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Intrepid Potash (IPI) Q3 Earnings Lag Estimates, Sales Down Y/Y
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Intrepid Potash, Inc. (IPI - Free Report) recorded a loss of 56 cents per share for third-quarter 2023, compared with earnings of 97 cents per share in the year-ago quarter.
Barring one-time items, adjusted loss per share for the reported quarter were 53 cents per share, wider than the Zacks Consensus Estimate of a loss of 2 cents.
The company registered revenues of $54.5 million for the quarter, down around 27% year over year. IPI saw lower average net realized sales price for potash and Trio in the reported quarter. Lower prices for key products and higher cost of goods sold also weighed on its profitability.
Intrepid Potash, Inc Price, Consensus and EPS Surprise
Revenues from the Potash segment tumbled roughly 35% year over year to $27.6 million in the reported quarter. The downside was driven by lower average net realized sales price per ton. The figure was above the consensus estimate of $24.6 million.
The Trio unit raked in revenues of $22 million, down around 8% year over year. Sales were hurt by lower average net realized sales price per ton, which more than offset higher sales volumes.
Revenues from the Oilfield Solutions unit came in at $4.9 million, down around 42% year over year. The figure was below the consensus estimate of $7.6 million.
Financials
The company had roughly $7 million in cash and cash equivalents and $146 million available under its revolving credit facility, for total liquidity of roughly $153 million as of Oct 31, 2023.
Cash flow used in operations was $0.3 million for the reported quarter.
Outlook
The company said that it remains focused on improving its potash unit economics through higher production. It has demonstrated a strong project execution throughout the year and recently commissioned its latest undertaking, the Eddy Shaft Brine Extraction project, which serves as an important bridge to increased potash production in the near term, IPI noted.
Price Performance
Shares of Intrepid Potash have declined 45.3% over a year compared with the industry’s decline of 36.1%.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
IPI currently has a Zacks Rank #5 (Strong Sell).
Better-ranked stocks worth a look in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and The Andersons Inc. (ANDE - Free Report) .
The consensus estimate for Carpenter Technology’s current fiscal year earnings is pegged at $3.57, indicating year-over-year growth of 213.2%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have surged 70% in the past year. It currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for Axalta Coating Systems’ current year has been revised upward by 8.2%. AXTA, carrying a Zacks Rank #1, beat the Zacks Consensus Estimate in three of the last four quarters while missing in one quarter, with the average earnings surprise being 6.7%. The company’s shares have gained 3% in the past year. The company’s shares have gained 20% in the past year.
Andersons currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for ANDE's current-year earnings has been revised 8.6% upward over the past 60 days. Andersons beat the Zacks Consensus Estimate in three of the last four quarters. It delivered a trailing four-quarter earnings surprise of 32.8%, on average. ANDE shares have rallied around 42% in a year.
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Intrepid Potash (IPI) Q3 Earnings Lag Estimates, Sales Down Y/Y
Intrepid Potash, Inc. (IPI - Free Report) recorded a loss of 56 cents per share for third-quarter 2023, compared with earnings of 97 cents per share in the year-ago quarter.
Barring one-time items, adjusted loss per share for the reported quarter were 53 cents per share, wider than the Zacks Consensus Estimate of a loss of 2 cents.
The company registered revenues of $54.5 million for the quarter, down around 27% year over year. IPI saw lower average net realized sales price for potash and Trio in the reported quarter. Lower prices for key products and higher cost of goods sold also weighed on its profitability.
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 tumbled roughly 35% year over year to $27.6 million in the reported quarter. The downside was driven by lower average net realized sales price per ton. The figure was above the consensus estimate of $24.6 million.
The Trio unit raked in revenues of $22 million, down around 8% year over year. Sales were hurt by lower average net realized sales price per ton, which more than offset higher sales volumes.
Revenues from the Oilfield Solutions unit came in at $4.9 million, down around 42% year over year. The figure was below the consensus estimate of $7.6 million.
Financials
The company had roughly $7 million in cash and cash equivalents and $146 million available under its revolving credit facility, for total liquidity of roughly $153 million as of Oct 31, 2023.
Cash flow used in operations was $0.3 million for the reported quarter.
Outlook
The company said that it remains focused on improving its potash unit economics through higher production. It has demonstrated a strong project execution throughout the year and recently commissioned its latest undertaking, the Eddy Shaft Brine Extraction project, which serves as an important bridge to increased potash production in the near term, IPI noted.
Price Performance
Shares of Intrepid Potash have declined 45.3% over a year compared with the industry’s decline of 36.1%.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
IPI currently has a Zacks Rank #5 (Strong Sell).
Better-ranked stocks worth a look in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and The Andersons Inc. (ANDE - Free Report) .
The consensus estimate for Carpenter Technology’s current fiscal year earnings is pegged at $3.57, indicating year-over-year growth of 213.2%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have surged 70% in the past year. It currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for Axalta Coating Systems’ current year has been revised upward by 8.2%. AXTA, carrying a Zacks Rank #1, beat the Zacks Consensus Estimate in three of the last four quarters while missing in one quarter, with the average earnings surprise being 6.7%. The company’s shares have gained 3% in the past year. The company’s shares have gained 20% in the past year.
Andersons currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for ANDE's current-year earnings has been revised 8.6% upward over the past 60 days. Andersons beat the Zacks Consensus Estimate in three of the last four quarters. It delivered a trailing four-quarter earnings surprise of 32.8%, on average. ANDE shares have rallied around 42% in a year.