Intrepid Potash climbs on Q4 revenue beat

Intrepid Potash

07/03/2023 13:52

** Shares of Intrepid Potash Inc  IPI.N  climb 3.1% to
$33.15 in premarket trade
    ** IPI posts Q4 revenue of $66.8 mln, topping average
estimate of $50.3 mln - Refinitiv data
    ** Q4 adj EBITDA also beats estimates
    ** For 2023, IPI expects capital budget to range between $60
and $75 million vs 2022 capital spending of $68.7 million
    ** Co says sales were driven by higher pricing for its key
products, with average net realized sales price for potash
coming in at $713 per ton in 2022
    ** "There continues to be a structural potash supply gap
owing to the Belarusian sanctions and concerns around Russian
supply, which should continue to provide a relatively high floor
for pricing in 2023 and beyond, even as incremental supply from
other projects starts to enter the market," - Bob Jornayvaz,
IPI's CEO
    ** For Q1, IPI says it has seen strong demand for its potash
and specialty fertilizer called Trio, which co expects to
continue throughout the year as farmers will likely be
incentivized to maximize their yields
    ** IPI up 11.4% YTD

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))