July 17, 2012 / 9:44 PM / 5 years ago

UPDATE 1-Intrepid Potash estimates sales above forecast

July 17 (Reuters) - Intrepid Potash said it expected to report second-quarter potash sales above its own estimates, helped by stable agricultural sales volumes and a solid industrial and feed market.

However, the potash sales volumes for the quarter ended June 30 are expected to be lower than the 225,000 tons the company sold last year.

Intrepid estimated production to have been between 165,000 and 175,000 tons of potash and sale of 180,000 to 190,000 tons.

The company had earlier forecast potash sales volumes in the range of 125,000 to 175,000 tons for the quarter.

“Production results for the second quarter include the benefit of record hoisting rates at our West mine in Carlsbad, New Mexico,” the company said.

Dahlman Rose last month upgraded its rating on all fertilizer companies it covers, including Mosaic Co, Potash Corp and Agrium Inc, citing higher demand.

Mosaic Co earlier on Tuesday said the drought devastating the U.S. corn crop likely won’t dent fertilizer sales. It also reported better-than-expected quarterly results.

Shares of Intrepid Potash closed at $23.75 on Tuesday on the New York Stock Exchange.

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