Intrepid Potash, Inc. (NYSE:IPI) Q1 2023 Earnings Conference Call May 4, 2023 12:00 PM ET

Company Participants

Evan Mapes - Investor Relations

Bob Jornayvaz - Executive Chairman & Chief Executive Officer

Matt Preston - Chief Financial Officer

Zachary Adams - Vice President, Sales & Marketing

Conference Call Participants

Will Tang - Morgan Stanley

Lucas Beaumont - UBS

Joel Jackson - BMO Capital Markets

Operator

Thank you for standing by. This is the conference operator. Welcome to the Intrepid Potash Inc. First Quarter 2023 Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Evan Mapes, Investor Relations. Please go ahead.

Evan Mapes

Thank you, Julianne. Good morning, everyone. Thanks for joining us to discuss and review Intrepid’s first quarter 2023 results. With me today is Intrepid’s Co-Founder, Executive Chairman and CEO, Bob Jornayvaz and CFO, Matt Preston. Also with me today and available to answer questions during the Q&A session following our prepared remarks is our VP of Sales and Marketing, Zachary Adams.

Please be advised that our remarks today, including answers to your questions include forward-looking statements as defined by US securities laws. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated. These statements are based on the 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 will refer to certain non-GAAP financial and operational measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in yesterday’s press release. Our SEC filings and press releases are available on our website at intrepidpotash.com.

I will now turn the call over to Bob. Please go ahead.

Bob Jornayvaz

Thank you, Evan and good morning to everyone. We appreciate your attendance and your interest in Intrepid. For the first quarter of 2023, I'm pleased to share that Intrepid was able to continue its recent run of solid quarterly performance, which was highlighted by a meaningful pickup in demand for our key fertilizer products with our sales volumes totaling 89,000 tons for potash and 65,000 tons for Trio.

When compared to our full year 2022 sales volumes, these first quarter figures represent approximately 40% of our total potash sales volumes and 33% of our Trio volumes, with the strong sales continuing into the second quarter behind higher demand from agricultural customers.