Linked In
News In
Linked In

You are viewing 1 of your 2 complimentary articles.

Register now to receive full access.

Already registered?

Login | Join us now

Pace of Intrepid Potash losses slow, as market bottoms out

Twitter Linkedin

Intrepid Potash reported smaller losses, with signs the potash market has bottomed out.

And the company reported rising sales in its commodity potash business, thanks to an increase in volumes, up 51% year-on-year.

Intrepid's realised potash sales prices was down 33% year on year in the last three months of 2016, but up 4% on the previous three months period.

The company said that recent price increases have provided "stability to the potash market and have increased buyer confidence entering the spring season".

'Improved selling environment'

"The improved selling environment for potash that began towards the end of the third quarter has continued, as we saw healthy demand and improved pricing during the fourth quarter," said Bob Jornayvaz, Intrepid's president and chief executive.

"As we look into 2017, we expect to see the full benefit of recent potash price increases and the margin benefit of solar potash," Mr Jornayvaz said.

Intrepid said it does not expect the full effect of the recent rise in prices to come start to be realised until the first three months of 2017.

"The potash segment generated a gross deficit of $4.1m in the fourth quarter of 2016 as the company sold tonnes that had been priced prior to last fall's price increases and sold its remaining conventionally produced granular inventory," Intrepid said.

Earnings miss expectations

Intrepid reported a net loss of $16.6m for the last three months of 2016, compared with net loss of $518.3m in the same time a year earlier.

The company's adjusted net loss was $14.5m, compared with a loss of $20.1m a year earlier, or $0.19 per share.

This missed analyst expectations for a loss of $0.12 a share.

By William Clarke

Twitter Linkedin
Related Stories

Festive staff shortages 'likely' as British growers cut ties with UK supermarkets

Faced with mounting concerns over labour shortages and fears they may not be able to fulfil retailer contracts, some British growers have sought to cut ties with UK supermarkets in favour of companies elsewhere in Europe.

Hard Brexit to have 'catastrophic' effect on European meat industry; new report

A hard Brexit will have a ‘catastrophic impact’ on the European meat industry, according to a report published by Europe’s meat industry body, UECBV, as the UK and EU continue negotiations.

Manufacturers stockpile agrochemicals in bid to keep post-Brexit prices down for farmers

Manufacturers of crop protection products are stockpiling agrochemicals in warehouses in a bid to keep input costs down for farmers after Brexit, according to the chief executive of the Crop Protection Association, Sarah Mukherjee.

Dairy groups sidestep shockwaves from GDT price slump

Indeed, shares in the likes of A2 and Beston soar. Still, that does not mean there are no losers from the dairy price falls...
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

Our Brands: Comtell | Feedinfo | FGInsight

© 2017 and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of the Briefing Media group
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069