Intrepid Potash reports Q1 adjusted EPS 37c, consensus 67c

Reports Q1 revenue $86.92M, consensus $67.9M. "Intrepid’s first quarter of 2023 saw a meaningful pickup in demand for our key products, with potash and Trio(R) sales volumes totaling 89 thousand and 65 thousand tons, respectively. While our first quarter profitability was impacted by lower pricing compared to last year, potash pricing still remains elevated compared to recent historical levels, with U.S. corn belt potash trading at approximately $490 per short ton for prompt tons in the ongoing spring application. This price level still supports solid margins for Intrepid, with farmers also viewing this price as attractive given their strong economics in the backdrop of a supportive crop futures market. Looking into the second quarter, we anticipate steady demand for our products as farmers look to maximize their yields. The recent settlement of a key international contract has also helped establish a pricing floor for potash, and in the U.S., we’ve recently seen increases in pricing as in-season demand has exceeded nearby supply. Moreover, the conflict in Eastern Europe continues to be a key potash supply risk, adding further pricing support for the industry."