Intrepid Potash net quintuples on 75% higher sales
By Robert Daniel
Last update: 6:18 a.m. EDT June 2, 2008
marketwatch.com
TEL AVIV (MarketWatch) -- Intrepid Potash Inc. (IPI:48.00, -1.16, -2.4%) of Denver reported that first-quarter net income quintupled, with pricing and demand pushing the quarter's earnings higher than profit for all of 2007.
"The potash industry is in the midst of an unprecedented demand driven-market, fueled by numerous drivers, including an ever-increasing demand for a more nutritious diet, especially for more protein, resulting from rising populations and growing GDP in developing countries," Chief Executive Officer Bob Jornayvaz said in a statement on Monday. Earnings reached $33.1 million from $6.4 million in the year-earlier period. Pro-forma per-share earnings were 27 cents against 5 cents. Sales rose 75% to $84.4 million from $48.2 million, the company, which is the successor entity to Intrepid Mining LLC, said. Intrepid Potash went public in April at $32 a share. The stock closed on Friday at $49.16. End of Story |
