Intrepid Potash reported adjusted EBITDA of $16.4 million and adjusted net income of $6 million in Q2 2025, compared to adjusted EBITDA of $9.2 million and adjusted net loss of about $40,000 in Q2 2024.
Oilfield Solutions segment contributed $4.3 million in revenue and $1.3 million in gross margin, consistent with historical averages.
Potash production was 44,000 tons in Q2, 4,000 tons higher than the prior year period, with cost of goods sold improving 13% to $337 per ton.
Potash sales volumes increased by 25% year-over-year to 69,000 tons in Q2, with a net realized sales price of $361 per ton, up $50 per ton from Q1.
Trio segment sold 70,000 tons at an average net realized sales price of $368 per ton, with production also at 70,000 tons and cost of goods sold per ton improving 10% year-over-year.
Adjusted EBITDA margin was flat at 21.9%, reflecting strong Solutions margin improvements offsetting lower Attachments volumes.
Consolidated net sales decreased 2.8% compared to Q2 2024, primarily due to lower volumes at Work Truck Attachments related to preseason shipment timing.
Free cash flow improved by approximately $4 million to negative $17.8 million year-to-date.
GAAP net income was $26 million or $1.09 per diluted share, up 6.6% and 6.9% respectively from the prior year.
Interest expense decreased 27.9% to $3 million due to lower borrowings.
Inventory increased to $153.3 million from $139.4 million, driven by component inflows to support Solutions backlog despite Attachments inventory reduction.
Leverage ratio improved significantly to 2.0x from 3.3x a year ago, reflecting improved balance sheet and amended debt agreement.
SG&A expenses decreased 6.9% to $21.8 million due to lower stock-based compensation and employee benefits costs.
Work Truck Attachments net sales were $108.1 million with adjusted EBITDA of $31.6 million, lower due to shipment timing but in line with expectations.
Work Truck Solutions net sales increased 5.4% to $86.2 million, with adjusted EBITDA up 39.8% to $11 million, achieving a record quarterly margin of 12.8%.
Adjusted EBITDA excluding LIFO was $45 million in Q2, up from $32.8 million in Q1.
Cash from operations was $24 million, with a cash conversion cycle of 66 days, improved from prior periods.
Excluding LIFO, gross margin expanded by 40 basis points sequentially to 19%.
Gross margin contracted by 10 basis points to 17.9%, impacted by a higher-than-expected LIFO expense of $13 million due to rising commodity prices outpacing selling prices.
LIFO charge increased due to rising metal costs, with full year LIFO expense estimated at approximately $40 million.
Net income attributable to Ryerson was $1.9 million or $0.06 per diluted share, compared to a net loss of $5.6 million and loss per share of $0.18 in the prior quarter.
Ryerson reported net sales of $1.17 billion in Q2 2025, a 3% increase compared to Q1, driven by a 2.8% rise in average selling prices and a slight increase in tons shipped.
Second quarter shipments decreased by 1.2% quarter-over-quarter, outperforming the North American industry volume decline of 2.1%.
Total company tons shipped were up fractionally quarter-over-quarter with strength in consumer durable and HVAC sectors, but weakness in construction equipment and commercial ground transportation.
Total debt ended at $510 million with net debt of $479 million, resulting in a leverage ratio of 4.4x, above the target range of 0.5x to 2x.
Warehousing, delivery, selling, general and administrative expenses increased slightly to $204 million due to one additional business day but decreased as a percentage of revenue and per day.
Dafinchi