Conda’s current mine life through permitting and development of H1/NDR and evaluating strategic alternatives for our non-North American assets.”
Itafos is projecting first-half net income of $55-$65 million, second-half at $25-$30 million, and full-year at $80-$95 million. First-half Adjusted EBITDA guidance is $120-$130 million, second-half $90-$100 million, and full-year at $210-$230 million.