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 IncQ2 results show Trio cost per ton at $205 lifting gross margin 35%, plus board expanded buyback to $50M backed by $185M cash.
China Nonferrous Mining Corp Ltd