Intrepid Potash (IPI) Soars Past Estimates, Almost Triples Profits

Intrepid Potash (NYSE:IPI) surpassed the already high expectations of analysts in their latest quarter, as profits almost tripled on a 44 percent boost in potash sales.

Intrepid's Executive Chairman Bob Jornayvaz said, "Given the strong commodity-pricing environment and level of grain demand, we expect at least a normal spring season in terms of application rates as farmers look to maximize yield and margin."

Strong crop prices have given farmers more capital and motivation to increase inputs this year, and it appears that should continue during the spring season as well.

Profits for the quarter ending in December rose to $18.2 million, or 24 cents a share, up from $6.7 million, or 9 cents a share from the same quarter last year.

Revenue also surged, rising to $96.2 million, up 32 percent for the quarter.

Analysts had been looking for revenue of $87.2 million, and earnings of 20 cents a share.