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Intrepid Potash (IPI) Q4 Earnings Lag Estimates, Sales Down Y/Y
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Intrepid Potash, Inc. (IPI - Free Report) recorded earnings of 30 cents per share for fourth-quarter 2022, compared with earnings of $16.66 per share in the year-ago quarter.
Barring one-time items, adjusted earnings per share for the reported quarter were 83 cents per share, missing the Zacks Consensus Estimate of $1.16.
The company registered revenues of $66.7 million for the quarter, down around 7% year over year.
Intrepid Potash gained from higher pricing for its key products. It saw higher average net realized sales price for potash and Trio in the reported quarter.
Intrepid Potash, Inc Price, Consensus and EPS Surprise
Revenues from the Potash segment rose roughly 13% year over year to $43.8 million in the reported quarter. The upside was driven by increased pricing that more than offset lower sales volumes.
The Trio unit raked in revenues of $17.3 million, down around 30% year over year. While net realized sales price per ton increased in the quarter, it was more than offset by reduced sales volumes.
Revenues from the Oilfield Solutions unit came in at $5.7 million, down around 32% year over year.
FY22 Results
Earnings or full-year 2022 were $5.37 per share compared with $18.66 per share a year ago. Revenues were $337.6 million for the full year, up around 25% year over year.
Financials
The company’s cash and cash equivalents were around $18.5 million at the end of 2022, down around 49% year over year.
Cash flow from operations was $88.8 million for full-year 2022.
The company repurchased shares worth $22 million in 2022.
Outlook
Moving ahead, the company said that it is seeing strong demand for potash and Trio in the first quarter of 2023, which it expects to continue throughout the year as farmers are expected to be incentivized to maximize their yields. Intrepid Potash will also focus on the successful execution on its growth projects, with the objective of improving the cost side of its potash production unit economics.
Price Performance
Shares of Intrepid Potash have declined 59.3% over a year compared with the industry’s rise of 16.9%.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Intrepid Potash currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth considering in the basic materials space include Steel Dynamics, Inc. (STLD - Free Report) , Olympic Steel, Inc. (ZEUS - Free Report) and Nucor Corporation (NUE - Free Report) .
Steel Dynamics currently sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for STLD's current-year earnings has been revised 20.1% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Steel Dynamics’ earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 11.3%, on average. STLD has rallied around 82% in a year.
Olympic Steel currently sports a Zacks Rank #1. The Zacks Consensus Estimate for ZEUS's current-year earnings has been revised 60.6% upward in the past 60 days.
Olympic Steel’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 26.2%, on average. ZEUS has rallied around 78% in a year.
Nucor currently carries a Zacks Rank #1. The Zacks Consensus Estimate for NUE’s current-year earnings has been revised 10.7% upward in the past 60 days.
Nucor beat Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 7.7% on average. NUE’s shares have gained roughly 32% in the past year.
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Intrepid Potash (IPI) Q4 Earnings Lag Estimates, Sales Down Y/Y
Intrepid Potash, Inc. (IPI - Free Report) recorded earnings of 30 cents per share for fourth-quarter 2022, compared with earnings of $16.66 per share in the year-ago quarter.
Barring one-time items, adjusted earnings per share for the reported quarter were 83 cents per share, missing the Zacks Consensus Estimate of $1.16.
The company registered revenues of $66.7 million for the quarter, down around 7% year over year.
Intrepid Potash gained from higher pricing for its key products. It saw higher average net realized sales price for potash and Trio in the reported quarter.
Intrepid Potash, Inc Price, Consensus and EPS Surprise
Intrepid Potash, Inc price-consensus-eps-surprise-chart | Intrepid Potash, Inc Quote
Segment Highlights
Revenues from the Potash segment rose roughly 13% year over year to $43.8 million in the reported quarter. The upside was driven by increased pricing that more than offset lower sales volumes.
The Trio unit raked in revenues of $17.3 million, down around 30% year over year. While net realized sales price per ton increased in the quarter, it was more than offset by reduced sales volumes.
Revenues from the Oilfield Solutions unit came in at $5.7 million, down around 32% year over year.
FY22 Results
Earnings or full-year 2022 were $5.37 per share compared with $18.66 per share a year ago. Revenues were $337.6 million for the full year, up around 25% year over year.
Financials
The company’s cash and cash equivalents were around $18.5 million at the end of 2022, down around 49% year over year.
Cash flow from operations was $88.8 million for full-year 2022.
The company repurchased shares worth $22 million in 2022.
Outlook
Moving ahead, the company said that it is seeing strong demand for potash and Trio in the first quarter of 2023, which it expects to continue throughout the year as farmers are expected to be incentivized to maximize their yields. Intrepid Potash will also focus on the successful execution on its growth projects, with the objective of improving the cost side of its potash production unit economics.
Price Performance
Shares of Intrepid Potash have declined 59.3% over a year compared with the industry’s rise of 16.9%.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Intrepid Potash currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks worth considering in the basic materials space include Steel Dynamics, Inc. (STLD - Free Report) , Olympic Steel, Inc. (ZEUS - Free Report) and Nucor Corporation (NUE - Free Report) .
Steel Dynamics currently sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for STLD's current-year earnings has been revised 20.1% upward in the past 60 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Steel Dynamics’ earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 11.3%, on average. STLD has rallied around 82% in a year.
Olympic Steel currently sports a Zacks Rank #1. The Zacks Consensus Estimate for ZEUS's current-year earnings has been revised 60.6% upward in the past 60 days.
Olympic Steel’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 26.2%, on average. ZEUS has rallied around 78% in a year.
Nucor currently carries a Zacks Rank #1. The Zacks Consensus Estimate for NUE’s current-year earnings has been revised 10.7% upward in the past 60 days.
Nucor beat Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 7.7% on average. NUE’s shares have gained roughly 32% in the past year.