Intrepid 1Q Back in Black
Intrepid Potash Inc. reported first-quarter net income of $1.76 million ($0.01 per diluted share) on sales of $53.2 million, up from the year-ago loss of $13.7 million ($0.17 per share) and $48.6 million, respectively.
“Solid operational execution, combined with the strategic moves we have made to strengthen our business, provided a solid start to 2018.” said Bob Jornayvaz, Intrepid executive chairman, president and CEO. “Our focus on by-products led to lower potash costs and an improvement in margin compared to the prior year. We have also seen healthy demand in the domestic Trio® market and expect that to continue in the second quarter. These factors, combined with a record quarter for our water business, yielded meaningful cash flow, improved our liquidity position, and marked what we believe is a transition for the business toward increased profitability and a more growth-focused strategy.”