Intrepid Potash Misses Estimates, Falls 1.5% (IPI)

Intrepid Potash, Inc IPI announced on Wednesday after the market closed that it failed to meet consensus Wall Street estimates. Intrepid Potash, Inc reported that its 2nd quarter net income fell to $3.6 million, or 5 cents per share, down from $14.4 million, or 19 cents per share, a year earlier. Revenue fell to $64.3 million, down from $73 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 12 cents per share, on revenue of $65.6 million. 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." Intrepid Potash, Inc (IPI)closed Wednesday trading up 2.65% at $24.81per share, then fell 1.5% to $24.44 during after hours trading. Analysts covering the company's stock give it a consensus price target of $26.42 per share. Read more from Benzinga's Company news.