Alpha Announces Second Quarter 2024 Financial Results
Alpha Metallurgical Resources (NYSE: AMR) reported Q2 2024 financial results, with net income of $58.9 million ($4.49 per diluted share) and Adjusted EBITDA of $116.0 million. The company faced challenges due to weakening steel demand and geopolitical uncertainty, impacting metallurgical coal markets. Key highlights include:
- Coal revenues: $800.1 million for Met segment
- Met segment coal sales realization: $141.86 per ton
- Met segment cost of coal sales: $109.31 per ton
- Operating cash flow: $138.1 million
- Total liquidity increased by 25% to $356.7 million
- Share repurchase program: 6.6 million shares acquired at $1.1 billion
Alpha has committed and priced 71% of its 2024 metallurgical coal at an average price of $157.97 per ton.
Alpha Metallurgical Resources (NYSE: AMR) ha riportato i risultati finanziari del Q2 2024, con un utile netto di 58,9 milioni di dollari (4,49 dollari per azione diluita) e un EBITDA rettificato di 116,0 milioni di dollari. L'azienda ha affrontato sfide a causa della domanda di acciaio in diminuzione e dell'incertezza geopolitica, che ha impattato i mercati del carbone metallurgico. I punti salienti includono:
- Ricavi dal carbone: 800,1 milioni di dollari per il segmento Met
- Realizzazione delle vendite di carbone del segmento Met: 141,86 dollari per tonnellata
- Costo delle vendite di carbone del segmento Met: 109,31 dollari per tonnellata
- Flusso di cassa operativo: 138,1 milioni di dollari
- Liquidità totale aumentata del 25% a 356,7 milioni di dollari
- Programma di riacquisto di azioni: 6,6 milioni di azioni acquisite per 1,1 miliardi di dollari
Alpha ha impegnato e fissato il prezzo del 71% del suo carbone metallurgico 2024 a un prezzo medio di 157,97 dollari per tonnellata.
Alpha Metallurgical Resources (NYSE: AMR) informó los resultados financieros del Q2 2024, con un ingreso neto de 58,9 millones de dólares (4,49 dólares por acción diluida) y un EBITDA ajustado de 116,0 millones de dólares. La compañía enfrentó desafíos debido a la debilidad en la demanda de acero y la incertidumbre geopolítica, lo que afectó los mercados de carbón metalúrgico. Los aspectos destacados incluyen:
- Ingresos por carbón: 800,1 millones de dólares para el segmento Met
- Realización de ventas de carbón del segmento Met: 141,86 dólares por tonelada
- Costo de ventas de carbón del segmento Met: 109,31 dólares por tonelada
- Flujo de efectivo operativo: 138,1 millones de dólares
- La liquidez total aumentó en un 25% hasta 356,7 millones de dólares
- Programa de recompra de acciones: 6,6 millones de acciones adquiridas por 1,1 mil millones de dólares
Alpha ha comprometido y fijado 71% de su carbón metalúrgico 2024 a un precio promedio de 157,97 dólares por tonelada.
알파 메탈로지컬 리소스 (NYSE: AMR)가 2024년 2분기 재무 결과를 보고했습니다. 순이익은 5,890만 달러 (희석주당 4.49달러)이며, 조정 EBITDA는 1억 1,600만 달러입니다. 회사는 쇠퇴하는 철강 수요와 지정학적 불확실성 때문에 도전에 직면하여 금속 탄 시장에 영향을 주었습니다. 주요 하이라이트는 다음과 같습니다:
- 메탈 섹터의 석탄 수익: 8억 1백만 달러
- 메탈 섹터 석탄 판매 실현: 톤당 141.86달러
- 메탈 섹터 석탄 판매 비용: 톤당 109.31달러
- 운영 현금 흐름: 1억 3,810만 달러
- 총 유동성 25% 증가하여 3억 5,670만 달러
- 자사주 매입 프로그램: 6.6백만 주, 11억 달러에 인수
알파는 2024년 금속 석탄의 71%를 톤당 평균 157.97달러의 가격으로 계약하고 가격을 책정했습니다.
Alpha Metallurgical Resources (NYSE: AMR) a publié ses résultats financiers du T2 2024, avec un revenu net de 58,9 millions de dollars (4,49 dollars par action diluée) et un EBITDA ajusté de 116,0 millions de dollars. L’entreprise a rencontré des défis en raison de la faiblesse de la demande d’acier et de l’incertitude géopolitique, impactant les marchés du charbon métallurgique. Les points saillants incluent :
- Revenus liés au charbon : 800,1 millions de dollars pour le segment Mét
- Réalisation des ventes de charbon du segment Mét : 141,86 dollars par tonne
- Coût des ventes de charbon du segment Mét : 109,31 dollars par tonne
- Flux de trésorerie d'exploitation : 138,1 millions de dollars
- Liquidité totale augmentée de 25 % à 356,7 millions de dollars
- Programme de rachat d'actions : 6,6 millions d'actions acquises pour 1,1 milliard de dollars
Alpha a engagé et fixé 71 % de son charbon métallurgique de 2024 à un prix moyen de 157,97 dollars par tonne.
Alpha Metallurgical Resources (NYSE: AMR) hat die Finanzzahlen für das Q2 2024 veröffentlicht, mit einem Nettoergebnis von 58,9 Millionen Dollar (4,49 Dollar pro verwässerter Aktie) und einem angepassten EBITDA von 116,0 Millionen Dollar. Das Unternehmen sah sich Herausforderungen aufgrund der schwindenden Stahlnachfrage und geopolitischen Unsicherheiten gegenüber, was die Märkte für metallurgische Kohle belasten hat. Die wesentlichen Punkte sind:
- Kohle Einnahmen: 800,1 Millionen Dollar für das Met-Segment
- Verwirklichung der Kohleverkäufe im Met-Segment: 141,86 Dollar pro Tonne
- Kosten der Kohleverkäufe im Met-Segment: 109,31 Dollar pro Tonne
- Operativer Cashflow: 138,1 Millionen Dollar
- Gesamtliquidität um 25% auf 356,7 Millionen Dollar gestiegen
- Aktienrückkaufsprogramm: 6,6 Millionen Aktien für 1,1 Milliarden Dollar erworben
Alpha hat 71% seiner metallurgischen Kohle für 2024 zu einem Durchschnittspreis von 157,97 Dollar pro Tonne verpflichtet und bepreist.
- Increased total liquidity by 25% to $356.7 million
- Reduced Met segment cost of coal sales to $109.31 per ton from $115.65 in Q1
- Generated positive operating cash flow of $138.1 million
- Continued share repurchase program, acquiring 6.6 million shares for $1.1 billion
- Net income decreased to $58.9 million from $127.0 million in Q1 2024
- Adjusted EBITDA declined to $116.0 million from $189.6 million in Q1 2024
- Met segment coal sales realization dropped to $141.86 per ton from $166.68 in Q1
- Weakening steel demand and geopolitical uncertainty negatively impacted metallurgical coal markets
Insights
Alpha's Q2 2024 results show a significant decline in financial performance compared to Q1 2024 and Q2 2023. Net income dropped to
The Met segment's coal sales realization decreased to
Positively, total liquidity increased by
The metallurgical coal market is facing significant headwinds. Weakening steel demand and geopolitical uncertainties are pressuring prices and volumes. This is evident in Alpha's
The thermal coal outlook appears stable, with
Alpha's focus on cost control and operational efficiency will be important in navigating these market conditions. The guidance for 2024 Met segment costs (
Alpha's performance reflects broader industry challenges in the metallurgical coal sector. The company's ability to increase shipments (4.6 million tons vs 4.4 million in Q1) despite market headwinds is commendable. However, the pricing decline is concerning and may persist given global economic uncertainties.
The diversified pricing mechanisms (49% export-other, 31% Australian indexed, 20% domestic) provide some risk mitigation. The company's strong liquidity position and minimal debt (
Looking ahead, Alpha's guidance suggests cautious optimism. The focus on share repurchases rather than debt reduction or increased capital expenditures indicates management's belief in the company's long-term value proposition despite near-term challenges.
- Reports second quarter net income of
$58.9 million $4.49 - Generates Adjusted EBITDA of
$116.0 million - Increases quarter-over-quarter total liquidity by nearly
25% or$68.6 million
(millions, except per share) | |||
Three months ended | |||
June 30, 2024 | Mar. 31, 2024 | June 30, 2023 | |
Net income | |||
Net income per diluted share | |||
Adjusted EBITDA(1) | |||
Operating cash flow | |||
Capital expenditures | ( | ( | ( |
Tons of coal sold | 4.6 | 4.4 | 4.3 |
__________________________________ |
1. These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules. |
"As we discussed in our first quarter reporting disclosures, weakening steel demand has negatively impacted metallurgical coal markets," said Andy Eidson, Alpha's chief executive officer. "Waning demand, coupled with significant geopolitical uncertainty across the world, brought about the expected market challenges we faced in Q2 that have intensified in Q3. Despite these external circumstances, the Alpha team performed well within the areas we can control, hitting ambitious shipping milestones, producing well, and most of all, operating safely throughout the quarter."
Financial Performance
Alpha reported net income of
Total Adjusted EBITDA was
Coal Revenues
(millions) | ||
Three months ended | ||
June 30, 2024 | Mar. 31, 2024 | |
Met Segment | ||
Met Segment (excl. freight & handling)(1) | ||
Tons Sold | (millions) | |
Three months ended | ||
June 30, 2024 | Mar. 31, 2024 | |
Met Segment | 4.6 | 4.4 |
__________________________________ |
1. Represents Non-GAAP coal revenues which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations." |
Coal Sales Realization(1)
(per ton) | ||
Three months ended | ||
June 30, 2024 | Mar. 31, 2024 | |
Met Segment | ||
__________________________________ |
1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations." |
Second quarter net realized pricing for the Met segment was
The table below provides a breakdown of our Met segment coal sold in the second quarter by pricing mechanism.
(in millions, except per ton data) | ||||
Met Segment Sales | Three months ended June 30, 2024 | |||
Tons Sold | Coal Revenues | Realization/ton(1) | % of Met Tons | |
Export - Other Pricing Mechanisms | 2.1 | 49 % | ||
Domestic | 0.9 | 20 % | ||
Export - Australian Indexed | 1.3 | 31 % | ||
Total Met Coal Revenues | 4.3 | 100 % | ||
Thermal Coal Revenues | 0.3 | |||
Total Met Segment Coal Revenues | 4.6 | |||
__________________________________ |
1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations." |
Cost of Coal Sales
(in millions, except per ton data) | ||
Three months ended | ||
June 30, 2024 | Mar. 31, 2024 | |
Met Segment | ||
Met Segment (excl. freight & handling/idle)(1) | ||
(per ton) | ||
Met Segment(1) | ||
__________________________________ |
1. Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations." |
Alpha's Met segment cost of coal sales decreased to an average of
Liquidity and Capital Resources
Cash provided by operating activities in the second quarter decreased to
As of June 30, 2024, the company had total liquidity of
Share Repurchase Program
As previously announced, Alpha's board of directors authorized a share repurchase program allowing for the expenditure of up to
The timing and amount of share repurchases will continue to be determined by the company's management based on its evaluation of market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the company's debt agreements, and other factors.
2024 Performance Update
As of July 24, 2024, at the midpoint of guidance, Alpha has committed and priced approximately
2024 Guidance | ||
in millions of tons | Low | High |
Metallurgical | 15.5 | 16.5 |
Thermal | 0.9 | 1.3 |
Met Segment - Total Shipments | 16.4 | 17.8 |
Committed/Priced1,2,3 | Committed | Average Price |
Metallurgical - Domestic | ||
Metallurgical - Export | ||
Metallurgical Total | 71 % | |
Thermal | 100 % | |
Met Segment | 73 % | |
Committed/Unpriced1,3 | Committed | |
Metallurgical Total | 29 % | |
Thermal | — % | |
Met Segment | 27 % | |
Costs per ton4 | Low | High |
Met Segment | ||
In millions (except taxes) | Low | High |
SG&A5 | ||
Idle Operations Expense | ||
Net Cash Interest Income | ||
DD&A | ||
Capital Expenditures | ||
Capital Contributions to Equity Affiliates6 | ||
Tax Rate | 10 % | 15 % |
Notes: | |
1. | Based on committed and priced coal shipments as of July 24, 2024. Committed percentage based on the midpoint of shipment guidance range. |
2. | Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations. |
3. | Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates. |
4. | Note: The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP cost of coal sales per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward-looking basis. The reconciling items include freight and handling costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts freight and handling costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. These amounts have varied historically and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results. |
5. | Excludes expenses related to non-cash stock compensation and non-recurring expenses. |
6. | Includes contributions to fund normal operations at our DTA export facility and expected capital investments related to the facility upgrades. |
Conference Call
The company plans to hold a conference call regarding its second quarter results on August 5, 2024, at 10:00 a.m. Eastern time. The conference call will be available live on the investor section of the company's website at https://alphametresources.com/investors. Analysts who would like to participate in the conference call should dial 877-407-0832 (domestic toll-free) or 201-689-8433 (international) approximately 15 minutes prior to start time.
About Alpha Metallurgical Resources
Alpha Metallurgical Resources (NYSE: AMR) is a
Forward-Looking Statements
This news release includes forward-looking statements. These forward-looking statements are based on Alpha's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha's control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect Alpha. Except as required by law, Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur. See Alpha's filings with the
FINANCIAL TABLES FOLLOW
Non-GAAP Financial Measures
The discussion below contains "non-GAAP financial measures." These are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in
Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate the Company's operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments and other factors.
Included below are reconciliations of non-GAAP financial measures to GAAP financial measures. For comparability purposes, certain immaterial segment information for the three and six months ended June 30, 2023 have been recast to conform to the current year presentation.
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Amounts in thousands, except share and per share data) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues: | |||||||
Coal revenues | $ 800,130 | $ 853,807 | $ 1,661,413 | $ 1,760,505 | |||
Other revenues | 3,839 | 4,564 | 6,628 | 9,101 | |||
Total revenues | 803,969 | 858,371 | 1,668,041 | 1,769,606 | |||
Costs and expenses: | |||||||
Cost of coal sales (exclusive of items shown | 663,809 | 583,514 | 1,312,122 | 1,122,651 | |||
Depreciation, depletion and amortization | 43,380 | 32,226 | 84,081 | 61,649 | |||
Accretion on asset retirement obligations | 6,257 | 6,376 | 12,400 | 12,753 | |||
Amortization of acquired intangibles, net | 1,675 | 2,192 | 3,350 | 4,389 | |||
Selling, general and administrative expenses | 18,805 | 17,506 | 41,182 | 38,198 | |||
Other operating (income) loss | (633) | (1,546) | 2,352 | (2,638) | |||
Total costs and expenses | 733,293 | 640,268 | 1,455,487 | 1,237,002 | |||
Income from operations | 70,676 | 218,103 | 212,554 | 532,604 | |||
Other (expense) income: | |||||||
Interest expense | (1,101) | (1,856) | (2,187) | (3,576) | |||
Interest income | 4,140 | 2,754 | 8,111 | 4,272 | |||
Equity loss in affiliates | (5,917) | (3,174) | (7,557) | (4,922) | |||
Miscellaneous expense, net | (3,611) | (874) | (5,574) | (243) | |||
Total other expense, net | (6,489) | (3,150) | (7,207) | (4,469) | |||
Income before income taxes | 64,187 | 214,953 | 205,347 | 528,135 | |||
Income tax expense | (5,278) | (33,598) | (19,443) | (76,009) | |||
Net income | $ 58,909 | $ 181,355 | $ 185,904 | $ 452,126 | |||
Basic income per common share | $ 4.53 | $ 12.63 | $ 14.29 | $ 30.52 | |||
Diluted income per common share | $ 4.49 | $ 12.16 | $ 14.11 | $ 29.34 | |||
Weighted average shares – basic | 13,013,684 | 14,362,072 | 13,007,905 | 14,814,099 | |||
Weighted average shares – diluted | 13,111,010 | 14,910,633 | 13,173,803 | 15,410,994 | |||
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands, except share and per share data) | |||
June 30, 2024 | December 31, 2023 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 336,148 | $ 268,207 | |
Trade accounts receivable, net of allowance for credit losses of | 505,094 | 509,682 | |
Inventories, net | 221,815 | 231,344 | |
Prepaid expenses and other current assets | 32,866 | 39,064 | |
Total current assets | 1,095,923 | 1,048,297 | |
Property, plant, and equipment, net of accumulated depreciation and amortization of | 626,380 | 588,992 | |
Owned and leased mineral rights, net of accumulated depletion and amortization of | 448,138 | 451,160 | |
Other acquired intangibles, net of accumulated amortization of | 43,229 | 46,579 | |
Long-term restricted investments | 42,196 | 40,597 | |
Long-term restricted cash | 119,107 | 115,918 | |
Deferred income taxes | 8,627 | 8,028 | |
Other non-current assets | 109,352 | 106,486 | |
Total assets | $ 2,492,952 | $ 2,406,057 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Current portion of long-term debt | $ 3,263 | $ 3,582 | |
Trade accounts payable | 122,522 | 128,836 | |
Accrued expenses and other current liabilities | 182,869 | 177,512 | |
Total current liabilities | 308,654 | 309,930 | |
Long-term debt | 5,301 | 6,792 | |
Workers' compensation and black lung obligations | 183,325 | 189,226 | |
Pension obligations | 111,290 | 101,908 | |
Asset retirement obligations | 175,814 | 166,509 | |
Deferred income taxes | 43,877 | 39,142 | |
Other non-current liabilities | 21,121 | 18,622 | |
Total liabilities | 849,382 | 832,129 | |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Preferred stock - par value | — | — | |
Common stock - par value | 224 | 221 | |
Additional paid-in capital | 833,790 | 834,482 | |
Accumulated other comprehensive loss | (48,320) | (40,587) | |
Treasury stock, at cost: 9,366,935 shares at June 30, 2024 and 9,119,456 shares at | (1,296,916) | (1,189,715) | |
Retained earnings | 2,154,792 | 1,969,527 | |
Total stockholders' equity | 1,643,570 | 1,573,928 | |
Total liabilities and stockholders' equity | $ 2,492,952 | $ 2,406,057 | |
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Amounts in thousands) | |||
Six Months Ended June 30, | |||
2024 | 2023 | ||
Operating activities: | |||
Net income | $ 185,904 | $ 452,126 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 84,081 | 61,649 | |
Amortization of acquired intangibles, net | 3,350 | 4,389 | |
Amortization of debt issuance costs and accretion of debt discount | 559 | 1,060 | |
Gain on disposal of assets | (321) | (5,578) | |
Accretion on asset retirement obligations | 12,400 | 12,753 | |
Employee benefit plans, net | 9,592 | 6,463 | |
Deferred income taxes | 6,341 | 25,440 | |
Stock-based compensation | 6,304 | 6,679 | |
Equity loss in affiliates | 7,557 | 4,922 | |
Other, net | (516) | (66) | |
Changes in operating assets and liabilities | 18,948 | (75,231) | |
Net cash provided by operating activities | 334,199 | 494,606 | |
Investing activities: | |||
Capital expenditures | (124,718) | (129,111) | |
Proceeds on disposal of assets | 594 | 6,839 | |
Cash paid for business acquired | — | (11,919) | |
Purchases of investment securities | (26,940) | (158,835) | |
Sales and maturities of investment securities | 26,179 | 236,650 | |
Capital contributions to equity affiliates | (15,659) | (14,943) | |
Other, net | 13 | 18 | |
Net cash used in investing activities | (140,531) | (71,301) | |
Financing activities: | |||
Principal repayments of long-term debt | (1,191) | (1,050) | |
Dividend and dividend equivalents paid | (3,077) | (92,649) | |
Common stock repurchases and related expenses | (117,648) | (301,201) | |
Other, net | (622) | (100) | |
Net cash used in financing activities | (122,538) | (395,000) | |
Net increase in cash and cash equivalents and restricted cash | 71,130 | 28,305 | |
Cash and cash equivalents and restricted cash at beginning of period | 384,125 | 355,394 | |
Cash and cash equivalents and restricted cash at end of period | $ 455,255 | $ 383,699 | |
Supplemental disclosure of noncash investing and financing activities: | |||
Financing leases and capital financing - equipment | $ 1 | $ 1,994 | |
Accrued capital expenditures | $ 6,379 | $ 13,948 | |
Accrued common stock repurchases and stock repurchase excise tax | $ 4,652 | $ 6,642 | |
Accrued dividend payable | $ 424 | $ 9,541 | |
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.
As of June 30, | |||
2024 | 2023 | ||
Cash and cash equivalents | $ 336,148 | $ 312,400 | |
Long-term restricted cash | 119,107 | 71,299 | |
Total cash and cash equivalents and restricted cash shown in the Condensed | $ 455,255 | $ 383,699 | |
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES ADJUSTED EBITDA RECONCILIATION (Amounts in thousands) | |||||||||
Three Months Ended | Six Months Ended June 30, | ||||||||
June 30, 2024 | March 31, 2024 | June 30, 2023 | 2024 | 2023 | |||||
Net income | $ 58,909 | $ 126,995 | $ 181,355 | $ 185,904 | $ 452,126 | ||||
Interest expense | 1,101 | 1,086 | 1,856 | 2,187 | 3,576 | ||||
Interest income | (4,140) | (3,971) | (2,754) | (8,111) | (4,272) | ||||
Income tax expense | 5,278 | 14,165 | 33,598 | 19,443 | 76,009 | ||||
Depreciation, depletion and | 43,380 | 40,701 | 32,226 | 84,081 | 61,649 | ||||
Non-cash stock | 3,535 | 2,769 | 3,645 | 6,304 | 6,679 | ||||
Accretion on asset retirement | 6,257 | 6,143 | 6,376 | 12,400 | 12,753 | ||||
Amortization of acquired | 1,675 | 1,675 | 2,192 | 3,350 | 4,389 | ||||
Adjusted EBITDA | $ 115,995 | $ 189,563 | $ 258,494 | $ 305,558 | $ 612,909 | ||||
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS | |||||
Three Months Ended | |||||
(In thousands, except for per ton data) | June 30, 2024 | March 31, 2024 | June 30, 2023 | ||
Coal revenues | $ 800,130 | $ 861,283 | $ 853,807 | ||
Coal revenues - All Other | — | — | (19,833) | ||
Coal revenues - Met | 800,130 | 861,283 | 833,974 | ||
Less: Freight and handling fulfillment revenues | (154,402) | (133,724) | (118,222) | ||
Non-GAAP Coal revenues - Met | $ 645,728 | $ 727,559 | $ 715,752 | ||
Non-GAAP Coal sales realization per ton - Met | $ 141.86 | $ 166.68 | $ 172.51 | ||
Cost of coal sales (exclusive of items shown separately below) | $ 663,809 | $ 648,313 | $ 583,514 | ||
Depreciation, depletion and amortization - production (1) | 43,076 | 40,396 | 31,936 | ||
Accretion on asset retirement obligations | 6,257 | 6,143 | 6,376 | ||
Amortization of acquired intangibles, net | 1,675 | 1,675 | 2,192 | ||
Total Cost of coal sales | 714,817 | 696,527 | 624,018 | ||
Total Cost of coal sales - All Other | — | — | (21,900) | ||
Total Cost of coal sales - Met | 714,817 | 696,527 | 602,118 | ||
Less: Freight and handling costs - Met | (154,402) | (133,724) | (118,222) | ||
Less: Depreciation, depletion and amortization - production - | (43,076) | (40,396) | (31,649) | ||
Less: Accretion on asset retirement obligations - Met | (6,257) | (6,143) | (3,721) | ||
Less: Amortization of acquired intangibles, net - Met | (1,675) | (1,675) | (2,192) | ||
Less: Idled and closed mine costs - Met | (11,818) | (9,775) | (5,083) | ||
Non-GAAP Cost of coal sales - Met | $ 497,589 | $ 504,814 | $ 441,251 | ||
Non-GAAP Cost of coal sales per ton - Met | $ 109.31 | $ 115.65 | $ 106.35 | ||
GAAP Coal margin - Met | $ 85,313 | $ 164,756 | $ 231,856 | ||
GAAP Coal margin per ton - Met | $ 18.74 | $ 37.74 | $ 55.88 | ||
Non GAAP Coal margin - Met | $ 148,139 | $ 222,745 | $ 274,501 | ||
Non GAAP Coal margin per ton - Met | $ 32.54 | $ 51.03 | $ 66.16 | ||
Tons sold - Met | 4,552 | 4,365 | 4,149 | ||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Six Months Ended | |||
June 30, 2024 | June 30, 2023 | ||
Coal revenues | $ 1,661,413 | $ 1,760,505 | |
Coal revenues - All Other | — | (39,524) | |
Coal revenues - Met | 1,661,413 | 1,720,981 | |
Less: Freight and handling fulfillment revenues | (288,126) | (224,474) | |
Non-GAAP Coal revenues - Met | $ 1,373,287 | $ 1,496,507 | |
Non-GAAP Coal sales realization per ton - Met | $ 154.01 | $ 189.77 | |
Cost of coal sales (exclusive of items shown separately below) | $ 1,312,122 | $ 1,122,651 | |
Depreciation, depletion and amortization - production (1) | 83,472 | 61,073 | |
Accretion on asset retirement obligations | 12,400 | 12,753 | |
Amortization of acquired intangibles, net | 3,350 | 4,389 | |
Total Cost of coal sales | 1,411,344 | 1,200,866 | |
Total Cost of coal sales - All Other | — | (39,821) | |
Total Cost of coal sales - Met | 1,411,344 | 1,161,045 | |
Less: Freight and handling costs - Met | (288,126) | (224,474) | |
Less: Depreciation, depletion and amortization - production - Met (1) | (83,472) | (60,528) | |
Less: Accretion on asset retirement obligations - Met | (12,400) | (7,443) | |
Less: Amortization of acquired intangibles, net - Met | (3,350) | (4,389) | |
Less: Idled and closed mine costs - Met | (21,593) | (9,792) | |
Non-GAAP Cost of coal sales - Met | $ 1,002,403 | $ 854,419 | |
Non-GAAP Cost of coal sales per ton - Met | $ 112.41 | $ 108.35 | |
GAAP Coal margin - Met | $ 250,069 | $ 559,936 | |
GAAP Coal margin per ton - Met | $ 28.04 | $ 71.00 | |
Non GAAP Coal margin - Met | $ 370,884 | $ 642,088 | |
Non GAAP Coal margin per ton - Met | $ 41.59 | $ 81.42 | |
Tons sold - Met | 8,917 | 7,886 | |
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Three Months Ended June 30, 2024 | |||||||
(In thousands, except for per ton data) | Tons Sold | Coal Revenues | Non-GAAP | % of Met Tons | |||
Export - other pricing mechanisms | 2,084 | $ 282,310 | $ 135.47 | 49 % | |||
Domestic | 894 | 142,373 | $ 159.25 | 20 % | |||
Export - Australian indexed | 1,309 | 200,952 | $ 153.52 | 31 % | |||
Total Met segment - met coal | 4,287 | 625,635 | $ 145.94 | 100 % | |||
Met segment - thermal coal | 265 | 20,093 | $ 75.82 | ||||
Non-GAAP Coal revenues | 4,552 | 645,728 | $ 141.86 | ||||
Add: Freight and handling fulfillment revenues | — | 154,402 | |||||
Coal revenues | 4,552 | $ 800,130 | |||||
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SOURCE Alpha Metallurgical Resources, Inc.
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