Intrepid Potash Inc

Intrepid Potash reported second-quarter results on August 4 that leaned on its Trio segment, where cost per ton fell to $205, the lowest since the fourth quarter of 2019, helping lift gross margin 35% from a year earlier even as total sales from continuing operations dipped slightly. Trio sales climbed 8% to $35.7 million on flat volumes of 70 thousand tons, driven by a 6% rise in the average realized price to $389 per ton, while production rose 7% to 75 thousand tons and Trio gross margin reached $11.4 million from $8.1 million a year ago. Intrepid raised full-year Trio production guidance to 295 thousand to 305 thousand tons and potash guidance to 290 thousand to 300 thousand tons, and the board expanded the share repurchase authorization to $50 million, backed by $185.0 million in cash and equivalents as of June 30 with no borrowings outstanding. The potash segment lagged, with sales volumes down 14% to 59 thousand tons and cost per ton up to $359 from $337, leaving potash gross margin essentially flat at a gain of just $0.1 million. The completed sale of Intrepid South added $62.0 million in cash and a $13.2 million after-tax gain, while a $5.0 million loss contingency tied to the Pecos water rights matter weighed on results and net income from continuing operations came in at $2.4 million.

Intrepid Potash raised its full-year 2026 production guidance for potash and Trio and said it expects to begin share repurchases in the third quarter. The company now sees potash output of 290,000 to 300,000 tons and Trio output of 295,000 to 305,000 tons, citing better recovery, throughput and reliability. Second-quarter adjusted EBITDA rose to $17.5 million from $13.8 million a year earlier, while gross margin increased 35% to $16.6 million. Following the $68.9 million South Ranch sale, Intrepid had $185 million in cash and expanded its buyback authorization to $50 million, while reducing 2026 capital-spending guidance to about $40 million.