Intrepid Potash, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing mixed performance compared to the same periods in 2023. For the third quarter, sales increased to $57.5 million, a 6% rise from $54.5 million in Q3 2023. However, for the nine-month period, total sales decreased to $198.9 million from $222.4 million, reflecting an 11% decline.
The company's gross margin for Q3 2024 significantly improved to $7.7 million, up from $491,000 in Q3 2023. Despite this, the gross margin for the nine months ended September 30, 2024, fell to $21.8 million from $32.2 million in the prior year, primarily due to lower average net realized sales prices for potash and Trio® products, alongside reduced sales volumes.
Intrepid Potash experienced an operating loss of $2.2 million for Q3 2024, a notable improvement from the $9.2 million loss in Q3 2023. However, for the nine-month period, the company reported an operating loss of $8.2 million, contrasting with an operating income of $3.5 million in the same period last year. The net loss for Q3 2024 was $1.8 million, down from $7.2 million in Q3 2023, while the nine-month net loss reached $5.8 million, compared to a net income of $1.6 million in 2023.
The potash segment saw sales increase to $28.4 million in Q3 2024 from $27.6 million in Q3 2023, with production volumes rising to 51,000 tons. However, for the nine months, potash sales dropped to $96.0 million from $127.4 million, attributed to a 29% decrease in sales and an 18% decline in average net realized sales price per ton. The Trio® segment reported a 14% decrease in sales for Q3 2024, totaling $18.9 million, while sales for the nine months increased slightly by $0.9 million.
Strategically, the company has focused on enhancing its operations, including the completion of the Phase Two of the HB Injection Pipeline Project, which aims to improve brine injection rates. Additionally, Intrepid Potash entered a cooperative development agreement with XTO Holdings, generating $3.4 million in other operating income for the nine months ended September 30, 2024.
Leadership changes occurred as CEO Robert P. Jornayvaz III resigned on September 30, 2024, following a medical leave. Barth Whitham and Matthew D. Preston have taken on interim leadership roles during the search for a new CEO. The company’s cash and cash equivalents increased significantly to $38.0 million as of September 30, 2024, up from $4.1 million at the end of 2023, primarily due to a $45 million payment received under the cooperative development agreement.
About Intrepid Potash, Inc.
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