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02.08.2021 16:05
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Ramaco Resources, Inc. Reports Second Quarter 2021 Financial Results
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PR Newswire
LEXINGTON, Ky., Aug. 2, 2021
LEXINGTON, Ky., Aug. 2, 2021 /PRNewswire/ --
- Net income was $9.9 million (EPS of $0.23) and Adjusted EBITDA was $18.1 million for the second quarter of 2021. Adjusted EBITDA was the second-best quarter for the Company since our inception, driven by record total sales of 686,000 tons, annualized production from Elk Creek of 2.20 million tons, and continued strong cost control. As a result of our solid year-to-date results, we are again increasing both our full-year 2021 production and sales guidance, while lowering both our full-year 2021 cost and capital expenditure guidance.
- Due to our strong second quarter of 2021, we have shifted to a net cash position of $6.0 million as of June 30, 2021. This compares to net debt of $15.3 million as of March 31, 2021. Subsequent to quarter-end, the Company had the following events:
- Ramaco completed a $34.5 million offering of senior unsecured 9.00% notes, which mature in July 2026;
- The Company was awarded a $32.7 million jury verdict in its lawsuit against Chubb Insurance, which has not yet been paid and is subject to potential appeal and post-trial motions; and,
- Ramaco was informed that the U.S. Small Business Administration ("SBA") had forgiven an approximately $8.4 million Paycheck Protection Program ("PPP") Loan which had been granted to the Company in 2020.
- In late July 2021, the Company's new Big Creek mine uncovered coal in its first work area. Construction is continuing on schedule, with production anticipated to ramp throughout the third quarter. The Berwind slope development is also progressing on time and on budget. Combined with existing production, the Company anticipates having at least 3 million tons of production on an annualized basis by mid-year 2022.
Ramaco Resources, Inc. (NASDAQ: METC) ("Ramaco" or the "Company") today reported quarterly net income of $9.9 million, or $0.23 per diluted share for the three months ended June 30, 2021, which was 275% above net income of $2.7 million, or $0.06 per diluted share for the three months ended June 30, 2020.
The Company's adjusted earnings before interest, taxes, depreciation, amortization and equity-based compensation ("Adjusted EBITDA") was $18.1 million for the three months ended June 30, 2021, 67% higher than the $10.8 million of Adjusted EBITDA for the three months ended June 30, 2020.
Key operational and financial metrics are presented below:
| | | | | | | | | | | |
| Key Metrics | | | | | | | | | | |
| | 2Q21 | | 1Q21 | Change | | 2Q20 | Change | |||
| Total Tons Sold ('000) | | 686 | | | 422 | 62% | | | 362 | 89% |
| Revenue ($mm) | $ | 76.1 | | $ | 43.5 | 75% | | $ | 36.4 | 109% |
| Cost of Sales ($mm) | $ | 57.8 | | $ | 31.2 | 85% | | $ | 30.1 | 92% |
| Pricing of Company Produced ($/Ton) | $ | 96 | | $ | 89 | 8% | | $ | 91 | 5% |
| Cash Cost of Sales - Company Produced ($/Ton) | $ | 69 | | $ | 59 | 17% | | $ | 74 | (7)% |
| Cash Margins on Company Produced ($/Ton) | $ | 27 | | $ | 30 | (10)% | | $ | 17 | 59% |
| Net Income ($mm) | $ | 9.9 | | $ | 4.1 | 140% | | $ | 2.7 | 275% |
| Diluted Earnings per Share | $ | 0.23 | | $ | 0.10 | 136% | | $ | 0.06 | 262% |
| Adjusted EBITDA ($mm) | $ | 18.1 | | $ | 11.5 | 57% | | $ | 10.8 | 67% |
| Capex ($mm) | $ | 4.8 | | $ | 3.7 | 30% | | $ | 9.1 | (47)% |
| | | | | | | | | | | |
Second Quarter 2021 Summary
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