Q2 2024 Intrepid Potash Inc Earnings Call Transcript
Key Points
- Adjusted EBITDA totaled $9.2 million, showing a sequential increase of $1.5 million.
- Trio segment results improved with increased mining rates and lower production costs.
- US farmers' solid financial position is expected to support steady potash demand in the second half of the year.
- Second quarter potash production increased to 40,000 tons from 12,000 tons in the prior year period.
- Intrepid Potash Inc (IPI) has no long-term debt and a cash balance of $51 million.
- Adjusted EBITDA decreased from $15.8 million in the prior year period.
- Gross margin for potash dropped to $3.3 million from $12.9 million in the prior year period.
- Lower potash pricing and sales volumes negatively impacted financial performance.
- CEO Bob Jornayvaz remains on medical leave, and the search for his successor is ongoing.
- Potash cost per ton needs to improve to ensure better margins and cash flow.
Thank you for standing by. This is the conference operator, and welcome to the Intrepid Potash Inc second quarter 2024 results conference call. As a reminder, all participants are in a listen only mode and the conference is being recorded. (Operator instructions) I would now like to turn the conference over to Evan Mapes, Investor Relations. Please go ahead.
Thank you, Michelle. Good morning, everyone. Thanks for joining us to discuss and review Intrepid's second quarter 2024 results. With me today is Intrepid CFO and Acting Principal Executive Officer, Matt Preston. And available to have a Q&A session as our VP of Sales and Marketing, Zachary Adams and our VP of Operations, John Galassini.
Please be advised that our remarks today include forward-looking statements as defined by US securities laws. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to be materially differ from those anticipated or based on information available to us today,
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