Intrepid Potash, Inc (NYSE:IPI) reported its second quarter earnings, and they missed both earnings and revenue estimates, on poor industrial sales in the Rocky Mountain region.
Executive chairman of the board Bob Jornayvaz said, "Our agricultural potash sales in the quarter were in line with our expectations and we saw consistent demand from our feed customers. Our industrial sales volumes, while up 43 percent from the same period a year ago, have not returned as expected in the Rocky Mountain region, a situation that we are addressing by adding a new compaction facility at our Moab plant."
Earnings dropped to $3.6 million, or $0.05 a share from $14.44 million, or $0.19 a share last year. Adjusted net income fell from $17.43 million last year to $3.75 million in the latest quarter.
Analysts had expected earnings of $0.12 a share on the quarter.
Revenue plunged from $73 million in the same quarter last year to $64.3 million this year. Analysts were looking for revenue to come in at $65.6 million.
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