Intrepid Potash, Inc. (NYSE:IPI) Q3 2023 Earnings Conference Call November 9, 2023 12:00 PM ET

Company Participants

Evan Mapes - Investor Relations

Robert Jornayvaz - Chairman and Chief Executive Officer

Matthew Preston - Chief Financial Officer

Zachry Adams - Vice President of Sales and Marketing

Conference Call Participants

Christopher Perrella - UBS

Joel Jackson - BMO Capital Markets

Operator

Thank you for standing by. This is the conference operator. Welcome to the Intrepid Potash, Inc. Third Quarter 2023 Results Conference Call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. [Operator Instructions]

I would now like to turn the conference over to Evan Mapes, Investor Relations. Please go ahead.

Evan Mapes

Thank you, Emily. Good morning, everyone. Thanks for joining us to discuss and review Intrepid's third quarter 2023 results.

With me today is Intrepid's Co-Founder, Executive Chairman and CEO; Bob Jornayvaz; and CFO, Matt Preston. Also available to answer questions during the Q&A session is our VP of Sales and Marketing, Zachry Adams, and our VP of Operations, John Galassini.

Please be advised that our remarks today, including answers to your questions, include forward-looking statements as defined by U.S. securities laws. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those really anticipated and are based on information available to us today, and we assume no obligation to update them. These risks and uncertainties are described in our periodic reports filed with the SEC, which are incorporated here by reference.

During today's call, we report certain non-GAAP financial and operational measures. Reconciliations to the mostly directly comparable GAAP measures are included in yesterday's press release. Our SEC filings and press releases are available on our website intrepidpotash.com.

I'll now turn the call to Bob.

Robert Jornayvaz

Thank you, Evan. Good morning, everyone, and we appreciate your interest in Intrepid and your attendance for our third quarter 2023 earnings call.

Intrepid's third quarter was highlighted by strong sales with our volumes remaining well ahead of last year's pace. For potash and Trio, our respective volumes through the third quarter represent approximately 95% and 90% of the total we sold in 2022.

A couple of reasons for the higher sales include, first, farmers in the United States are finding good value in potash, where U.S. demand is projected to increase by about 10% to 15% year-over-year. And second, the premium feed market remains very important for Intrepid with this market comprising just over 30% of our potash sales mix in the third quarter, while also providing the added benefit of increased netbacks.