Intrepid Potash (NYSE: IPI) reported a net income of $2.4 million, or $0.18 per diluted share, for the second quarter ending June 30, 2023. The company achieved gross sales of approximately $66.7 million, with a gross margin increase of 35% to $16.6 million. Following the successful $68.9 million sale of its South Ranch asset, Intrepid plans to initiate share repurchases in the third quarter.
The company raised its full-year 2026 potash production guidance to 290,000 to 300,000 tons and Trio production guidance to 295,000 to 305,000 tons. Potash production increased to 52,000 tons, an 8,000-ton year-over-year rise. Adjusted EBITDA from continuing operations also grew to $17.5 million, up from $13.8 million in the prior-year quarter, primarily driven by stronger Trio margins.
Intrepid reported year-to-date cash flow from continuing operations at $55.3 million, compared to $42.9 million last year, with capital expenditures totaling $8.5 million in the second quarter. The company ended the quarter with $185 million in cash and no borrowing under its revolving credit facility.
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