Intrepid Announces Second Quarter 2024 Results
Intrepid Potash (NYSE:IPI) reported its Q2 2024 results with total sales of $62.1 million, down from $81.0 million in Q2 2023. The company posted a net loss of $0.8 million ($0.06 per diluted share) compared to net income of $4.3 million ($0.33 per diluted share) in Q2 2023. Adjusted EBITDA was $9.2 million, down from $15.8 million in the same period last year.
Key highlights include:
- Potash sales volumes of 55,000 tons at an average net realized price of $405 per ton
- Trio® sales volumes of 63,000 tons at an average net realized price of $314 per ton
- Cash flow from operations of $27.7 million
- Capital expenditures of $11.3 million in Q2, totaling $23.0 million for H1 2024
The company expects full-year 2024 capital expenditures of $40-50 million and anticipates a 15% increase in potash production compared to 2023.
Intrepid Potash (NYSE:IPI) ha riportato i risultati del secondo trimestre 2024 con vendite totali di 62,1 milioni di dollari, in calo rispetto agli 81,0 milioni di dollari del secondo trimestre 2023. L'azienda ha registrato una perdita netta di 0,8 milioni di dollari (0,06 dollari per azione diluita) rispetto a un utile netto di 4,3 milioni di dollari (0,33 dollari per azione diluita) nel secondo trimestre 2023. L'EBITDA rettificato è stato di 9,2 milioni di dollari, in calo rispetto ai 15,8 milioni di dollari nello stesso periodo dell'anno precedente.
Tra i punti salienti ci sono:
- Volume di vendite di potassio pari a 55.000 tonnellate a un prezzo medio realizzato netto di 405 dollari per tonnellata
- Volume di vendite di Trio® di 63.000 tonnellate a un prezzo medio realizzato netto di 314 dollari per tonnellata
- Flusso di cassa dalle operazioni di 27,7 milioni di dollari
- Spese in conto capitale di 11,3 milioni di dollari nel secondo trimestre, per un totale di 23,0 milioni di dollari per il primo semestre del 2024
L'azienda prevede spese in conto capitale per tutto il 2024 comprese tra 40 e 50 milioni di dollari e si aspetta un incremento del 15% nella produzione di potassio rispetto al 2023.
Intrepid Potash (NYSE:IPI) reportó sus resultados del segundo trimestre de 2024 con ventas totales de 62,1 millones de dólares, en comparación con los 81,0 millones de dólares del segundo trimestre de 2023. La compañía registró una pérdida neta de 0,8 millones de dólares (0,06 dólares por acción diluida) en comparación con un ingreso neto de 4,3 millones de dólares (0,33 dólares por acción diluida) en el segundo trimestre de 2023. El EBITDA ajustado fue de 9,2 millones de dólares, disminuyendo desde los 15,8 millones de dólares en el mismo período del año pasado.
Los aspectos más destacados incluyen:
- Volúmenes de ventas de potasio de 55,000 toneladas a un precio neto realizado promedio de 405 dólares por tonelada
- Volúmenes de ventas de Trio® de 63,000 toneladas a un precio neto realizado promedio de 314 dólares por tonelada
- Flujo de efectivo de operaciones de 27,7 millones de dólares
- Gastos de capital de 11,3 millones de dólares en el segundo trimestre, totalizando 23,0 millones de dólares para el primer semestre de 2024
La empresa espera gastos de capital para todo el 2024 entre 40 y 50 millones de dólares, y anticipa un aumento del 15% en la producción de potasio en comparación con 2023.
인트레피드 포타시 (NYSE:IPI)는 2024년 2분기 결과를 보고하며 총 매출 6210만 달러를 기록했습니다. 이는 2023년 2분기의 8100만 달러에서 감소한 수치입니다. 회사는 넷 손실 80만 달러를 기록했으며 (희석 주당 0.06 달러), 2023년 2분기에는 순이익 430만 달러 (희석 주당 0.33 달러)였습니다. 조정된 EBITDA는 920만 달러로, 지난해 같은 기간 1580만 달러에서 감소했습니다.
주요 하이라이트는 다음과 같습니다:
- 포타시 판매량 55,000톤, 톤당 평균 실현 가격 405달러
- Trio® 판매량 63,000톤, 톤당 평균 실현 가격 314달러
- 영업으로 인한 현금 흐름 2770만 달러
- 2분기 자본 지출 1130만 달러, 2024년 상반기 총 2300만 달러
회사는 2024년 전체 자본 지출을 4000만 달러에서 5000만 달러 사이로 예상하며, 2023년 대비 포타시 생산이 15% 증가할 것으로 예상하고 있습니다.
Intrepid Potash (NYSE:IPI) a publié ses résultats du deuxième trimestre 2024 avec des ventes totales de 62,1 millions de dollars, en baisse par rapport à 81,0 millions de dollars au deuxième trimestre 2023. L'entreprise a enregistré une perte nette de 0,8 million de dollars (0,06 dollar par action diluée) contre un bénéfice net de 4,3 millions de dollars (0,33 dollar par action diluée) au deuxième trimestre 2023. Le EBITDA ajusté était de 9,2 millions de dollars, en baisse par rapport à 15,8 millions de dollars au cours de la même période l'année précédente.
Les points saillants incluent :
- Volumes de ventes de potasse de 55 000 tonnes à un prix net réalisé moyen de 405 dollars par tonne
- Volumes de ventes de Trio® de 63 000 tonnes à un prix net réalisé moyen de 314 dollars par tonne
- Flux de trésorerie provenant des opérations de 27,7 millions de dollars
- Dépenses en capital de 11,3 millions de dollars au deuxième trimestre, totalisant 23,0 millions de dollars pour le premier semestre 2024
L'entreprise prévoit des dépenses en capital totales pour 2024 entre 40 et 50 millions de dollars et anticipe une augmentation de 15 % de la production de potasse par rapport à 2023.
Intrepid Potash (NYSE:IPI) hat die Ergebnisse des zweiten Quartals 2024 veröffentlicht mit Gesamtverkäufen von 62,1 Millionen Dollar, was einem Rückgang von 81,0 Millionen Dollar im zweiten Quartal 2023 entspricht. Das Unternehmen verzeichnete einen Nettverlust von 0,8 Millionen Dollar (0,06 Dollar pro verwässerter Aktie) im Vergleich zu einem Nettogewinn von 4,3 Millionen Dollar (0,33 Dollar pro verwässerter Aktie) im zweiten Quartal 2023. Das bereinigte EBITDA betrug 9,2 Millionen Dollar, ein Rückgang von 15,8 Millionen Dollar im gleichen Zeitraum des Vorjahres.
Wichtige Höhepunkte sind:
- Verkaufsmengen von Kalium von 55.000 Tonnen zu einem durchschnittlichen Nettoverkaufspreis von 405 Dollar pro Tonne
- Verkaufsmengen von Trio® von 63.000 Tonnen zu einem durchschnittlichen Nettoverkaufspreis von 314 Dollar pro Tonne
- Cashflow aus operativer Tätigkeit von 27,7 Millionen Dollar
- Investitionen von 11,3 Millionen Dollar im zweiten Quartal, insgesamt 23,0 Millionen Dollar für das erste Halbjahr 2024
Das Unternehmen erwartet für das gesamte Jahr 2024 Investitionen zwischen 40 und 50 Millionen Dollar und rechnet mit einer Produktionssteigerung von 15 % bei Kalium im Vergleich zu 2023.
- Cash flow from operations remained strong at $27.7 million
- Trio® segment gross margin improved to $2.2 million, up $3.3 million sequentially and $1 million year-over-year
- Potash production expected to increase by approximately 15% in 2024 compared to 2023
- Successful completion of IP30B project, enhancing brine extraction capabilities
- Improved Trio® production rates and cost structure, with cost of goods sold decreasing to $284 per ton from $320 per ton in the prior year
- Net loss of $0.8 million compared to net income of $4.3 million in Q2 2023
- Total sales decreased by 23% to $62.1 million from $81.0 million in Q2 2023
- Adjusted EBITDA declined to $9.2 million from $15.8 million in Q2 2023
- Potash average net realized sales price decreased by 15% to $405 per ton
- Potash sales volumes decreased by 30% compared to Q2 2023
Insights
Intrepid Potash's Q2 2024 results show a significant decline in financial performance compared to Q2 2023. Total sales decreased by
The potash segment saw a
Despite challenges, the company maintains a strong liquidity position with
The Q2 2024 results reflect broader market trends in the potash industry. The company's statement that the potash market is finding its midcycle pricing floor suggests potential stabilization in pricing, which could benefit Intrepid in future quarters. However, the current lower prices are impacting profitability across segments.
Intrepid's focus on increasing potash production by approximately
The pause in the Intrepid South Sand Project development due to softening conditions in the oilfield services market indicates a prudent approach to resource allocation. Meanwhile, the ongoing lithium project in Wendover presents a potential diversification opportunity, although its impact remains to be seen.
Intrepid's operational updates show mixed results. The successful completion of the IP30B project at the HB Solar Solution Mine is a positive development, expected to serve as the primary extraction well for future evaporation seasons. This, along with the Phase Two HB Injection Pipeline Project, should help improve brine flow rates and consistency.
The completion of Primary Pond 7 at the Wendover facility is another positive step, potentially increasing brine evaporative area and improving production from fall 2025. In the Trio® segment, the implementation of two continuous miners and a fine langbeinite recovery system has led to significant improvements in production rates and cost structure, with cost of goods sold decreasing from
However, the company faces challenges in maintaining consistent production levels, particularly in potash. The focus on improving potash production and unit economics through higher volumes will be important for future performance.
Key Highlights for Second Quarter 2024
Financial & Operational
-
Total sales of
, which compares to$62.1 million in the second quarter of 2023.$81.0 million -
Net loss of
(or$0.8 million per diluted share), which compares to net income of$0.06 (or$4.3 million per diluted share) in the second quarter of 2023.$0.33 -
Gross margin of
, which compares to$7.6 million in the second quarter of 2023.$15.4 million -
Cash flow provided by operations of
, which compares to$27.7 million in the second quarter of 2023.$30.5 million -
Adjusted EBITDA(1) of
, which compares to$9.2 million in the second quarter of 2023.$15.8 million - Potash and Trio® sales volumes of 55 thousand and 63 thousand tons, respectively, which compares to 79 thousand and 63 thousand tons, respectively, in the second quarter of 2023.
-
Potash and Trio® average net realized sales prices(1) of
and$405 per ton, respectively, which compares to$314 and$479 per ton, respectively, in the second quarter of 2023.$333
Management & Board of Directors Update
- On July 10, 2024, we announced that the Board of Directors (“the Board”) of Intrepid elected Barth Whitham, formerly Lead Independent Director, as its Chair. On that date, the Board also announced that it initiated a search process to identify a successor for Intrepid’s CEO, Bob Jornayvaz, who is currently out on an extended medical leave of absence, as it is unlikely that Mr. Jornayvaz will return to his CEO role. During this process, Intrepid’s CFO, Matt Preston, will continue to serve as acting principal executive officer, working closely with the rest of the Company’s management team and the Board.
Capital Expenditures
-
Capital expenditures were
in the second quarter of 2024, bringing our total capital expenditures to$11.3 million for the first six months ended June 30, 2024. We continue to expect full-year 2024 capital expenditures of$23.0 million to$40 million .$50 million
Project & Operational Updates
-
HB Solar Solution Mine in
Carlsbad, New Mexico - Replacement Extraction Well ("IP30B"): We successfully completed the IP30B project in June 2024 and the new extraction well is now serving as our primary source of brine for the current evaporation season. We expect IP30B will be our primary extraction well for the Eddy Cavern for future evaporation seasons.
- Phase Two of HB Injection Pipeline Project ("Phase Two"): Phase Two is the installation of an in-line pigging system to clean the HB injection pipeline and remove scaling to help ensure more consistent flow rates. All pipeline is now installed and tanks have been set, and we expect to commission the project in the third quarter of 2024.
-
Brine Recovery Mine in
Wendover, Utah -
Primary Pond 7 ("PP7"): Construction of PP7 is complete and the new pond is being filled with brine. This new primary pond is expected to increase the brine evaporative area at
Wendover and help us meet our goals of maximizing brine availability, increasing brine grade, and improving production. We expect to see the production benefits of the new primary pond in the fall of 2025. -
Lithium Project: We continue to advance our lithium project in
Wendover and are in the process of reviewing proposals from multiple partners. The lithium already present in our byproduct magnesium brine is estimated to support approximately two thousand tons of lithium carbonate production per year assuming the existence of a commercially feasible extraction technology.
-
Primary Pond 7 ("PP7"): Construction of PP7 is complete and the new pond is being filled with brine. This new primary pond is expected to increase the brine evaporative area at
-
Intrepid South
- Sand Project: We have all necessary permits in place to begin construction and operation on our sand project. While our sand project shows good potential, owing to softening conditions in the oilfield services market, we’re pausing development and will be dedicating our resources to other strategic priorities at this time.
-
East Underground Trio® Mine
-
Operational & Cost Efficiencies: Owing to efficiencies from the two continuous miners placed into service in 2023 and the operation of our fine langbeinite recovery system, we've seen significant improvement in our production rates and cost structure compared to the prior year. For the first six months of 2024, our cost of goods sold totaled approximately
per ton, which compares to the same prior-year figure of$284 per ton. Improving our margins in the Trio® segment through operational efficiencies and cost savings initiatives remains a key focus for Intrepid.$320
-
Operational & Cost Efficiencies: Owing to efficiencies from the two continuous miners placed into service in 2023 and the operation of our fine langbeinite recovery system, we've seen significant improvement in our production rates and cost structure compared to the prior year. For the first six months of 2024, our cost of goods sold totaled approximately
Liquidity
-
During the second quarter of 2024, cash flow provided by operations was
, while cash used in investing activities was$27.7 million . As of July 31, 2024, Intrepid had approximately$9.8 million in cash and cash equivalents and had no outstanding borrowings on our$51.1 million revolving credit facility.$150 million -
Intrepid maintains an investment account of short-and-long-term fixed income securities that had a balance of approximately
as of July 31, 2024.$2.5 million
Consolidated Results, Management Commentary, & Outlook
In the second quarter of 2024, Intrepid generated sales of
Matt Preston, Intrepid's Chief Financial Officer and acting principal executive officer commented: "Our strategic focus continues to be improving our potash production, and I'm happy to share that we saw the first indications of this in our second quarter results. Improved brine grades at HB from the Eddy Cavern and good early-season evaporation rates, allowed us to extend our spring production season and we still expect our 2024 potash production to be approximately
As for our second quarter results, our operational and financial performance continues to be solid. In Trio®, our sales volumes and production are well ahead of last year's pace through the first six months of the year as increased operating rates from our new continuous miners and our modified operating schedule have driven significant improvement in both our total and per ton production costs. Trio® segment gross margin of
Lastly, we want to again extend our best wishes to Bob as he continues his recovery. We will provide updates on our search for a new CEO as that process unfolds in the coming months."
Segment Highlights
Potash
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(in thousands, except per ton data) |
||||||||||
Sales |
|
$ |
30,034 |
|
$ |
47,264 |
|
$ |
67,610 |
|
$ |
99,761 |
Gross margin |
|
$ |
3,312 |
|
$ |
12,876 |
|
$ |
8,886 |
|
$ |
27,304 |
|
|
|
|
|
|
|
|
|
||||
Potash sales volumes (in tons) |
|
|
55 |
|
|
79 |
|
|
129 |
|
|
167 |
Potash production volumes (in tons) |
|
|
40 |
|
|
12 |
|
|
127 |
|
|
102 |
|
|
|
|
|
|
|
|
|
||||
Average potash net realized sales price per ton(1) |
|
$ |
405 |
|
$ |
479 |
|
$ |
399 |
|
$ |
485 |
Our total sales in the potash segment decreased
Our potash segment cost of goods sold decreased by
During the second quarter of 2024, we recorded lower of cost or net realizable value inventory adjustments of
Our potash segment gross margin decreased
Trio®
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(in thousands, except per ton data) |
||||||||||
Sales |
|
$ |
26,522 |
|
$ |
28,748 |
|
$ |
63,010 |
|
$ |
59,022 |
Gross margin |
|
$ |
2,182 |
|
$ |
1,222 |
|
$ |
1,043 |
|
$ |
2,674 |
|
|
|
|
|
|
|
|
|
||||
Trio® sales volume (in tons) |
|
|
63 |
|
|
63 |
|
|
154 |
|
|
128 |
Trio® production volume (in tons) |
|
|
68 |
|
|
58 |
|
|
122 |
|
|
107 |
|
|
|
|
|
|
|
|
|
||||
Average Trio® net realized sales price per ton(1) |
|
$ |
314 |
|
$ |
333 |
|
$ |
306 |
|
$ |
339 |
Trio® segment sales decreased
Our Trio® cost of goods sold decreased
Our Trio® segment generated gross margin of
Oilfield Solutions
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
(in thousands) |
||||||||||
Sales |
|
$ |
5,539 |
|
$ |
5,111 |
|
$ |
10,862 |
|
$ |
9,361 |
Gross margin |
|
$ |
2,130 |
|
$ |
1,284 |
|
$ |
4,129 |
|
$ |
1,756 |
Our oilfield solutions segment sales increased
Our cost of goods sold decreased
Gross margin for the second quarter of 2024 increased
Notes
1 Adjusted net (loss) income, adjusted net (loss) income per diluted share, adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) and average net realized sales price per ton are non-GAAP financial measures. See the non-GAAP reconciliations set forth later in this press release for additional information.
Unless expressly stated otherwise or the context otherwise requires, references to tons in this press release refer to short tons. One short ton equals 2,000 pounds. One metric tonne, which many international competitors use, equals 1,000 kilograms or 2,204.62 pounds.
Conference Call Information
Intrepid will host a conference call on Tuesday, August 6, 2024, at 12:00 p.m. Eastern Time to discuss the results and other operating and financial matters and answer investor questions.
Management invites you to listen to the conference call by using the toll-free dial-in number 1 (800) 715-9871 or International dial-in number 1 (646) 307-1963; please use conference ID 1179359. The call will also be streamed on the Intrepid website, intrepidpotash.com. A recording of the conference call will be available approximately two hours after the completion of the call by dialing 1 (800) 770-2030 for toll-free, 1 (609) 800-9909 for International, or at intrepidpotash.com. The replay of the call will require the input of the replay access code 1179359. The recording will be available through August 13, 2024.
About Intrepid
Intrepid is a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed, and the oil and gas industry. Intrepid is the only
Intrepid routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Relations tab. Investors and other interested parties are encouraged to enroll at intrepidpotash.com, to receive automatic email alerts for new postings.
Forward-looking Statements
This document contains forward-looking statements - that is, statements about future, not past, events. The forward-looking statements in this document relate to, among other things, statements about Intrepid's future financial performance, cash flow from operations expectations, water sales, production costs, acquisition expectations and operating plans, its market outlook, and statements regarding management matters. These statements are based on assumptions that Intrepid believes are reasonable. Forward-looking statements by their nature address matters that are uncertain. The particular uncertainties that could cause Intrepid's actual results to be materially different from its forward-looking statements include the following:
- changes in the price, demand, or supply of our products and services;
- challenges and legal proceedings related to our water rights;
- our ability to successfully identify and implement any opportunities to grow our business whether through expanded sales of water, Trio®, byproducts, and other non-potassium related products or other revenue diversification activities;
- the costs of, and our ability to successfully execute, any strategic projects;
- declines or changes in agricultural production or fertilizer application rates;
- declines in the use of potassium-related products or water by oil and gas companies in their drilling operations;
- our ability to prevail in outstanding legal proceedings against us;
- our ability to comply with the terms of our revolving credit facility, including the underlying covenants;
- further write-downs of the carrying value of assets, including inventories;
- circumstances that disrupt or limit production, including operational difficulties or variances, geological or geotechnical variances, equipment failures, environmental hazards, and other unexpected events or problems;
- changes in reserve estimates;
- currency fluctuations;
- adverse changes in economic conditions or credit markets;
- the impact of governmental regulations, including environmental and mining regulations, the enforcement of those regulations, and governmental policy changes;
- adverse weather events, including events affecting precipitation and evaporation rates at our solar solution mines;
- increased labor costs or difficulties in hiring and retaining qualified employees and contractors, including workers with mining, mineral processing, or construction expertise;
- changes in management and the board of directors, and our reliance on key personnel, including our ability to identify, recruit, and retain key personnel;
- changes in the prices of raw materials, including chemicals, natural gas, and power;
- our ability to obtain and maintain any necessary governmental permits or leases relating to current or future operations;
- interruptions in rail or truck transportation services, or fluctuations in the costs of these services;
- our inability to fund necessary capital investments;
- global inflationary pressures and supply chain challenges;
- the impact of global health issues, and other global disruptions on our business, operations, liquidity, financial condition and results of operations; and
- the other risks, uncertainties, and assumptions described in Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2023, and our other reports we file with the Securities and Exchange Commission.
In addition, new risks emerge from time to time. It is not possible for Intrepid to predict all risks that may cause actual results to differ materially from those contained in any forward-looking statements Intrepid may make. All information in this document speaks as of the date of this release. New information or events after that date may cause our forward-looking statements in this document to change. We undertake no obligation to update or revise publicly any forward-looking statements to conform the statements to actual results or to reflect new information or future events.
INTREPID POTASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (In thousands, except per share amounts) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Sales |
|
$ |
62,055 |
|
|
$ |
81,035 |
|
|
$ |
141,342 |
|
|
$ |
167,955 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Freight costs |
|
|
9,423 |
|
|
|
10,516 |
|
|
|
22,253 |
|
|
|
22,106 |
|
Warehousing and handling costs |
|
|
2,586 |
|
|
|
2,801 |
|
|
|
5,675 |
|
|
|
5,534 |
|
Cost of goods sold |
|
|
41,070 |
|
|
|
52,336 |
|
|
|
97,501 |
|
|
|
108,581 |
|
Lower of cost or net realizable value inventory adjustments |
|
|
1,352 |
|
|
|
— |
|
|
|
1,855 |
|
|
|
— |
|
Gross Margin |
|
|
7,624 |
|
|
|
15,382 |
|
|
|
14,058 |
|
|
|
31,734 |
|
|
|
|
|
|
|
|
|
|
||||||||
Selling and administrative |
|
|
7,937 |
|
|
|
7,948 |
|
|
|
16,294 |
|
|
|
16,806 |
|
Accretion of asset retirement obligation |
|
|
622 |
|
|
|
535 |
|
|
|
1,244 |
|
|
|
1,070 |
|
Impairment of long-lived assets |
|
|
831 |
|
|
|
— |
|
|
|
2,208 |
|
|
|
— |
|
Loss (gain) on sale of assets |
|
|
241 |
|
|
|
(7 |
) |
|
|
492 |
|
|
|
193 |
|
Other operating income |
|
|
(1,266 |
) |
|
|
(439 |
) |
|
|
(2,659 |
) |
|
|
(730 |
) |
Other operating expense |
|
|
887 |
|
|
|
77 |
|
|
|
2,413 |
|
|
|
1,753 |
|
Operating (Loss) Income |
|
|
(1,628 |
) |
|
|
7,268 |
|
|
|
(5,934 |
) |
|
|
12,642 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other Income |
|
|
|
|
|
|
|
|
||||||||
Equity in (loss) earnings of unconsolidated entities |
|
|
(116 |
) |
|
|
(1,059 |
) |
|
|
33 |
|
|
|
(238 |
) |
Interest income |
|
|
547 |
|
|
|
76 |
|
|
|
791 |
|
|
|
161 |
|
Other income |
|
|
60 |
|
|
|
43 |
|
|
|
68 |
|
|
|
56 |
|
(Loss) Income Before Income Taxes |
|
|
(1,137 |
) |
|
|
6,328 |
|
|
|
(5,042 |
) |
|
|
12,621 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income Tax Benefit (Expense) |
|
|
304 |
|
|
|
(2,023 |
) |
|
|
1,079 |
|
|
|
(3,810 |
) |
Net (Loss) Income |
|
$ |
(833 |
) |
|
$ |
4,305 |
|
|
$ |
(3,963 |
) |
|
$ |
8,811 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
12,886 |
|
|
|
12,766 |
|
|
|
12,852 |
|
|
|
12,730 |
|
Diluted |
|
|
12,886 |
|
|
|
12,855 |
|
|
|
12,852 |
|
|
|
12,865 |
|
(Loss) Earnings Per Share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.06 |
) |
|
$ |
0.34 |
|
|
$ |
(0.31 |
) |
|
$ |
0.69 |
|
Diluted |
|
$ |
(0.06 |
) |
|
$ |
0.33 |
|
|
$ |
(0.31 |
) |
|
$ |
0.68 |
|
INTREPID POTASH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) AS OF JUNE 30, 2024 AND DECEMBER 31, 2023 (In thousands, except share and per share amounts) |
||||||||
|
|
June 30, |
|
December 31, |
||||
|
|
|
2024 |
|
|
|
2023 |
|
ASSETS |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
51,663 |
|
|
$ |
4,071 |
|
Short-term investments |
|
|
2,464 |
|
|
|
2,970 |
|
Accounts receivable: |
|
|
|
|
||||
Trade, net |
|
|
21,617 |
|
|
|
22,077 |
|
Other receivables, net |
|
|
1,679 |
|
|
|
1,470 |
|
Inventory, net |
|
|
101,932 |
|
|
|
114,252 |
|
Prepaid expenses and other current assets |
|
|
3,832 |
|
|
|
7,200 |
|
Total current assets |
|
|
183,187 |
|
|
|
152,040 |
|
|
|
|
|
|
||||
Property, plant, equipment, and mineral properties, net |
|
|
354,294 |
|
|
|
358,249 |
|
Water rights |
|
|
19,184 |
|
|
|
19,184 |
|
Long-term parts inventory, net |
|
|
30,899 |
|
|
|
30,231 |
|
Long-term investments |
|
|
5,090 |
|
|
|
6,627 |
|
Other assets, net |
|
|
9,000 |
|
|
|
8,016 |
|
Non-current deferred tax asset, net |
|
|
195,337 |
|
|
|
194,223 |
|
Total Assets |
|
$ |
796,991 |
|
|
$ |
768,570 |
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||||
|
|
|
|
|
||||
Accounts payable |
|
$ |
7,173 |
|
|
$ |
12,848 |
|
Accrued liabilities |
|
|
11,310 |
|
|
|
14,061 |
|
Accrued employee compensation and benefits |
|
|
6,856 |
|
|
|
7,254 |
|
Other current liabilities |
|
|
8,100 |
|
|
|
12,401 |
|
Total current liabilities |
|
|
33,439 |
|
|
|
46,564 |
|
|
|
|
|
|
||||
Advances on credit facility |
|
|
— |
|
|
|
4,000 |
|
Asset retirement obligation, net of current portion |
|
|
31,321 |
|
|
|
30,077 |
|
Operating lease liabilities |
|
|
345 |
|
|
|
741 |
|
Finance lease liabilities |
|
|
1,428 |
|
|
|
1,451 |
|
Deferred other income, long-term |
|
|
46,617 |
|
|
|
— |
|
Other non-current liabilities |
|
|
1,593 |
|
|
|
1,309 |
|
Total Liabilities |
|
|
114,743 |
|
|
|
84,142 |
|
|
|
|
|
|
||||
Commitments and Contingencies |
|
|
|
|
||||
Common stock, |
|
|
|
|
||||
12,908,078 and 12,807,316 shares outstanding |
|
|
|
|
||||
at June 30, 2024, and December 31, 2023, respectively |
|
|
14 |
|
|
|
13 |
|
Additional paid-in capital |
|
|
667,419 |
|
|
|
665,637 |
|
Retained earnings |
|
|
36,827 |
|
|
|
40,790 |
|
Less treasury stock, at cost |
|
|
(22,012 |
) |
|
|
(22,012 |
) |
Total Stockholders' Equity |
|
|
682,248 |
|
|
|
684,428 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
796,991 |
|
|
$ |
768,570 |
|
INTREPID POTASH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (In thousands) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
|
$ |
(833 |
) |
|
$ |
4,305 |
|
|
$ |
(3,963 |
) |
|
$ |
8,811 |
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
||||||||
Depreciation, depletion and amortization |
|
|
8,594 |
|
|
|
8,892 |
|
|
|
17,898 |
|
|
|
18,183 |
|
Accretion of asset retirement obligation |
|
|
622 |
|
|
|
535 |
|
|
|
1,244 |
|
|
|
1,070 |
|
Amortization of deferred financing costs |
|
|
76 |
|
|
|
75 |
|
|
|
151 |
|
|
|
151 |
|
Amortization of intangible assets |
|
|
84 |
|
|
|
80 |
|
|
|
164 |
|
|
|
161 |
|
Stock-based compensation |
|
|
1,235 |
|
|
|
1,803 |
|
|
|
2,557 |
|
|
|
3,549 |
|
Lower of cost or net realizable value inventory adjustments |
|
|
1,352 |
|
|
|
— |
|
|
|
1,855 |
|
|
|
— |
|
Impairment of long-lived assets |
|
|
831 |
|
|
|
— |
|
|
|
2,208 |
|
|
|
— |
|
Loss (gain) on disposal of assets |
|
|
241 |
|
|
|
(7 |
) |
|
|
492 |
|
|
|
193 |
|
Allowance for parts inventory obsolescence |
|
|
419 |
|
|
|
— |
|
|
|
472 |
|
|
|
— |
|
Equity in loss (earnings) of unconsolidated entities |
|
|
116 |
|
|
|
1,059 |
|
|
|
(33 |
) |
|
|
238 |
|
Distribution of earnings from unconsolidated entities |
|
|
— |
|
|
|
132 |
|
|
|
— |
|
|
|
452 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
||||||||
Trade accounts receivable, net |
|
|
20,208 |
|
|
|
15,391 |
|
|
|
459 |
|
|
|
2,917 |
|
Other receivables, net |
|
|
(497 |
) |
|
|
(867 |
) |
|
|
(250 |
) |
|
|
(959 |
) |
Inventory, net |
|
|
(1,509 |
) |
|
|
3,117 |
|
|
|
9,326 |
|
|
|
10,763 |
|
Prepaid expenses and other current assets |
|
|
1,353 |
|
|
|
656 |
|
|
|
2,275 |
|
|
|
906 |
|
Deferred tax assets, net |
|
|
(325 |
) |
|
|
2,016 |
|
|
|
(1,114 |
) |
|
|
3,676 |
|
Accounts payable, accrued liabilities, and accrued employee compensation and benefits |
|
|
(3,271 |
) |
|
|
(2,827 |
) |
|
|
(6,892 |
) |
|
|
(8,132 |
) |
Operating lease liabilities |
|
|
(356 |
) |
|
|
(408 |
) |
|
|
(740 |
) |
|
|
(809 |
) |
Deferred other income |
|
|
(562 |
) |
|
|
— |
|
|
|
43,872 |
|
|
|
— |
|
Other liabilities |
|
|
(32 |
) |
|
|
(3,455 |
) |
|
|
(703 |
) |
|
|
(2,222 |
) |
Net cash provided by operating activities |
|
|
27,746 |
|
|
|
30,497 |
|
|
|
69,278 |
|
|
|
38,948 |
|
|
|
|
|
|
|
|
|
|
||||||||
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
||||||||
Additions to property, plant, equipment, mineral properties and other assets |
|
|
(11,301 |
) |
|
|
(20,895 |
) |
|
|
(22,974 |
) |
|
|
(41,934 |
) |
Purchase of investments |
|
|
— |
|
|
|
(459 |
) |
|
|
— |
|
|
|
(1,415 |
) |
Proceeds from sale of assets |
|
|
55 |
|
|
|
24 |
|
|
|
4,651 |
|
|
|
89 |
|
Proceeds from redemptions/maturities of investments |
|
|
1,000 |
|
|
|
2,500 |
|
|
|
1,500 |
|
|
|
4,000 |
|
Other investing, net |
|
|
416 |
|
|
|
508 |
|
|
|
416 |
|
|
|
508 |
|
Net cash used in investing activities |
|
|
(9,830 |
) |
|
|
(18,322 |
) |
|
|
(16,407 |
) |
|
|
(38,752 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
||||||||
Payments of financing lease |
|
|
(176 |
) |
|
|
(167 |
) |
|
|
(500 |
) |
|
|
(210 |
) |
Proceeds from short-term borrowings on credit facility |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
Repayments of short-term borrowings on credit facility |
|
|
— |
|
|
|
(5,000 |
) |
|
|
(4,000 |
) |
|
|
(5,000 |
) |
Employee tax withholding paid for restricted stock upon vesting |
|
|
(142 |
) |
|
|
(298 |
) |
|
|
(775 |
) |
|
|
(1,337 |
) |
Net cash used in financing activities |
|
|
(318 |
) |
|
|
(5,465 |
) |
|
|
(5,275 |
) |
|
|
(1,547 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net Change in Cash, Cash Equivalents and Restricted Cash |
|
|
17,598 |
|
|
|
6,710 |
|
|
|
47,596 |
|
|
|
(1,351 |
) |
Cash, Cash Equivalents and Restricted Cash, beginning of period |
|
|
34,649 |
|
|
|
11,023 |
|
|
|
4,651 |
|
|
|
19,084 |
|
Cash, Cash Equivalents and Restricted Cash, end of period |
|
$ |
52,247 |
|
|
$ |
17,733 |
|
|
$ |
52,247 |
|
|
$ |
17,733 |
|
INTREPID POTASH, INC.
UNAUDITED NON-GAAP RECONCILIATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
(In thousands)
To supplement Intrepid's consolidated financial statements, which are prepared and presented in accordance with GAAP, Intrepid uses several non-GAAP financial measures to monitor and evaluate its performance. These non-GAAP financial measures include adjusted net (loss) income, adjusted net (loss) income per diluted share, adjusted EBITDA, and average net realized sales price per ton. These non-GAAP financial measures should not be considered in isolation, or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.
Intrepid believes these non-GAAP financial measures provide useful information to investors for analysis of its business. Intrepid uses these non-GAAP financial measures as one of its tools in comparing period-over-period performance on a consistent basis and when planning, forecasting, and analyzing future periods. Intrepid believes these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the potash mining industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions.
Adjusted Net (Loss) Income and Adjusted Net (Loss) Income Per Diluted Share
Adjusted net (loss) income and adjusted net (loss) income per diluted share are calculated as net (loss) income or net (loss) income per diluted share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of its operating results excluding items that Intrepid believes are not indicative of its fundamental ongoing operations.
Reconciliation of Net (Loss) Income to Adjusted Net (Loss) Income:
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(in thousands) |
||||||||||||||
Net (Loss) Income |
$ |
(833 |
) |
|
$ |
4,305 |
|
|
$ |
(3,963 |
) |
|
$ |
8,811 |
|
Adjustments |
|
|
|
|
|
|
|
||||||||
Impairment of long-lived assets |
|
831 |
|
|
|
— |
|
|
|
2,208 |
|
|
|
— |
|
Loss (gain) on sale of assets |
|
241 |
|
|
|
(7 |
) |
|
|
492 |
|
|
|
193 |
|
Calculated income tax effect(1) |
|
(279 |
) |
|
|
2 |
|
|
|
(702 |
) |
|
|
(50 |
) |
Total adjustments |
|
793 |
|
|
|
(5 |
) |
|
|
1,998 |
|
|
|
143 |
|
Adjusted Net (Loss) Income |
$ |
(40 |
) |
|
$ |
4,300 |
|
|
$ |
(1,965 |
) |
|
$ |
8,954 |
|
Reconciliation of Net (Loss) Income per Share to Adjusted Net (Loss) Income per Share:
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
||
Net (Loss) Income Per Diluted Share |
$ |
(0.06 |
) |
|
$ |
0.33 |
|
$ |
(0.31 |
) |
|
$ |
0.68 |
Adjustments |
|
|
|
|
|
|
|
||||||
Impairment of long-lived assets |
|
0.06 |
|
|
|
— |
|
|
0.17 |
|
|
|
— |
Loss on sale of assets |
|
0.02 |
|
|
|
— |
|
|
0.04 |
|
|
|
0.02 |
Calculated income tax effect(1) |
|
(0.02 |
) |
|
|
— |
|
|
(0.05 |
) |
|
|
— |
Total adjustments |
|
0.06 |
|
|
|
— |
|
|
0.16 |
|
|
|
0.02 |
Adjusted Net (Loss) Income Per Diluted Share |
$ |
— |
|
|
$ |
0.33 |
|
$ |
(0.15 |
) |
|
$ |
0.70 |
(1) Assumes an annual effective tax rate of
Adjusted EBITDA
Adjusted earnings before interest, taxes, depreciation, and amortization (or adjusted EBITDA) is calculated as net (loss) income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. Intrepid considers adjusted EBITDA to be useful, and believe it to be useful for investors, because the measure reflects Intrepid's operating performance before the effects of certain non-cash items and other items that Intrepid believes are not indicative of its core operations. Intrepid uses adjusted EBITDA to assess operating performance.
Reconciliation of Net (Loss) Income to Adjusted EBITDA:
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands) |
||||||||||||||
Net (Loss) Income |
|
$ |
(833 |
) |
|
$ |
4,305 |
|
|
$ |
(3,963 |
) |
|
$ |
8,811 |
|
Impairment of long-lived assets |
|
|
831 |
|
|
|
— |
|
|
|
2,208 |
|
|
|
— |
|
Loss (gain) on sale of assets |
|
|
241 |
|
|
|
(7 |
) |
|
|
492 |
|
|
|
193 |
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income tax (benefit) expense |
|
|
(304 |
) |
|
|
2,023 |
|
|
|
(1,079 |
) |
|
|
3,810 |
|
Depreciation, depletion, and amortization |
|
|
8,594 |
|
|
|
8,892 |
|
|
|
17,898 |
|
|
|
18,183 |
|
Amortization of intangible assets |
|
|
84 |
|
|
|
80 |
|
|
|
164 |
|
|
|
161 |
|
Accretion of asset retirement obligation |
|
|
622 |
|
|
|
535 |
|
|
|
1,244 |
|
|
|
1,070 |
|
Total adjustments |
|
|
10,068 |
|
|
|
11,523 |
|
|
|
20,927 |
|
|
|
23,417 |
|
Adjusted EBITDA |
|
$ |
9,235 |
|
|
$ |
15,828 |
|
|
$ |
16,964 |
|
|
$ |
32,228 |
|
Average Potash and Trio® Net Realized Sales Price per Ton
Average net realized sales price per ton for potash is calculated as potash segment sales less potash segment byproduct sales and potash freight costs and then dividing that difference by the number of tons of potash sold in the period. Likewise, average net realized sales price per ton for Trio® is calculated as Trio® segment sales less Trio® segment byproduct sales and Trio® freight costs and then dividing that difference by Trio® tons sold. Intrepid considers average net realized sales price per ton to be useful, and believe it to be useful for investors, because it shows Intrepid's potash and Trio® average per ton pricing without the effect of certain transportation and delivery costs. When Intrepid arranges transportation and delivery for a customer, it includes in revenue and in freight costs the costs associated with transportation and delivery. However, some of Intrepid's customers arrange for and pay their own transportation and delivery costs, in which case these costs are not included in Intrepid's revenue and freight costs. Intrepid uses average net realized sales price per ton as a key performance indicator to analyze potash and Trio® sales and price trends.
Reconciliation of Sales to Average Net Realized Sales Price per Ton:
|
|
Three Months Ended June 30, |
||||||||||
|
|
2024 |
|
2023 |
||||||||
(in thousands, except per ton amounts) |
|
Potash |
|
Trio® |
|
Potash |
|
Trio® |
||||
Total Segment Sales |
|
$ |
30,034 |
|
$ |
26,522 |
|
$ |
47,264 |
|
$ |
28,748 |
Less: Segment byproduct sales |
|
|
5,896 |
|
|
109 |
|
|
6,158 |
|
|
1,520 |
Freight costs |
|
|
1,871 |
|
|
6,660 |
|
|
3,272 |
|
|
6,266 |
Subtotal |
|
$ |
22,267 |
|
$ |
19,753 |
|
$ |
37,834 |
|
$ |
20,962 |
|
|
|
|
|
|
|
|
|
||||
Divided by: |
|
|
|
|
|
|
|
|
||||
Tons sold |
|
|
55 |
|
|
63 |
|
|
79 |
|
|
63 |
Average net realized sales price per ton |
|
$ |
405 |
|
$ |
314 |
|
$ |
479 |
|
$ |
333 |
|
|
|
|
|
|
|
|
|
||||
|
|
Six Months Ended June 30, |
||||||||||
|
|
2024 |
|
2023 |
||||||||
(in thousands, except per ton amounts) |
|
Potash |
|
Trio® |
|
Potash |
|
Trio® |
||||
Total Segment Sales |
|
$ |
67,610 |
|
$ |
63,010 |
|
$ |
99,761 |
|
$ |
59,022 |
Less: Segment byproduct sales |
|
|
11,060 |
|
|
313 |
|
|
11,500 |
|
|
2,740 |
Freight costs |
|
|
5,017 |
|
|
15,634 |
|
|
7,264 |
|
|
12,952 |
Subtotal |
|
$ |
51,533 |
|
$ |
47,063 |
|
$ |
80,997 |
|
$ |
43,330 |
|
|
|
|
|
|
|
|
|
||||
Divided by: |
|
|
|
|
|
|
|
|
||||
Tons sold |
|
|
129 |
|
|
154 |
|
|
167 |
|
|
128 |
Average net realized sales price per ton |
|
$ |
399 |
|
$ |
306 |
|
$ |
485 |
|
$ |
339 |
|
|
Three Months Ended June 30, 2024 |
||||||||||||||
Product |
|
Potash Segment |
|
Trio® Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
||||||
Potash |
|
$ |
24,138 |
|
$ |
— |
|
$ |
— |
|
$ |
(40 |
) |
|
$ |
24,098 |
Trio® |
|
|
— |
|
|
26,413 |
|
|
— |
|
|
— |
|
|
|
26,413 |
Water |
|
|
— |
|
|
— |
|
|
2,572 |
|
|
— |
|
|
|
2,572 |
Salt |
|
|
3,335 |
|
|
109 |
|
|
— |
|
|
— |
|
|
|
3,444 |
Magnesium Chloride |
|
|
932 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
932 |
Brine Water |
|
|
1,584 |
|
|
— |
|
|
1,166 |
|
|
— |
|
|
|
2,750 |
Other |
|
|
45 |
|
|
— |
|
|
1,801 |
|
|
— |
|
|
|
1,846 |
Total Revenue |
|
$ |
30,034 |
|
$ |
26,522 |
|
$ |
5,539 |
|
$ |
(40 |
) |
|
$ |
62,055 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended June 30, 2024 |
||||||||||||||
Product |
|
Potash Segment |
|
Trio® Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
||||||
Potash |
|
$ |
56,550 |
|
$ |
— |
|
$ |
— |
|
$ |
(140 |
) |
|
$ |
56,410 |
Trio® |
|
|
— |
|
|
62,697 |
|
|
— |
|
|
— |
|
|
|
62,697 |
Water |
|
|
— |
|
|
— |
|
|
4,741 |
|
|
— |
|
|
|
4,741 |
Salt |
|
|
6,479 |
|
|
313 |
|
|
— |
|
|
— |
|
|
|
6,792 |
Magnesium Chloride |
|
|
1,351 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,351 |
Brine Water |
|
|
3,167 |
|
|
— |
|
|
2,293 |
|
|
— |
|
|
|
5,460 |
Other |
|
|
63 |
|
|
— |
|
|
3,828 |
|
|
— |
|
|
|
3,891 |
Total Revenue |
|
$ |
67,610 |
|
$ |
63,010 |
|
$ |
10,862 |
|
$ |
(140 |
) |
|
$ |
141,342 |
|
|
Three Months Ended June 30, 2023 |
||||||||||||||
Product |
|
Potash Segment |
|
Trio® Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
||||||
Potash |
|
$ |
41,106 |
|
$ |
— |
|
$ |
— |
|
$ |
(88 |
) |
|
$ |
41,018 |
Trio® |
|
|
— |
|
|
27,228 |
|
|
— |
|
|
— |
|
|
|
27,228 |
Water |
|
|
100 |
|
|
1,474 |
|
|
2,568 |
|
|
— |
|
|
|
4,142 |
Salt |
|
|
3,278 |
|
|
46 |
|
|
— |
|
|
— |
|
|
|
3,324 |
Magnesium Chloride |
|
|
1,667 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,667 |
Brine Water |
|
|
1,113 |
|
|
— |
|
|
1,001 |
|
|
— |
|
|
|
2,114 |
Other |
|
|
— |
|
|
— |
|
|
1,542 |
|
|
— |
|
|
|
1,542 |
Total Revenue |
|
$ |
47,264 |
|
$ |
28,748 |
|
$ |
5,111 |
|
$ |
(88 |
) |
|
$ |
81,035 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended June 30, 2023 |
||||||||||||||
Product |
|
Potash Segment |
|
Trio® Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
||||||
Potash |
|
$ |
88,261 |
|
$ |
— |
|
$ |
— |
|
$ |
(189 |
) |
|
$ |
88,072 |
Trio® |
|
|
— |
|
|
56,282 |
|
|
— |
|
|
— |
|
|
|
56,282 |
Water |
|
|
180 |
|
|
2,522 |
|
|
4,187 |
|
|
— |
|
|
|
6,889 |
Salt |
|
|
6,321 |
|
|
218 |
|
|
— |
|
|
— |
|
|
|
6,539 |
Magnesium Chloride |
|
|
2,804 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
2,804 |
Brine Water |
|
|
2,195 |
|
|
— |
|
|
1,823 |
|
|
— |
|
|
|
4,018 |
Other |
|
|
— |
|
|
— |
|
|
3,351 |
|
|
— |
|
|
|
3,351 |
Total Revenue |
|
$ |
99,761 |
|
$ |
59,022 |
|
$ |
9,361 |
|
$ |
(189 |
) |
|
$ |
167,955 |
Three Months Ended June 30, 2024 |
|
Potash |
|
Trio® |
|
Oilfield
|
|
Other |
|
Consolidated |
||||||
Sales |
|
$ |
30,034 |
|
$ |
26,522 |
|
$ |
5,539 |
|
$ |
(40 |
) |
|
$ |
62,055 |
Less: Freight costs |
|
|
2,803 |
|
|
6,660 |
|
|
— |
|
|
(40 |
) |
|
|
9,423 |
Warehousing and handling costs |
|
|
1,343 |
|
|
1,243 |
|
|
— |
|
|
— |
|
|
|
2,586 |
Cost of goods sold |
|
|
21,224 |
|
|
16,437 |
|
|
3,409 |
|
|
— |
|
|
|
41,070 |
Lower of cost or net realizable value inventory adjustments |
|
|
1,352 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,352 |
Gross Margin |
|
$ |
3,312 |
|
$ |
2,182 |
|
$ |
2,130 |
|
$ |
— |
|
|
$ |
7,624 |
Depreciation, depletion, and amortization incurred1 |
|
$ |
6,178 |
|
$ |
851 |
|
$ |
1,195 |
|
$ |
454 |
|
|
$ |
8,678 |
|
|
|
|
|
|
|
|
|
|
|
||||||
Six Months Ended June 30, 2024 |
|
Potash |
|
Trio® |
|
Oilfield
|
|
Other |
|
Consolidated |
||||||
Sales |
|
$ |
67,610 |
|
$ |
63,010 |
|
$ |
10,862 |
|
$ |
(140 |
) |
|
$ |
141,342 |
Less: Freight costs |
|
|
6,759 |
|
|
15,634 |
|
|
— |
|
|
(140 |
) |
|
|
22,253 |
Warehousing and handling costs |
|
|
3,070 |
|
|
2,605 |
|
|
— |
|
|
— |
|
|
|
5,675 |
Cost of goods sold |
|
|
47,040 |
|
|
43,728 |
|
|
6,733 |
|
|
— |
|
|
|
97,501 |
Lower of cost or net realizable value inventory adjustments |
|
|
1,855 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,855 |
Gross Margin |
|
$ |
8,886 |
|
$ |
1,043 |
|
$ |
4,129 |
|
$ |
— |
|
|
$ |
14,058 |
Depreciation, depletion, and amortization incurred1 |
|
$ |
13,149 |
|
$ |
1,735 |
|
$ |
2,266 |
|
$ |
912 |
|
|
$ |
18,062 |
|
|
|
|
|
|
|
|
|
|
|
||||||
Three Months Ended June 30, 2023 |
|
Potash |
|
Trio® |
|
Oilfield
|
|
Other |
|
Consolidated |
||||||
Sales |
|
$ |
47,264 |
|
$ |
28,748 |
|
$ |
5,111 |
|
$ |
(88 |
) |
|
$ |
81,035 |
Less: Freight costs |
|
|
4,338 |
|
|
6,266 |
|
|
— |
|
|
(88 |
) |
|
|
10,516 |
Warehousing and handling costs |
|
|
1,609 |
|
|
1,192 |
|
|
— |
|
|
— |
|
|
|
2,801 |
Cost of goods sold |
|
|
28,441 |
|
|
20,068 |
|
|
3,827 |
|
|
— |
|
|
|
52,336 |
Gross Margin |
|
$ |
12,876 |
|
$ |
1,222 |
|
$ |
1,284 |
|
$ |
— |
|
|
$ |
15,382 |
Depreciation, depletion, and amortization incurred1 |
|
$ |
6,429 |
|
$ |
1,405 |
|
$ |
915 |
|
$ |
223 |
|
|
$ |
8,972 |
|
|
|
|
|
|
|
|
|
|
|
||||||
Six Months Ended June 30, 2023 |
|
Potash |
|
Trio® |
|
Oilfield
|
|
Other |
|
Consolidated |
||||||
Sales |
|
$ |
99,761 |
|
$ |
59,022 |
|
$ |
9,361 |
|
$ |
(189 |
) |
|
$ |
167,955 |
Less: Freight costs |
|
|
9,343 |
|
|
12,952 |
|
|
— |
|
|
(189 |
) |
|
|
22,106 |
Warehousing and handling costs |
|
|
3,089 |
|
|
2,445 |
|
|
— |
|
|
— |
|
|
|
5,534 |
Cost of goods sold |
|
|
60,025 |
|
|
40,951 |
|
|
7,605 |
|
|
— |
|
|
|
108,581 |
Gross Margin |
|
$ |
27,304 |
|
$ |
2,674 |
|
$ |
1,756 |
|
$ |
— |
|
|
$ |
31,734 |
Depreciation, depletion and amortization incurred1 |
|
$ |
13,482 |
|
$ |
2,611 |
|
$ |
1,822 |
|
$ |
429 |
|
|
$ |
18,344 |
(1) Depreciation, depletion, and amortization incurred for potash and Trio® excludes depreciation, depletion, and amortization amounts absorbed in or relieved from inventory.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805586709/en/
Evan Mapes, CFA, Investor Relations Manager
Phone: 303-996-3042
Email: evan.mapes@intrepidpotash.com
Source: Intrepid Potash, Inc.
FAQ
What were Intrepid Potash's (IPI) Q2 2024 financial results?
How did Intrepid Potash's (IPI) Q2 2024 results compare to Q2 2023?
What were Intrepid Potash's (IPI) potash sales volumes and prices in Q2 2024?
What is Intrepid Potash's (IPI) capital expenditure forecast for 2024?