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Intrepid Potash (IPI) Q4 Earnings Lag, Sales Beat Estimates

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Intrepid Potash, Inc. (IPI - Free Report) recorded a loss of $2.91 per share in fourth-quarter 2023. This compares with earnings of 30 cents per share in the year-ago quarter.

Barring one-time items, the adjusted loss in the reported quarter was 41 cents per share, wider than the Zacks Consensus Estimate of a loss of 21 cents.

The company registered revenues of $56.7 million for the quarter, down around 15% year over year. It beat the Zacks Consensus Estimate of $41.6 million.

Intrepid Potash, Inc Price, Consensus and EPS Surprise

 

Intrepid Potash, Inc Price, Consensus and EPS Surprise

Intrepid Potash, Inc price-consensus-eps-surprise-chart | Intrepid Potash, Inc Quote

 

Segment Highlights

Revenues in the Potash segment tumbled nearly 35% year over year to roughly $28.5 million in the reported quarter. The downside was caused by a lower average net realized sales price per ton, which was above the consensus estimate of $18.7 million.

The Trio unit raked in revenues of $21.1 million, up around 22% year over year. Higher sales volumes aided sales, which were partly offset by a lower average net realized sales price per ton. The metric was above the consensus estimate of $11.1 million.

Revenues from the Oilfield Solutions unit were $7.05 million, up around 23% year over year. This figure was above the consensus estimate of $5.4 million.

FY23 Results

For full-year 2023, the company recorded $279.1 million in revenues, down 17.3% year over year. It reported a net loss of $35.7 million or $2.80 per share for 2023.

Financials

The company had nearly $4.1 million in cash and cash equivalents and $4 million of outstanding borrowings on its $150-million revolving credit facility.

Cash flow from operations was $4.6 million in the reported quarter.

Outlook

The capital expenditure guidance for 2024 is pegged between $40 million and $50 million.

Price Performance

Shares of Intrepid Potash have declined 30.9% in a year compared with the industry’s plunge of 34.4%.

Zacks Investment Research
Image Source: Zacks Investment Research

Zacks Rank & Key Picks

IPI currently has a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Givaudan SA (GVDNY - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and Carpenter Technology Corporation (CRS - Free Report) and Hawkins, Inc. (HWKN - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Givaudan's projected earnings growth rate for the current year is 13.43%. The Zacks Consensus Estimate for GVDNY’s current-year earnings has been revised upward by 5.1% in the past 60 days. The company’s shares have rallied 44.6% in the past year.

The consensus estimate for CRS’ current fiscal year earnings is pegged at $3.97 per share, indicating a year-over-year surge of 248.3%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have increased 32.4% in the past year.

The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a 26% year-over-year rise. The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised upward by 4.3% in the past 30 days. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 70.6%. The company’s shares have surged 70.5% in the past year.

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