Intrepid Announces First Quarter 2022 Results – Benzinga – Press Release

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Denver, CO, May 02, 2022 (GLOBE NEWSWIRE) — Intrepid Potash, Inc. (“Intrepid”, the “Company”, “we”, “us”, “our”) IPI today reported its results for the first quarter of 2022.

Key Highlights for Q1 2022

  • Total sales increased to $104.4 million compared to $71.5 million in the first quarter of 2021 as potash and Trio® net realized sales prices(1) increased to $703 and $469 per ton, respectively.
  • Net income of $31.4 million (or $2.31 per share), a $29.0 million improvement compared to Q1 2021.
  • Gross margin of $47.2 million, a $38.1 million improvement over the prior year.
  • Cash flow from operations of $34.1 million, a $15.0 million improvement over the prior year.
  • Adjusted EBITDA(1) of $50.2 million, which was a $37.3 million improvement over the prior year, and a $25.4 million improvement over the prior quarter.
  • As of April 30, 2022, Intrepid had approximately $80 million in cash on hand and $74 million available under its revolving credit facility, for total liquidity of approximately $154 million.
  • Beginning multiple production improvement projects to capitalize on a strong commodity environment and improve production cost per ton.
    • Additional potash cavern in Moab – expected in-service Q4 2022
    • Upgraded brackish and deep-brine wells in Wendover – expected in-service Q3 2022
    • Improved injection pipeline system at HB designed to maintain higher flow rates and increase brine storage underground – expected in-service 1H 2023

Consolidated Results and Management Commentary

Intrepid generated first quarter 2022 sales of $104.4 million, which compares to first quarter 2021 sales of $71.5 million. Consolidated gross margin totaled $47.2 million, while net income totaled $31.4 million, or $2.31 per share, which compares to first quarter 2021 net income of $2.5 million, or $0.18 per share. The Company delivered adjusted EBITDA of $50.2 million. The strong first quarter profitability was primarily driven by higher prices for potash and Trio®, which averaged $703 per ton and $469…

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