Core Natural Resources Reports Fourth Quarter 2024 Results
Core Natural Resources (NYSE: CNR) has reported its Q4 2024 results and announced significant strategic initiatives. The company has adopted a new capital return framework targeting to return approximately 75% of free cash flow to shareholders, primarily through share repurchases, with a $1 billion board authorization for buybacks. The framework includes a quarterly dividend of $0.10 per share.
In Q4 2024, the company reported GAAP net income of $30.8 million and adjusted EBITDA of $170.0 million. The Pennsylvania Mining Complex sold 7.0 million tons of coal, generating revenue of $442.8 million at an average price of $63.28 per ton.
Following the merger with Arch Resources in January 2025, Core has total liquidity of $1.1 billion, including $590 million in cash. The company has already executed strategies expected to yield one-third of the projected $110-140 million in merger synergies. Core projects merger-related cash expenditures of around $100 million and capital expenditures between $300-330 million for 2025.
Core Natural Resources (NYSE: CNR) ha riportato i risultati del quarto trimestre 2024 e annunciato iniziative strategiche significative. L'azienda ha adottato un nuovo framework di ritorno di capitale mirato a restituire circa il 75% del flusso di cassa libero agli azionisti, principalmente attraverso riacquisti di azioni, con un'autorizzazione del consiglio di amministrazione di 1 miliardo di dollari per i buyback. Il framework include un dividendo trimestrale di 0,10 dollari per azione.
Nel quarto trimestre 2024, la società ha riportato un reddito netto GAAP di 30,8 milioni di dollari e un EBITDA rettificato di 170,0 milioni di dollari. Il Complesso Minerario della Pennsylvania ha venduto 7,0 milioni di tonnellate di carbone, generando ricavi di 442,8 milioni di dollari a un prezzo medio di 63,28 dollari per tonnellata.
In seguito alla fusione con Arch Resources nel gennaio 2025, Core ha una liquidità totale di 1,1 miliardi di dollari, inclusi 590 milioni di dollari in contante. L'azienda ha già attuato strategie che si prevede genereranno un terzo delle sinergie da fusione stimate tra 110 e 140 milioni di dollari. Core prevede spese in contante legate alla fusione di circa 100 milioni di dollari e spese in conto capitale tra 300 e 330 milioni di dollari per il 2025.
Core Natural Resources (NYSE: CNR) ha informado sus resultados del cuarto trimestre de 2024 y anunciado iniciativas estratégicas significativas. La compañía ha adoptado un nuevo marco de retorno de capital que tiene como objetivo devolver aproximadamente el 75% del flujo de caja libre a los accionistas, principalmente a través de recompras de acciones, con una autorización del consejo de administración de 1 mil millones de dólares para las recompras. El marco incluye un dividendo trimestral de 0,10 dólares por acción.
En el cuarto trimestre de 2024, la empresa reportó un ingreso neto GAAP de 30,8 millones de dólares y un EBITDA ajustado de 170,0 millones de dólares. El Complejo Minero de Pensilvania vendió 7,0 millones de toneladas de carbón, generando ingresos de 442,8 millones de dólares a un precio promedio de 63,28 dólares por tonelada.
Tras la fusión con Arch Resources en enero de 2025, Core tiene una liquidez total de 1,1 mil millones de dólares, incluidos 590 millones de dólares en efectivo. La empresa ya ha ejecutado estrategias que se espera generen un tercio de las sinergias proyectadas de 110 a 140 millones de dólares por la fusión. Core proyecta gastos de efectivo relacionados con la fusión de alrededor de 100 millones de dólares y gastos de capital entre 300 y 330 millones de dólares para 2025.
Core Natural Resources (NYSE: CNR)는 2024년 4분기 실적을 발표하고 중요한 전략적 이니셔티브를 발표했습니다. 이 회사는 주주에게 자유 현금 흐름의 약 75%를 주로 자사주 매입을 통해 반환하는 새로운 자본 반환 프레임워크를 채택했으며, 매입을 위한 10억 달러의 이사회 승인을 받았습니다. 이 프레임워크에는 주당 0.10달러의 분기 배당금이 포함되어 있습니다.
2024년 4분기 동안 이 회사는 GAAP 기준 순이익 3080만 달러와 조정 EBITDA 1억 7000만 달러를 보고했습니다. 펜실베이니아 광산 단지는 700만 톤의 석탄을 판매하여 톤당 평균 가격 63.28달러로 4억 4280만 달러의 수익을 올렸습니다.
2025년 1월 Arch Resources와의 합병 이후 Core는 현금 5억 9000만 달러를 포함하여 총 11억 달러의 유동성을 보유하고 있습니다. 이 회사는 이미 합병 시너지에서 예상되는 1억 1000만 달러에서 1억 4000만 달러의 3분의 1을 창출할 것으로 예상되는 전략을 실행했습니다. Core는 합병 관련 현금 지출이 약 1억 달러, 2025년 자본 지출이 3억에서 3억 3000만 달러 사이가 될 것으로 예상하고 있습니다.
Core Natural Resources (NYSE: CNR) a publié ses résultats du quatrième trimestre 2024 et annoncé des initiatives stratégiques significatives. L'entreprise a adopté un nouveau cadre de retour de capital visant à restituer environ 75 % des flux de trésorerie disponibles aux actionnaires, principalement par le biais de rachats d'actions, avec une autorisation du conseil d'administration de 1 milliard de dollars pour les rachats. Le cadre comprend un dividende trimestriel de 0,10 dollar par action.
Au quatrième trimestre 2024, l'entreprise a annoncé un bénéfice net GAAP de 30,8 millions de dollars et un EBITDA ajusté de 170,0 millions de dollars. Le complexe minier de Pennsylvanie a vendu 7,0 millions de tonnes de charbon, générant des revenus de 442,8 millions de dollars à un prix moyen de 63,28 dollars par tonne.
À la suite de la fusion avec Arch Resources en janvier 2025, Core dispose d'une liquidité totale de 1,1 milliard de dollars, y compris 590 millions de dollars en espèces. L'entreprise a déjà mis en œuvre des stratégies qui devraient générer un tiers des synergies de fusion projetées de 110 à 140 millions de dollars. Core prévoit des dépenses de trésorerie liées à la fusion d'environ 100 millions de dollars et des dépenses d'investissement entre 300 et 330 millions de dollars pour 2025.
Core Natural Resources (NYSE: CNR) hat seine Ergebnisse für das 4. Quartal 2024 veröffentlicht und bedeutende strategische Initiativen angekündigt. Das Unternehmen hat ein neues Kapitalrückkehrmodell angenommen, das darauf abzielt, etwa 75 % des freien Cashflows an die Aktionäre zurückzugeben, hauptsächlich durch Aktienrückkäufe, mit einer Genehmigung des Vorstands für Rückkäufe in Höhe von 1 Milliarde Dollar. Das Modell umfasst eine vierteljährliche Dividende von 0,10 Dollar pro Aktie.
Im 4. Quartal 2024 berichtete das Unternehmen von einem GAAP-Nettoeinkommen von 30,8 Millionen Dollar und einem bereinigten EBITDA von 170,0 Millionen Dollar. Der Bergbaukomplex in Pennsylvania verkaufte 7,0 Millionen Tonnen Kohle und erzielte einen Umsatz von 442,8 Millionen Dollar zu einem Durchschnittspreis von 63,28 Dollar pro Tonne.
Nach der Fusion mit Arch Resources im Januar 2025 hat Core eine GesamtlLiquidität von 1,1 Milliarden Dollar, einschließlich 590 Millionen Dollar in bar. Das Unternehmen hat bereits Strategien umgesetzt, die voraussichtlich ein Drittel der prognostizierten Synergien aus der Fusion in Höhe von 110 bis 140 Millionen Dollar erzielen werden. Core rechnet mit fusionbezogenen Barausgaben von rund 100 Millionen Dollar und Investitionsausgaben zwischen 300 und 330 Millionen Dollar für 2025.
- Board authorized $1 billion for share repurchases
- 75% of free cash flow targeted for shareholder returns
- Strong liquidity position of $1.1 billion post-merger
- One-third of projected synergies ($110-140M) already executed
- Revolving credit facility upsized to $600M from $355M with reduced interest rate
- Soft market conditions with API-2 and High-Vol A coking coal at three-year lows
- $100M merger-related cash expenditures expected in 2025
- $30M additional expenditure related to Leer South combustion event
- Temporary suspension of longwall operations at Leer South mine
Insights
Core Natural Resources' latest announcements reveal a compelling strategic shift focused on shareholder returns and operational optimization. The newly announced $1 billion share repurchase program, combined with a $0.10 quarterly dividend, signals management's confidence in sustainable cash generation despite current market headwinds. This aggressive capital return framework targeting 75% of free cash flow is particularly noteworthy given the challenging price environment.
The rapid capture of one-third of projected synergies ($110-140 million range) within just five weeks post-merger demonstrates exceptional execution efficiency. This early success in operational streamlining and procurement optimization suggests the full synergy target may be conservative. The company's robust liquidity position of $1.1 billion, enhanced by the upsized revolving credit facility at improved terms, provides substantial financial flexibility to pursue both operational investments and shareholder returns.
However, several key risk factors warrant attention:
- The aggressive share repurchase program timing coincides with cyclically low coal prices, which could impact free cash flow generation
- Operational challenges at Leer South, while being addressed, may require additional capital expenditure beyond the estimated $30 million
- The projected $300-330 million in 2025 capital expenditures, combined with $100 million in merger-related costs, will consume significant cash flow
The company's strategic positioning across both metallurgical and high-CV thermal coal markets provides diversification benefits, particularly evident in the thermal segment's substantial forward-committed position of 24.0 million tons at $61-63 per ton. The long-term market fundamentals remain supportive, with continuing blast furnace capacity expansion in Southeast Asia and structural supply constraints in major producing regions.
Adopts new capital return framework heavily weighted toward share repurchases
Announces board authorization of
Takes steps in first five weeks to lock in one-third of projected synergies
Resumes development work with continuous miner units at Leer South mine
Management Comments
"The Core team is off to an excellent start in integrating the combined operating, marketing and logistics portfolio into a cohesive, high-performing unit; capturing the substantial synergies created by this transformational merger; and laying the foundation for long-term value creation via the tight alignment of its global metallurgical and high calorific value thermal segments," said Paul A. Lang, Core's chief executive officer.
Shareholder Return Framework
"Core's board of directors recently adopted a capital return framework designed to reward shareholders for their strong, ongoing support," Lang said. "The centerpiece of this framework is the targeted return to shareholders of around 75 percent of free cash flow, with the significant majority of that return directed to share repurchases complemented by a sustaining quarterly dividend of
In strong support of this new framework, the board authorized a total of
Leer South Update
On January 15, 2025, Core announced that it was sealing Leer South's active longwall panel to extinguish isolated combustion-related activity there. Since that time, the Leer South team – in close collaboration with federal and state regulators – has safely re-entered the mine and resumed development work with continuous miner units. Additionally, the team has assessed – via the deployment of infrared cameras and other monitoring activities – that the mine's longwall equipment was largely unaffected by the event.
"On behalf of the board and the entire senior management team, I want to again commend the operations team as well as federal and state regulators for their exceptional work in managing this situation in a safe and efficient manner," Lang said. "The team's great efforts have placed us well on track to resume longwall production mid-year, in keeping with our originally indicated timeline."
Synergy Update
The Core team is sharply focused on driving forward with capturing the already identified
Financial and Liquidity Update
Upon the merger's closing on January 14, 2025, Core had total liquidity of
As previously announced, in connection with the closing of the merger, Core recently amended and extended the legacy CONSOL revolving credit facility, upsizing the facility commitments to
Prior to the merger's close, CONSOL purchased at par – and in lieu of redemption – Arch's outstanding tax-exempt bonds for
The Company projects merger-related cash expenditures of around
"Even with these projected uses of cash, we expect to have excess cash available to deploy to the capital return program during the balance of 2025," said Mitesh Thakkar, Core's president and chief financial officer. "In addition, we expect the continued progress in synergy capture, along with the remarketing of the tax-exempt bonds, to provide a tailwind in terms of projected cash availability."
The Core board has declared a
Operating Results
During the fourth quarter of 2024 – which was prior to the closing of the merger with Arch Resources in January 2025 – legacy CONSOL Energy generated GAAP net income of
1 - "Adjusted EBITDA," "Cost of Coal Sold" and "Cash Cost of Coal Sold" are non-GAAP financial measures and "Average Cash Cost of Coal Sold per Ton" is an operating ratio derived from non-GAAP financial measures, each of which is reconciled to the most directly comparable GAAP financial measures below, under the caption "Reconciliation of Non-GAAP Financial Measures".
Market Dynamics
Core's two principal lines of business – metallurgical coal and high calorific value thermal coal – are experiencing soft market conditions at present, with API-2 and High-Vol A coking coal both trading at close to a three-year low.
In the high calorific value thermal segment, Core's substantial committed position – at relatively advantageous pricing – is acting to counterbalance the current softness. At present, the high C.V. thermal segment has a committed and priced position – inclusive of select collared volumes – of approximately 24.0 million tons at a projected price of between
Despite currently weak pricing levels, long-term market dynamics for Core's metallurgical segment remain robust. New blast furnace capacity continues to come online across
2025 Guidance
2025 | |||||
Tons | $ per ton | ||||
Sales Volume (in millions of tons) | |||||
Coking1 | 7.5 | - | 8.0 | ||
High C.V. Thermal2 | 29.0 | - | 31.0 | ||
Powder River Basin | 36.0 | - | 40.0 | ||
Total | 72.5 | 79.0 | |||
Metallurgical (in millions of tons) | |||||
Committed, Priced Coking | 1.5 | $ 135.82 | |||
Committed, Unpriced Coking | 5.1 | ||||
Total Committed Coking | 6.6 | ||||
Average Metallurgical Cash Cost4 | |||||
High C.V. Thermal (in millions of tons) | |||||
Committed, Priced3 | 24.0 | ||||
Committed, Unpriced | 0.6 | ||||
Total Committed High C.V. Thermal | 24.6 | ||||
Average High C.V. Thermal Cash Cost | |||||
Powder River Basin (in millions of tons) | |||||
Committed, Priced | 36.9 | $ 14.78 | |||
Committed, Unpriced | 0.0 | ||||
Total Committed Powder River Basin | 36.9 | ||||
Average Powder River Basin Cash Cost | |||||
Corporate (in $ millions) | |||||
Capital Expenditures | |||||
1 - Excludes thermal byproduct |
2 - Includes crossover volumes |
3 - Range reflects inclusion of collared commitments |
4 - Metallurgical cash costs in the year's second half — after the projected restart of the Leer South longwall — are projected to be in the low |
Note - Core is unable to provide a reconciliation of Average Metallurgical Cash Cost, Average High C.V. Thermal Cash Cost and Average Powder River Basin Cash Cost guidance, which are operating ratios derived from non-GAAP financial measures, due to the unknown effect, timing and potential significance of certain income statement items. |
Outlook
"In just over a month as a combined company, the Core team has already made tremendous strides in unlocking value across a wide range of fronts," Lang said.
To date, the Core team has:
- Swiftly moved ahead with integration efforts
- Adopted a capital return framework supported by a
$1 billion - Executed on strategies to capture one-third of the projected synergies
- Aggregated a significant cash balance in support of its liquidity target, operating needs, and capital return framework, and
- Built the foundation for a strong, long-term capital structure via the extension and upsizing of its legacy revolving credit facility, at advantageous rates.
"Looking ahead, we are more confident than ever that Core's two, world-class, complementary operating segments – metallurgical coal and high calorific value thermal coal – create a unique and compelling opportunity for value creation and cash generation in the years ahead," Lang said. "With its highly skilled workforce, strategic asset base, low-cost mining operations, expansive logistics network, tremendous synergy potential, and industry-leading sustainability practices, Core is exceptionally well-equipped to capitalize on what we view to be a highly constructive, durable, long-term global market environment for our core products."
Availability of Additional Information
Please refer to our website, www.corenaturalresources.com, for additional information regarding the company. In addition, we may provide other information about the company from time to time on our website.
We will also file our Form 10-K with the Securities and Exchange Commission (SEC) reporting our results for the period ended December 31, 2024 on February 20, 2025. Investors seeking our detailed financial statements can refer to the Form 10-K once it has been filed with the SEC.
About Core Natural Resources, Inc.
Core Natural Resources, Inc. (NYSE: CNR) is a world-class producer and exporter of high-quality, low-cost coals, including metallurgical and high calorific value thermal coals. The company operates a best-in-sector portfolio, including the Pennsylvania Mining Complex, Leer, Leer South, and West Elk mines. With a focus on seaborne markets, Core plays an essential role in meeting the world's growing need for steel, infrastructure, and energy, and has ownership interests in two marine export terminals. The company was created in January 2025 via the merger of long-time industry leaders CONSOL Energy and Arch Resources and is based in
Contacts:
Investor:
Deck Slone, (314) 994-2766
deckslone@coreresources.com
Media:
Erica Fisher, (724) 416-8292
ericafisher@coreresources.com
Condensed Consolidated Statements of Income - CONSOL Energy Inc.
The following table presents a condensed consolidated statement of income for the three months and years ended December 31, 2024 and 2023 (in thousands and prior to the January 2025 merger with Arch Resources):
Three Months Ended December 31, | For the Year Ended December 31, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(Unaudited) | (Unaudited) | |||||||
Revenue and Other Income: | ||||||||
Coal Revenue | $ 467,188 | $ 532,270 | $ 1,786,926 | $ 2,106,366 | ||||
Terminal Revenue | 27,458 | 25,411 | 87,746 | 106,166 | ||||
Freight Revenue | 75,138 | 76,668 | 274,026 | 294,103 | ||||
Other Income | 25,507 | 15,090 | 87,613 | 62,242 | ||||
Total Revenue and Other Income | 595,291 | 649,439 | 2,236,311 | 2,568,877 | ||||
Costs and Expenses: | ||||||||
Operating and Other Costs | 385,462 | 306,519 | 1,270,696 | 1,120,065 | ||||
Depreciation, Depletion and Amortization | 58,353 | 58,446 | 223,526 | 241,317 | ||||
Freight Expense | 75,138 | 76,668 | 274,026 | 294,103 | ||||
General and Administrative Costs | 37,555 | 23,712 | 115,224 | 103,470 | ||||
Loss on Debt Extinguishment | — | — | — | 2,725 | ||||
Interest Expense | 7,129 | 5,246 | 22,192 | 29,325 | ||||
Total Costs and Expenses | 563,637 | 470,591 | 1,905,664 | 1,791,005 | ||||
Earnings Before Income Tax | 31,654 | 178,848 | 330,647 | 777,872 | ||||
Income Tax Expense | 833 | 21,781 | 44,242 | 121,980 | ||||
Net Income | $ 30,821 | $ 157,067 | $ 286,405 | $ 655,892 | ||||
Earnings per Share: | ||||||||
Basic | $ 1.04 | $ 5.09 | $ 9.65 | $ 19.91 | ||||
Dilutive | $ 1.04 | $ 5.05 | $ 9.61 | $ 19.79 | ||||
Condensed Consolidated Balance Sheets - CONSOL Energy Inc.
The following table presents a condensed consolidated balance sheet as of December 31, 2024 and 2023 (in thousands and prior to the January 2025 merger with Arch Resources):
December 31, | ||||
2024 | 2023 | |||
ASSETS | ||||
Cash and Cash Equivalents | $ 408,240 | $ 199,371 | ||
Trade Receivables, net | 136,750 | 147,612 | ||
Other Current Assets | 240,968 | 254,023 | ||
Total Current Assets | 785,958 | 601,006 | ||
Total Property, Plant and Equipment - Net | 1,921,699 | 1,903,123 | ||
Total Other Assets | 171,886 | 170,874 | ||
TOTAL ASSETS | $ 2,879,543 | $ 2,675,003 | ||
LIABILITIES AND EQUITY | ||||
Total Current Liabilities | $ 518,684 | $ 443,724 | ||
Total Long-Term Debt | 94,794 | 186,067 | ||
Total Other Liabilities | 697,818 | 701,770 | ||
Total Equity | 1,568,247 | 1,343,442 | ||
TOTAL LIABILITIES AND EQUITY | $ 2,879,543 | $ 2,675,003 | ||
Condensed Consolidated Statements of Cash Flows - CONSOL Energy Inc.
The following table presents a condensed consolidated statement of cash flows for the three months and years ended December 31, 2024 and 2023 (in thousands and prior to the January 2025 merger with Arch Resources):
Three Months Ended | For the Year Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Cash Flows from Operating Activities: | (Unaudited) | (Unaudited) | |||||
Net Income | $ 30,821 | $ 157,067 | $ 286,405 | $ 655,892 | |||
Adjustments to Reconcile Net Income to Net | |||||||
Depreciation, Depletion and Amortization | 58,353 | 58,446 | 223,526 | 241,317 | |||
Other Non-Cash Adjustments to Net Income | 10,749 | 14,731 | 14,184 | 19,961 | |||
Changes in Working Capital | 21,387 | (11,113) | (47,725) | (59,221) | |||
Net Cash Provided by Operating | 121,310 | 219,131 | 476,390 | 857,949 | |||
Cash Flows from Investing Activities: | |||||||
Capital Expenditures | (40,840) | (50,042) | (177,988) | (167,791) | |||
Proceeds from Sales of Assets | 76 | (1,985) | 7,396 | 4,255 | |||
Other Investing Activity | 10,433 | (11,682) | 5,561 | (95,896) | |||
Net Cash Used in Investing Activities | (30,331) | (63,709) | (165,031) | (259,432) | |||
Cash Flows from Financing Activities: | |||||||
Net Payments on Long-Term Debt, Including | (2,310) | (6,097) | (11,473) | (191,738) | |||
Repurchases of Common Stock | — | (121,997) | (70,879) | (399,379) | |||
Dividends and Dividend Equivalents Paid | (7,409) | — | (15,860) | (75,474) | |||
Other Financing Activities | (3,333) | (54) | (8,873) | (15,610) | |||
Net Cash Used in Financing Activities | (13,052) | (128,148) | (107,085) | (682,201) | |||
Net Increase (Decrease) in Cash and Cash | 77,927 | 27,274 | 204,274 | (83,684) | |||
Cash and Cash Equivalents and Restricted Cash at | 369,615 | 215,994 | 243,268 | 326,952 | |||
Cash and Cash Equivalents and Restricted Cash at | $ 447,542 | $ 243,268 | $ 447,542 | $ 243,268 | |||
Reconciliation of Non-GAAP Financial Measures
We evaluate our cost of coal sold and cash cost of coal sold on an aggregate basis by segment, and our average cash cost of coal sold per ton on a per-ton basis. Cost of coal sold includes items such as direct operating costs, royalty and production taxes, direct administration costs, and depreciation, depletion and amortization costs on production assets. Cost of coal sold excludes any indirect costs and other costs not directly attributable to the production of coal. The cash cost of coal sold includes cost of coal sold less depreciation, depletion and amortization costs on production assets. We define average cash cost of coal sold per ton as cash cost of coal sold divided by tons sold. The GAAP measure most directly comparable to cost of coal sold, cash cost of coal sold and average cash cost of coal sold per ton is operating and other costs.
The following table presents a reconciliation for the PAMC segment of cash cost of coal sold, cost of coal sold and average cash cost of coal sold per ton to operating and other costs, the most directly comparable GAAP financial measure, on a historical basis, for each of the periods indicated (in thousands, except per ton information).
Three Months Ended | |||
2024 | 2023 | ||
Operating and Other Costs | $ 385,462 | $ 306,519 | |
Less: Other Costs (Non-Production and non-PAMC) | (130,270) | (57,236) | |
Cash Cost of Coal Sold | $ 255,192 | $ 249,283 | |
Add: Depreciation, Depletion and Amortization (PAMC Production) | 46,873 | 49,611 | |
Cost of Coal Sold | $ 302,065 | $ 298,894 | |
Total Tons Sold (in millions) | 7.0 | 6.8 | |
Average Cost of Coal Sold per Ton | $ 43.16 | $ 43.83 | |
Less: Depreciation, Depletion and Amortization Costs per Ton Sold | 6.70 | 7.55 | |
Average Cash Cost of Coal Sold per Ton | $ 36.46 | $ 36.28 | |
We define adjusted EBITDA as (i) net income (loss) plus income taxes, interest expense and depreciation, depletion and amortization, as adjusted for (ii) certain non-cash items, such as stock-based compensation and loss on debt extinguishment and (iii) certain one-time transactions, such as merger-related expenses and certain litigation expenses for specific proceedings that arise outside of the ordinary course of our business. The GAAP measure most directly comparable to adjusted EBITDA is net income (loss).
The following table presents a reconciliation of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, on a historical basis, for the three months ended December 31, 2024 (in thousands).
PAMC | CONSOL | Other | Consolidated | ||||
Net Income (Loss) | $ 121,424 | $ 16,450 | $ (107,053) | $ 30,821 | |||
Add: Income Tax Expense | — | — | 833 | 833 | |||
Add: Interest Expense | — | 1,516 | 5,613 | 7,129 | |||
Less: Interest Income | (1,927) | — | (3,151) | (5,078) | |||
Earnings (Loss) Before Interest & Taxes (EBIT) | 119,497 | 17,966 | (103,758) | 33,705 | |||
Add: Depreciation, Depletion & Amortization | 46,269 | 1,421 | 10,663 | 58,353 | |||
Earnings (Loss) Before Interest, Taxes and DD&A | $ 165,766 | $ 19,387 | $ (93,095) | $ 92,058 | |||
Adjustments: | |||||||
Add: Stock-Based Compensation | $ 1,560 | $ 85 | $ 299 | $ 1,944 | |||
Add: Merger-Related Expenses | — | — | 8,301 | 8,301 | |||
Add: 1974 UMWA Pension Plan Litigation | — | — | 67,933 | 67,933 | |||
Less: Non-Qualified Pension Plan Curtailment Gain | — | — | (217) | (217) | |||
Total Pre-tax Adjustments | 1,560 | 85 | 76,316 | 77,961 | |||
Adjusted EBITDA | $ 167,326 | $ 19,472 | $ (16,779) | $ 170,019 |
Cautionary Statement Regarding Forward-Looking Statements
This communication contains certain "forward-looking statements" within the meaning of federal securities laws. Forward-looking statements may be identified by words such as "anticipates," "believes," "could," "continue," "estimate," "expects," "intends," "will," "should," "may," "plan," "predict," "project," "would" and similar expressions. Forward-looking statements are not statements of historical fact and reflect Core's current views about future events. No assurances can be given that the forward-looking statements contained in this communication will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, risks related to the occurrence of combustion-related activity at Core's Leer South mine and its ability to resume development work with continuous miners and longwall development in accordance with its expected timing; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the merger may not be fully realized or may take longer to realize than expected; the risk that the credit ratings of Core or its subsidiaries may be different from what Core expects; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the completion of the merger; changes in coal prices, which may be caused by numerous factors, including changes in the domestic and foreign supply of and demand for coal and the domestic and foreign demand for steel and electricity; the volatility in commodity and capital equipment prices for coal mining operations; the presence or recoverability of estimated reserves; the ability to replace reserves; environmental and geological risks; mining and operating risks; the risks related to the availability, reliability and cost-effectiveness of transportation facilities and fluctuations in transportation costs; foreign currency, competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Core's business.
All such factors are difficult to predict, are beyond Core's control, and are subject to additional risks and uncertainties, including those detailed in CONSOL's annual report on Form 10-K for the year ended December 31, 2024, quarterly reports on Form 10-Q, and current reports on Form 8-K that are available on Core's website at www.corenaturalresources.com and on the SEC's website at http://www.sec.gov and those detailed in Arch's annual report on Form 10-K for the year ended December 31, 2023, quarterly reports on Form 10-Q and current reports on Form 8-K that are available on the SEC's website at http://www.sec.gov.
Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Core does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
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SOURCE Core Natural Resources, Inc.
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