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Raymond James increases $IFOS.V PT
CEO Commentary
“We are pleased to report continued strong safety, financial and operational performance during the third quarter. Financially we recognized $153.2 million of revenues and $50.7 million of adjusted EBITDA on the back of continued strong production out of our Conda facility while achieving company record safety performance.
“On September 22 we completed a major strategic initiative, refinancing our outstanding debt. The new credit facilities entered into, extend our debt maturity and create more flexibility for the funding of the long-term growth of the business. As a result of record financial performance for the nine months ended September 2022, we have made significant progress toward deleveraging our balance sheet. In the first three quarters of 2022, we have reduced net debt by $100MM resulting in a net leverage ratio of 0.5x at the end of the period,” said G. David Delaney, CEO of Itafos.
“We have also reiterated our full-year guidance for 2022 to reflect the continued strength of the business and market fundamentals. Finally, we remain focused on our key objectives, including extending Conda’s current mine life through permitting and development of H1/NDR and evaluating strategic alternatives for our non-North American assets.”
See my previous write up on this catalyst-rich phosphate pick:
ceo.ca
CEO.CA | #[@globenewswire](/globenewswire)/itafos-reports-record-q3-and-9m-2022-results-confirms
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