Intrepid Potash hits over 1-yr low on Q3 miss

Intrepid Potash

03/11/2022 17:22

** Shares of fertilizer maker Intrepid Potash Inc  IPI.N 
plunge as much as 23.4% to $32.99, their lowest in over a year
    ** Among top pct losers across U.S. exchanges; set for worst
day since March 2020 if losses hold
    ** IPI's Q3 sales and adj. EPS miss Refinitiv estimates on
lower potash sales volumes
    ** CEO Bob Jornayvaz says "lingering and persistent
inflation in farmer cost inputs is driving some uncertainty,
despite spot pricing for key crops remaining substantially
higher than previous decade averages"
    ** Adds, however, that agricultural demand outlook for 2023
remains "overwhelmingly positive"
    ** Top fertilizer maker Nutrien Ltd  NTR.TO   NTR.N  also
misses Q3 expectations and cut FY outlook, sending its shares
down 12.7%
    ** Other rivals Mosaic Co  MOS.N  and K+S  SDFGn.DE  lose
over 6% each
    ** IPI has gained less than a pct YTD through last close
 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))