Intrepid Potash Inc. reported a second quarter loss of $4.94 million ($0.07 per diluted share) on sales of $73.6 million, compared to a year-ago net income of $5.6 million ($0.07 per share) and $110.9 million.
"Second quarter results were driven down by lower potash sales volume and production levels," said Intrepid’s executive chairman, president and CEO Bob Jornayvaz. "We remain focused on achieving sustainable, long-term performance and achieving operational excellence. Our solar assets, which are our most profitable, are performing well, we are updating West to build on the previous modifications we have made, and we made progress on our plans to increase Trio® production as well as product optionality at our East facility."
Second-quarter potash sales volumes were 147,000 st down from the year-ago 235,000 st, while Trio volumes were 37,000 st, down from 62,000 st.
While Compass Minerals reported improved second-quarter net income at $13.2 million ($0.39 per diluted share) up from the year-ago loss of $700,000, the company’s Plant Nutrition segment saw a slight drop in operating income to $16.8 million from the year-ago $17.9 million. Plant Nutrition sales volumes were off 13 percent to 85,000 st from the year-ago 98,000 st. The Compass Salt business saw a nice uptick in income to $21.1 million from the year-ago $6.8 million.
The Tampa anhydrous ammonia price for August has "rolled over" from July’s $460/mt CFR. New business for August was concluded at that number, according to major players.
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