The following is a summary of the Intrepid Potash, Inc. (IPI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Intrepid Potash reported adjusted EBITDA of $9.2 million in Q2, up by $1.5 million sequentially but down from $15.8 million in the prior year.

• Gross margin in the potash segment decreased year-over-year to $3.3 million from $12.9 million.

• Trio's gross margin improved sequentially and year-over-year, totaling $2.2 million in Q2 2024.

• Oilfield Solutions gross margin stood at $2.1 million.

Business Progress:

• Intrepid Potash increased potash production to 40,000 tons in Q2 from 12,000 tons year-over-year.

• The company expects potash production to increase by approximately 15% year-over-year in 2024.

• Trio sales volumes reached 154,000 tons in the first half of 2024, a company record.

• The company aims to improve operational efficiencies and reduce SG&A expenses.

• Intrepid paused development of its sand project due to softening market conditions.

Opportunities:

• Continued demand for potash in agriculture is expected, supported by solid financial positions of U.S. farmers.

• Settled contracts in China and India are anticipated to spur further potash demand.

Risks:

• Lower potash price levels and reduced sales volumes impacted financial results.

More details: Intrepid Potash IR

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