Alpha Announces Third Quarter 2024 Financial Results
Alpha Metallurgical Resources (NYSE: AMR) reported Q3 2024 financial results with net income of $3.8 million ($0.29 per diluted share), down from $58.9 million in Q2. Adjusted EBITDA was $49.0 million, compared to $116.0 million in Q2. The company's total liquidity increased by 42% to $507.0 million. Met coal sales realization decreased to $132.76 per ton, while cost of coal sales increased to $114.27 per ton. For 2025, Alpha has secured domestic sales commitments of 3.7 million tons at an average price of $152.51 per ton, and expects to ship 15.0-16.0 million metallurgical tons.
Alpha Metallurgical Resources (NYSE: AMR) ha riportato i risultati finanziari del terzo trimestre 2024, registrando un reddito netto di 3,8 milioni di dollari (0,29 dollari per azione diluita), in calo rispetto ai 58,9 milioni di dollari del secondo trimestre. L'EBITDA rettificato è stato di 49,0 milioni di dollari, rispetto ai 116,0 milioni di dollari del secondo trimestre. La liquidità totale dell'azienda è aumentata del 42% a 507,0 milioni di dollari. Le vendite di carbone metallurgico si sono realizzate a 132,76 dollari per tonnellata, mentre il costo delle vendite di carbone è aumentato a 114,27 dollari per tonnellata. Per il 2025, Alpha ha garantito impegni di vendite domestiche di 3,7 milioni di tonnellate a un prezzo medio di 152,51 dollari per tonnellata e prevede di spedire tra 15,0 e 16,0 milioni di tonnellate metallurgiche.
Alpha Metallurgical Resources (NYSE: AMR) informó los resultados financieros del tercer trimestre de 2024, con una ganancia neta de 3,8 millones de dólares (0,29 dólares por acción diluida), en comparación con los 58,9 millones de dólares del segundo trimestre. El EBITDA ajustado fue de 49,0 millones de dólares, en comparación con los 116,0 millones de dólares del segundo trimestre. La liquidez total de la empresa aumentó un 42% a 507,0 millones de dólares. La realización de ventas de carbón metalúrgico disminuyó a 132,76 dólares por tonelada, mientras que el costo de las ventas de carbón aumentó a 114,27 dólares por tonelada. Para 2025, Alpha ha asegurado compromisos de ventas domésticas de 3,7 millones de toneladas a un precio promedio de 152,51 dólares por tonelada y espera enviar entre 15,0 y 16,0 millones de toneladas metalúrgicas.
알파 메탈러지컬 리소스 (NYSE: AMR)는 2024년 3분기 재무 결과를 보고했습니다. 순이익은 380만 달러 (희석주당 0.29달러)로, 2분기의 5,890만 달러에서 감소했습니다. 조정 EBITDA는 4,900만 달러로, 2분기의 1억 1,600만 달러에 비해 줄어들었습니다. 회사의 총 유동성은 42% 증가한 5억 700만 달러에 달했습니다. 메트술탄광의 판매 실현가는 톤당 132.76달러로 하락했으며, 석탄 판매 비용은 톤당 114.27달러로 증가했습니다. 2025년을 대비하여 알파는 연평균 152.51달러의 가격으로 370만 톤의 국내 판매 약정을 체결했으며, 1,500만~1,600만 톤의 메탈라지컬 제품을 출하할 것으로 예상하고 있습니다.
Alpha Metallurgical Resources (NYSE: AMR) a communiqué les résultats financiers du troisième trimestre 2024, avec un revenu net de 3,8 millions de dollars (0,29 dollar par action diluée), en baisse par rapport à 58,9 millions de dollars au deuxième trimestre. L'EBITDA ajusté était de 49,0 millions de dollars, contre 116,0 millions de dollars au deuxième trimestre. La liquidité totale de l'entreprise a augmenté de 42% pour atteindre 507,0 millions de dollars. La réalisation des ventes de charbon métallurgique a diminué à 132,76 dollars par tonne, tandis que le coût des ventes de charbon a augmenté à 114,27 dollars par tonne. Pour 2025, Alpha a sécurisé des engagements de vente domestique de 3,7 millions de tonnes à un prix moyen de 152,51 dollars par tonne et prévoit d'expédier entre 15,0 et 16,0 millions de tonnes métallurgiques.
Alpha Metallurgical Resources (NYSE: AMR) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit einem Nettogewinn von 3,8 Millionen Dollar (0,29 Dollar pro verwässerter Aktie), was einem Rückgang von 58,9 Millionen Dollar im zweiten Quartal entspricht. Das bereinigte EBITDA betrug 49,0 Millionen Dollar, im Vergleich zu 116,0 Millionen Dollar im zweiten Quartal. Die Gesamtliquidität des Unternehmens stieg um 42% auf 507,0 Millionen Dollar. Der Verkaufspreis für Metallkohle sank auf 132,76 Dollar pro Tonne, während die Kosten für den Kohleverkauf auf 114,27 Dollar pro Tonne stiegen. Für 2025 hat Alpha Verkaufsverpflichtungen im Inland von 3,7 Millionen Tonnen zu einem Durchschnittspreis von 152,51 Dollar pro Tonne gesichert und erwartet, 15,0 bis 16,0 Millionen metallurgische Tonnen zu versenden.
- Total liquidity increased 42% quarter-over-quarter to $507.0 million
- Operating cash flow improved to $189.5 million from $138.1 million in Q2
- Secured 3.7 million tons of domestic sales commitments for 2025 at $152.51/ton
- Minimal debt with only $6.7 million in total long-term debt
- Net income declined 94% to $3.8 million from $58.9 million in Q2 2024
- Adjusted EBITDA decreased 58% to $49.0 million from $116.0 million in Q2
- Met coal sales realization dropped to $132.76/ton from $141.86/ton in Q2
- Cost of coal sales increased to $114.27/ton from $109.31/ton in Q2
- Coal sales volume decreased to 4.1 million tons from 4.6 million tons in Q2
Insights
The Q3 2024 results reveal significant headwinds for Alpha Metallurgical Resources, with net income dropping sharply to
Key concerns include declining coal sales realization at
The company's strong balance sheet with minimal debt (
Global steel market conditions are creating significant pressure on metallurgical coal demand and pricing. The combination of manufacturing slowdown, economic headwinds and geopolitical uncertainties suggests this weakness could persist into 2025.
The reduced production volume of 4.1 million tons (down from 4.6 million) and lower pricing reflect these market challenges. The company's export exposure (77% of Q3 sales) makes it particularly vulnerable to global market conditions. The 2025 guidance of 15.0-16.0 million metallurgical tons indicates management's cautious outlook, while the projected cost improvements suggest operational optimization efforts.
- Posts third quarter net income of
$3.8 million $0.29 - Reports Adjusted EBITDA of
$49.0 million - Increases quarter-over-quarter total liquidity by
42% or$150.3 million - Announces sales commitments to domestic customers for shipment in 2025
- Introduces guidance for full year 2025
(millions, except per share) | |||
Three months ended | |||
Sep. 30, 2024 | June 30, 2024 | Sep. 30, 2023 | |
Net income | |||
Net income per diluted share | |||
Adjusted EBITDA(1) | |||
Operating cash flow | |||
Capital expenditures | ( | ( | ( |
Tons of coal sold | 4.1 | 4.6 | 4.2 |
__________________________________ | |
1. | These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules. |
"Our third quarter results reflect the softness of metallurgical coal markets, which is driven by weak global steel demand," said Andy Eidson, Alpha's chief executive officer. "A slowdown in manufacturing activity, increased economic headwinds, and geopolitical uncertainties across the world have exerted downward pressure on steel demand, which impacts met coal demand and pricing. Despite these external factors, we continue to focus internally on safely running our operations and working to protect our business with a strong balance sheet. This means we have been taking a close look at our costs across the board and making some changes to help the organization withstand this period of lower revenue generation."
Financial Performance
Alpha reported net income of
Total Adjusted EBITDA was
Coal Revenues
(millions) | ||
Three months ended | ||
Sep. 30, 2024 | June 30, 2024 | |
Met Segment | ||
Met Segment (excl. freight & handling)(1) | ||
Tons Sold | (millions) | |
Three months ended | ||
Sep. 30, 2024 | June 30, 2024 | |
Met Segment | 4.1 | 4.6 |
__________________________________ | |
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 | ||
Sep. 30, 2024 | June 30, 2024 | |
Met Segment | ||
__________________________________ | |
1. | Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations." |
Third quarter net realized pricing for the Met segment was
The table below provides a breakdown of our Met segment coal sold in the third quarter by pricing mechanism.
(in millions, except per ton data) | ||||
Met Segment Sales | Three months ended Sep. 30, 2024 | |||
Tons Sold | Coal Revenues | Realization/ton(1) | % of Met Tons | |
Export - Other Pricing Mechanisms | 1.9 | 48 % | ||
Domestic | 0.9 | 23 % | ||
Export - Australian Indexed | 1.1 | 29 % | ||
Total Met Coal Revenues | 3.9 | 100 % | ||
Thermal Coal Revenues | 0.2 | |||
Total Met Segment Coal Revenues (excl. freight & handling)(1) | 4.1 | |||
__________________________________ | |
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 | ||
Sep. 30, 2024 | June 30, 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 increased to an average of
Liquidity and Capital Resources
Cash provided by operating activities in the third quarter increased to
As of September 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.
2025 Domestics Sales Commitments
Alpha has committed approximately 3.7 million tons of metallurgical coal to domestic customers for shipment in the 2025 calendar year at an average price of
Issuance of 2025 Operational Guidance
The company is issuing operational guidance for the 2025 calendar year. For sales volumes, Alpha expects to ship between 15.0 million and 16.0 million metallurgical tons in 2025 as well as another 1.0 million to 1.4 million tons of incidental thermal coal, bringing total 2025 shipment expectations to a range of 16.0 million to 17.4 million tons for the year.
Alpha expects its 2025 cost of coal sales to be between
The guidance range for selling, general and administrative (SG&A) costs is
The company expects capital expenditures in the range of
2025 contributions to equity affiliates are expected in the range of
The company expects a tax rate of between
2024 Performance Update
As of October 23, 2024, for the 2024 calendar year, Alpha has committed and priced approximately
2024 Guidance | 2025 Guidance | |||
in millions of tons | Low | High | Low | High |
Metallurgical | 15.5 | 16.5 | 15.0 | 16.0 |
Thermal | 0.9 | 1.3 | 1.0 | 1.4 |
Met Segment - Total Shipments | 16.4 | 17.8 | 16.0 | 17.4 |
Committed/Priced1,2,3 | Committed | Average Price | Committed | Average Price |
Metallurgical - Domestic | ||||
Metallurgical - Export | ||||
Metallurgical Total | 86 % | 24 % | ||
Thermal | 100 % | 96 % | ||
Met Segment | 88 % | 29 % | ||
Committed/Unpriced1,3 | Committed | Committed | ||
Metallurgical Total | 14 % | 35 % | ||
Thermal | — % | — % | ||
Met Segment | 12 % | 32 % | ||
Costs per ton4 | Low | High | Low | High |
Met Segment | ||||
In millions (except taxes) | Low | High | Low | High |
SG&A5 | ||||
Idle Operations Expense | ||||
Net Cash Interest Income | ||||
DD&A | ||||
Capital Expenditures | ||||
Capital Contributions to Equity Affiliates6 | ||||
Tax Rate | 5 % | 10 % | 0 % | 5 % |
Notes: | |
1. | Based on committed and priced coal shipments as of October 23, 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 third quarter results on November 1, 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 nine months ended September 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 September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues: | |||||||
Coal revenues | $ 669,783 | $ 738,998 | $ 2,331,196 | $ 2,499,503 | |||
Other revenues | 2,114 | 2,822 | 8,742 | 11,923 | |||
Total revenues | 671,897 | 741,820 | 2,339,938 | 2,511,426 | |||
Costs and expenses: | |||||||
Cost of coal sales (exclusive of items shown | 598,725 | 564,608 | 1,910,847 | 1,687,259 | |||
Depreciation, depletion and amortization | 42,414 | 32,582 | 126,495 | 94,231 | |||
Accretion on asset retirement obligations | 6,326 | 6,376 | 18,726 | 19,129 | |||
Amortization of acquired intangibles, net | 1,675 | 2,069 | 5,025 | 6,458 | |||
Selling, general and administrative expenses | 15,987 | 18,053 | 57,169 | 56,251 | |||
Other operating loss (income) | 1,461 | 973 | 3,813 | (1,665) | |||
Total costs and expenses | 666,588 | 624,661 | 2,122,075 | 1,861,663 | |||
Income from operations | 5,309 | 117,159 | 217,863 | 649,763 | |||
Other (expense) income: | |||||||
Interest expense | (1,041) | (1,746) | (3,228) | (5,322) | |||
Interest income | 5,145 | 4,639 | 13,256 | 8,911 | |||
Equity loss in affiliates | (7,011) | (6,660) | (14,568) | (11,582) | |||
Miscellaneous expense, net | (2,685) | (614) | (8,259) | (857) | |||
Total other expense, net | (5,592) | (4,381) | (12,799) | (8,850) | |||
(Loss) income before income taxes | (283) | 112,778 | 205,064 | 640,913 | |||
Income tax benefit (expense) | 4,087 | (18,964) | (15,356) | (94,973) | |||
Net income | $ 3,804 | $ 93,814 | $ 189,708 | $ 545,940 | |||
Basic income per common share | $ 0.29 | $ 6.88 | $ 14.58 | $ 37.87 | |||
Diluted income per common share | $ 0.29 | $ 6.65 | $ 14.43 | $ 36.46 | |||
Weighted average shares – basic | 13,017,820 | 13,633,640 | 13,011,234 | 14,416,289 | |||
Weighted average shares – diluted | 13,092,019 | 14,110,488 | 13,146,566 | 14,973,168 | |||
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands, except share and per share data) | |||
September 30, 2024 | December 31, 2023 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 484,560 | $ 268,207 | |
Trade accounts receivable, net of allowance for credit losses of | 375,869 | 509,682 | |
Inventories, net | 200,108 | 231,344 | |
Prepaid expenses and other current assets | 32,427 | 39,064 | |
Total current assets | 1,092,964 | 1,048,297 | |
Property, plant, and equipment, net of accumulated depreciation and amortization of | 620,929 | 588,992 | |
Owned and leased mineral rights, net of accumulated depletion and amortization of | 441,708 | 451,160 | |
Other acquired intangibles, net of accumulated amortization of | 41,554 | 46,579 | |
Long-term restricted investments | 42,512 | 40,597 | |
Long-term restricted cash | 121,077 | 115,918 | |
Deferred income taxes | 8,857 | 8,028 | |
Other non-current assets | 109,818 | 106,486 | |
Total assets | $ 2,479,419 | $ 2,406,057 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Current portion of long-term debt | $ 3,101 | $ 3,582 | |
Trade accounts payable | 111,448 | 128,836 | |
Accrued expenses and other current liabilities | 190,085 | 177,512 | |
Total current liabilities | 304,634 | 309,930 | |
Long-term debt | 3,582 | 6,792 | |
Workers' compensation and black lung obligations | 182,062 | 189,226 | |
Pension obligations | 104,610 | 101,908 | |
Asset retirement obligations | 170,643 | 166,509 | |
Deferred income taxes | 41,088 | 39,142 | |
Other non-current liabilities | 22,173 | 18,622 | |
Total liabilities | 828,792 | 832,129 | |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Preferred stock - par value | — | — | |
Common stock - par value | 224 | 221 | |
Additional paid-in capital | 836,803 | 834,482 | |
Accumulated other comprehensive loss | (48,080) | (40,587) | |
Treasury stock, at cost: 9,366,935 shares at September 30, 2024 and 9,119,456 shares at | (1,296,916) | (1,189,715) | |
Retained earnings | 2,158,596 | 1,969,527 | |
Total stockholders' equity | 1,650,627 | 1,573,928 | |
Total liabilities and stockholders' equity | $ 2,479,419 | $ 2,406,057 | |
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Amounts in thousands) | |||
Nine Months Ended September 30, | |||
2024 | 2023 | ||
Operating activities: | |||
Net income | $ 189,708 | $ 545,940 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 126,495 | 94,231 | |
Amortization of acquired intangibles, net | 5,025 | 6,458 | |
Amortization of debt issuance costs and accretion of debt discount | 839 | 1,585 | |
Loss (gain) on disposal of assets | 31 | (6,089) | |
Accretion on asset retirement obligations | 18,726 | 19,129 | |
Employee benefit plans, net | 15,123 | 9,989 | |
Deferred income taxes | 3,254 | 27,898 | |
Stock-based compensation | 9,317 | 9,678 | |
Equity loss in affiliates | 14,568 | 11,582 | |
Other, net | (97) | (123) | |
Changes in operating assets and liabilities | 140,672 | (68,472) | |
Net cash provided by operating activities | 523,661 | 651,806 | |
Investing activities: | |||
Capital expenditures | (156,167) | (183,836) | |
Proceeds on disposal of assets | 763 | 7,855 | |
Cash paid for business acquired | — | (11,919) | |
Purchases of investment securities | (37,015) | (166,515) | |
Sales and maturities of investment securities | 36,529 | 249,598 | |
Capital contributions to equity affiliates | (22,865) | (21,844) | |
Other, net | 24 | 24 | |
Net cash used in investing activities | (178,731) | (126,637) | |
Financing activities: | |||
Principal repayments of long-term debt | (1,748) | (1,686) | |
Dividend and dividend equivalents paid | (3,077) | (99,731) | |
Common stock repurchases and related expenses | (117,648) | (403,385) | |
Other, net | (945) | 3,302 | |
Net cash used in financing activities | (123,418) | (501,500) | |
Net increase in cash and cash equivalents and restricted cash | 221,512 | 23,669 | |
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 | $ 605,637 | $ 379,063 | |
Supplemental disclosure of noncash investing and financing activities: | |||
Financing leases and capital financing - equipment | $ 1 | $ 2,059 | |
Accrued capital expenditures | $ 6,845 | $ 11,618 | |
Accrued common stock repurchases and stock repurchase excise tax | $ 4,652 | $ 6,275 | |
Accrued dividend payable | $ 424 | $ 9,418 | |
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 September 30, | |||
2024 | 2023 | ||
Cash and cash equivalents | $ 484,560 | $ 296,059 | |
Long-term restricted cash | 121,077 | 83,004 | |
Total cash and cash equivalents and restricted cash shown in the Condensed | $ 605,637 | $ 379,063 | |
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES ADJUSTED EBITDA RECONCILIATION (Amounts in thousands) | |||||||||
Three Months Ended | Nine Months Ended September 30, | ||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | 2024 | 2023 | |||||
Net income | $ 3,804 | $ 58,909 | $ 93,814 | $ 189,708 | $ 545,940 | ||||
Interest expense | 1,041 | 1,101 | 1,746 | 3,228 | 5,322 | ||||
Interest income | (5,145) | (4,140) | (4,639) | (13,256) | (8,911) | ||||
Income tax (benefit) expense | (4,087) | 5,278 | 18,964 | 15,356 | 94,973 | ||||
Depreciation, depletion and | 42,414 | 43,380 | 32,582 | 126,495 | 94,231 | ||||
Non-cash stock | 3,013 | 3,535 | 2,999 | 9,317 | 9,678 | ||||
Accretion on asset retirement | 6,326 | 6,257 | 6,376 | 18,726 | 19,129 | ||||
Amortization of acquired | 1,675 | 1,675 | 2,069 | 5,025 | 6,458 | ||||
Adjusted EBITDA | $ 49,041 | $ 115,995 | $ 153,911 | $ 354,599 | $ 766,820 | ||||
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS | |||||
Three Months Ended | |||||
(In thousands, except for per ton data) | September 30, 2024 | June 30, 2024 | September 30, 2023 | ||
Coal revenues | $ 669,783 | $ 800,130 | $ 738,998 | ||
Coal revenues - All Other | — | — | (7,517) | ||
Coal revenues - Met | 669,783 | 800,130 | 731,481 | ||
Less: Freight and handling fulfillment revenues | (119,093) | (154,402) | (94,770) | ||
Non-GAAP Coal revenues - Met | $ 550,690 | $ 645,728 | $ 636,711 | ||
Non-GAAP Coal sales realization per ton - Met | $ 132.76 | $ 141.86 | $ 154.73 | ||
Cost of coal sales (exclusive of items shown separately below) | $ 598,725 | $ 663,809 | $ 564,608 | ||
Depreciation, depletion and amortization - production (1) | 42,108 | 43,076 | 32,270 | ||
Accretion on asset retirement obligations | 6,326 | 6,257 | 6,376 | ||
Amortization of acquired intangibles, net | 1,675 | 1,675 | 2,069 | ||
Total Cost of coal sales | 648,834 | 714,817 | 605,323 | ||
Total Cost of coal sales - All Other | — | — | (14,056) | ||
Total Cost of coal sales - Met | 648,834 | 714,817 | 591,267 | ||
Less: Freight and handling costs - Met | (119,093) | (154,402) | (94,770) | ||
Less: Depreciation, depletion and amortization - production - | (42,108) | (43,076) | (31,893) | ||
Less: Accretion on asset retirement obligations - Met | (6,326) | (6,257) | (3,722) | ||
Less: Amortization of acquired intangibles, net - Met | (1,675) | (1,675) | (2,069) | ||
Less: Idled and closed mine costs - Met | (5,625) | (11,818) | (6,353) | ||
Non-GAAP Cost of coal sales - Met | $ 474,007 | $ 497,589 | $ 452,460 | ||
Non-GAAP Cost of coal sales per ton - Met | $ 114.27 | $ 109.31 | $ 109.95 | ||
GAAP Coal margin - Met | $ 20,949 | $ 85,313 | $ 140,214 | ||
GAAP Coal margin per ton - Met | $ 5.05 | $ 18.74 | $ 34.07 | ||
Non GAAP Coal margin - Met | $ 76,683 | $ 148,139 | $ 184,251 | ||
Non GAAP Coal margin per ton - Met | $ 18.49 | $ 32.54 | $ 44.78 | ||
Tons sold - Met | 4,148 | 4,552 | 4,115 | ||
(1) | Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Nine Months Ended | |||
September 30, 2024 | September 30, 2023 | ||
Coal revenues | $ 2,331,196 | $ 2,499,503 | |
Coal revenues - All Other | — | (47,041) | |
Coal revenues - Met | 2,331,196 | 2,452,462 | |
Less: Freight and handling fulfillment revenues | (407,219) | (319,244) | |
Non-GAAP Coal revenues - Met | $ 1,923,977 | $ 2,133,218 | |
Non-GAAP Coal sales realization per ton - Met | $ 147.26 | $ 177.75 | |
Cost of coal sales (exclusive of items shown separately below) | $ 1,910,847 | $ 1,687,259 | |
Depreciation, depletion and amortization - production (1) | 125,580 | 93,343 | |
Accretion on asset retirement obligations | 18,726 | 19,129 | |
Amortization of acquired intangibles, net | 5,025 | 6,458 | |
Total Cost of coal sales | 2,060,178 | 1,806,189 | |
Total Cost of coal sales - All Other | — | (53,877) | |
Total Cost of coal sales - Met | 2,060,178 | 1,752,312 | |
Less: Freight and handling costs - Met | (407,219) | (319,244) | |
Less: Depreciation, depletion and amortization - production - Met (1) | (125,580) | (92,421) | |
Less: Accretion on asset retirement obligations - Met | (18,726) | (11,165) | |
Less: Amortization of acquired intangibles, net - Met | (5,025) | (6,458) | |
Less: Idled and closed mine costs - Met | (27,218) | (16,145) | |
Non-GAAP Cost of coal sales - Met | $ 1,476,410 | $ 1,306,879 | |
Non-GAAP Cost of coal sales per ton - Met | $ 113.00 | $ 108.90 | |
GAAP Coal margin - Met | $ 271,018 | $ 700,150 | |
GAAP Coal margin per ton - Met | $ 20.74 | $ 58.34 | |
Non GAAP Coal margin - Met | $ 447,567 | $ 826,339 | |
Non GAAP Coal margin per ton - Met | $ 34.26 | $ 68.86 | |
Tons sold - Met | 13,065 | 12,001 | |
(1) | Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Three Months Ended September 30, 2024 | |||||||
(In thousands, except for per ton data) | Tons Sold | Coal Revenues | Non-GAAP | % of Met Tons | |||
Export - other pricing mechanisms | 1,864 | $ 241,027 | $ 129.31 | 48 % | |||
Domestic | 910 | 145,922 | $ 160.35 | 23 % | |||
Export - Australian indexed | 1,126 | 144,810 | $ 128.61 | 29 % | |||
Total Met segment - met coal | 3,900 | 531,759 | $ 136.35 | 100 % | |||
Met segment - thermal coal | 248 | 18,931 | $ 76.33 | ||||
Non-GAAP Coal revenues | 4,148 | 550,690 | $ 132.76 | ||||
Add: Freight and handling fulfillment revenues | — | 119,093 | |||||
Coal revenues | 4,148 | $ 669,783 | |||||
INVESTOR & MEDIA CONTACT: EMILY O'QUINN
InvestorRelations@AlphaMetResources.com
CorporateCommunications@AlphaMetResources.com
(423) 573-0369
View original content to download multimedia:https://www.prnewswire.com/news-releases/alpha-announces-third-quarter-2024-financial-results-302293341.html
SOURCE ALPHA METALLURGICAL RESOURCES, INC.
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