August 6, 2009 / 10:04 PM / 10 years ago

UPDATE 1-Intrepid Potash Q2 profit drops 24 pct

* Q2 EPS $0.52 vs est. of $0.69

* Q2 revenue falls 14 pct

Aug 6 (Reuters) - Fertilizer maker Intrepid Potash Inc (IPI.N) posted a 24 percent decline in second-quarter profit, hurt by lower demand.

“Potash sales volumes continue to be at reduced levels as dealers showed greater hesitancy to refill their inventories and to take on price risk during the second quarter,” Chief Executive Bob Jornayvaz said.

In the latest quarter, the company posted net income of $39.1 million, or 52 cents a share, compared with $51.7 million, or 69 cents a share, a year ago.

Excluding items, the company said it earned $17.4 million.

Revenue for the quarter dropped 14 percent to $162.3 million.

The company which makes muriate of potash, a key crop nutrient, said sales in the second quarter were 80,000 short tons compared to 213,000 short tons in the second quarter of 2008.

Analysts, on average, were looking for earnings of 23 cents a share, before items, on revenue of $71.6 million, according to Reuters Estimates.

Shares of the company closed at $26.20 Thursday on the New York Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Anil D’Silva)

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