IPI

Intrepid Potash posts fourth-quarter loss on lower prices, impairment charges

March 6 (Reuters) - Fertilizer producer Intrepid Potash IPI.N reported a fourth-quarter loss on Wednesday, hurt by impairment charges and a decline in product prices.

Fertilizer companies have grappled with slow demand as farmers held back on purchases after prices rallied in 2022 when sanctions on top exporters, Russia and Belarus, led to tight supplies.

Intrepid Potash said it took a $42.8 million impairment charge in the fourth quarter, primarily related to its East and West mines in New Mexico.

Sales at the company's potash segment fell nearly 35%, with prices declining about 38%, compared with the year-ago quarter.

The company reported a net loss of $37.3 million, or $2.91 per share, for the quarter ended Dec. 31, compared with a profit of $4 million, or 30 cents per share, a year earlier.

The Denver, Colorado-based company expects its 2024 capital expenditure to be in the range of $40 million to $50 million. Its capex for 2023 was $65.1 million.

(Reporting by Sourasis Bose in Bengaluru; Editing by Shweta Agarwal)

((Sourasis.Bose@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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