Intrepid Potash Inc. reported third-quarter net income of $13.1 million on sales of $74.8 million, up from the year-ago $4 million and $59.2 million, respectively. Adjusted EBITDA was $27 million, up from the year-ago $13.1 million.
“Intrepid continues to deliver strong execution in the backdrop of high fertilizer pricing and a broadly supportive agriculture market, with adjusted EBITDA of approximately $119 million in the first nine months of 2022 being 177% higher than the same prior year period,” said Bob Jornayvaz, Intrepid Executive Chairman and CEO.
“While farmer economics remain quite robust, we saw the trend of mostly just-in-time purchasing in agriculture markets continue through the third quarter and into the fall harvest,” he continued. “Moreover, lingering and persistent inflation in farmer cost inputs is driving some uncertainty, despite spot pricing for key crops remaining substantially higher than previous decade averages, with futures into the 2023 fall harvest and beyond also showing strength.
“Putting this together, while a more pronounced pickup in sales for our potash and Trio® in the second half of 2022 has been slower than we previously expected for timing reasons, the demand is still robust, and the outlook for agricultural and fertilizer markets into 2023 and longer-term remains overwhelmingly positive, with this view being supported by 71k shares repurchased in the third quarter under our $35 million share repurchase program,“ Jornayvaz added.
Nine-month net income was $68.2 million on sales of $270.9 million, up from the year-ago $26 million and $198.5 million, respectively. Adjusted EBITDA was $118.6 million, up from the year-ago $42.8 million.
| Potash | 3Q-22 | 3Q-21 | YTD-22 | YTD-21 |
| Sales (000 st) | 42,354 | 31,673 | 147,622 | 112,944 |
| Gross Margin ($000) | 19,872 | 4,525 | 73,862 | 23,329 |
| Sales Volume (000 st) | 46 | 62 | 172 | 270 |
| Production Vol. (000 st) | 36 | 37 | 164 | 201 |
| Avg Realized Price ($/st) | 734 | 381 | 718 | 319 |
| Trio | 3Q-22 | 3Q-21 | YTD-22 | YTD-21 |
| Sales (000 st) | 24,043 | 20,827 | 100,561 | 71,444 |
| Gross Margin ($000) | 6,503 | 5,436 | 35,694 | 8,528 |
| Sales Volume (000 st) | 39 | 46 | 169 | 191 |
| Production Vol. (000 st) | 52 | 56 | 175 | 175 |
| Avg Realized Price ($/st) | 488 | 336 | 482 | 271 |
| Oilfield Solutions | 3Q-22 | 3Q-21 | YTD-22 | YTD-21 |
| Sales (000 st) | 8,423 | 6,708 | 22,936 | 14,293 |
| Gross Margin ($000) | 395 | 647 | 6,201 | 2,058 |