(RTTNews.com) – Intrepid Potash Inc. ( IPI ) reported that its loss for the third quarter widened from last year on a double-digit decline in revenues. Loss per share was wider than analysts’ estimates.
The company’s third-quarter net loss was $ 18.24 million or $ 0.24 per share, wider than net loss of $ 8.1 million, or $ 0.11 per share in the year-ago period.
Adjusted net loss was $ 0.23 per share, compared with adjusted loss of $ 0.06 per share in the same period last year. On average, analysts polled by Thomson Reuters expected the company to report loss of $ 0.12 per share. Analysts’ estimates typically exclude special items.
The company noted that potash pricing drove potash sales revenue decline of 16 percent to $ 35.4 million. Trio sales revenue declined 29 percent to $ 8.3 million, driven by a 28 percent decline in average net realized sales prices per ton.
Intrepid Potash is the only U.S. producer of muriate of potash and supplied approximately 9 percent of the country’s annual consumption in 2015.
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Plantations International