Intrepid 3rd-quarter profit surges as fertilizer demand sends revenue, pricing higher
DENVER (AP) -- Fertilizer maker Intrepid Potash Inc. said Wednesday its third-quarter profit soared on growing demand for fertilizer products.
Intrepid posted a profit of $49.7 million, or 66 cents per share, for the quarter ended Sept. 30, up ninefold from $5.4 million, or 7 cents per share, in the same quarter last year. Revenue nearly tripled to $146.3 million from $52.9 million.
The results fell short of Wall Street estimates, however. Analysts polled by Thomson Reuters expected 73 cents per share $143.3 million in revenue.
The company said it was helped by rising potash prices during the quarter. Average net sales price increased to $623 from $193 per short ton during the quarter, although production declined slightly.
"Our realized potash price further widened relative to our North American competitors as we focused on our regional markets and on paying close attention to the opportunities in the spot market for potash," Chief Executive Bob Jornayvaz said in a statement.
Shares of Intrepid Potash closed Tuesday at $19.46. The stock has declined 61 percent since its initial public offering price of $50.40 in April.
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