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02.11.2023 07:30
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Alpha Announces Financial Results for Third Quarter 2023
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PR Newswire
BRISTOL, Tenn., Nov. 2, 2023
- Posts third quarter net income of $93.8 million, or $6.65 per diluted share
- Announces Adjusted EBITDA of $153.9 million for the quarter
- Continues progress on buyback program, with nearly $940 million returned to shareholders since program inception as of October 27, 2023
- Announces $300 million increase in authorization for the share repurchase program, bringing total authorization to $1.5 billion
- Declares quarterly dividend of $0.50 per share, after which the dividend program will cease
- Issues 2024 operational guidance
- Announces completed refinancing of Asset-Based Revolving Credit Facility (ABL)
- Completes transition to pure-play metallurgical producer with the closure of last remaining thermal mine, Slabcamp
BRISTOL, Tenn., Nov. 2, 2023 /PRNewswire/ -- Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today reported financial results for the third quarter ending September 30, 2023.
| | (millions, except per share) | ||
| | Three months ended | ||
| | Sept. 30, 2023 | June 30, 2023 | Sept. 30, 2022 |
| Net income | $93.8 | $181.4 | $252.8 |
| Net income per diluted share | $6.65 | $12.16 | $14.27 |
| Adjusted EBITDA(1) | $153.9 | $258.5 | $296.2 |
| Operating cash flow | $157.2 | $317.2 | $497.0 |
| Capital expenditures | ($54.7) | ($54.9) | ($33.3) |
| Tons of coal sold | 4.2 | 4.3 | 4.1 |
| | | | | | | |
| 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 recently disclosed, our third quarter results were impacted by some challenging events that resulted in lowered shipment guidance for the year," said Andy Eidson, Alpha's chief executive officer. "Part of this was due to a mechanical failure experienced during the quarter at Dominion Terminal Associates, the Newport News facility where we export a majority of our coal. The port infrastructure is in need of capital investment to minimize downtime and operational interruptions. Therefore, we are developing plans to make the necessary investments over a period of several years, both to spread out the expenditures and to methodically work through the improvements in the least disruptive way, allowing for use of the facility while renovations occur."
Eidson continued: "Despite the challenges of Q3, our team continues to operate safely, perform well, and advance our long-term goals. The share buyback program is a significant example of our ability to execute, with nearly $940 million in repurchases completed since the start of the program and approximately $560 million left on the board's newly-increased authorization. Following the dividend payment for this quarter, we will consolidate our capital return efforts to focus on share repurchases and expect to continue with that approach as long as buybacks make sense from a market, trading price, and valuation perspective. Additionally, we have successfully refinanced our ABL, achieving superior terms to the previous facility thanks to the company's improved financial position, the most important of which was achieving a four-year term on the facility. On the operational side, our years-long transition to a pure-play metallurgical coal producer is now complete following the closure of Slabcamp, our final remaining thermal mine. Our outlook for 2024 is bright, with a solid base of committed tonnage to domestic customers and the balance of our output available for export."
Financial Performance
Alpha reported net income of $93.8 million, or $6.65 per diluted share, for the third quarter 2023, as compared to net income of $181.4 million, or $12.16 per diluted share, in the second quarter.
For the third quarter, total Adjusted EBITDA was $153.9 million, compared to $258.5 million in the second quarter.
Coal Revenues
| | (millions) | |
| | Three months ended | |
| | Sept. 30, 2023 | June 30, 2023 |
| Met Segment | $731.5 | $834.0 |
| All Other | $7.5 | $19.8 |
| Met Segment (excl. freight & handling)(1) | $636.7 | $715.8 |
| All Other (excl. freight & handling)(1) | $7.5 | $19.8 |
| Tons Sold | (millions) | |
| | Three months ended | |
| | Sept. 30, 2023 | June 30, 2023 |
| Met Segment | 4.1 | 4.1 |
| All Other | 0.1 | 0.2 |
| | | | | | | |
| 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 | |
| | Sept. 30, 2023 | June 30, 2023 |
| Met Segment | $154.73 | $172.51 |
| All Other | $68.32 | $99.66 |
| | | | | | | | |
| 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 $154.73 per ton and net realization in the All Other category was $68.32 per ton.
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 Sept. 30, 2023 | |||
| | Tons Sold | Coal Revenues | Realization/ton(1) | % of Met Tons |
| Export - Other Pricing Mechanisms | 1.4 | $190.5 | $136.76 | 37 % |
| Domestic | 1.1 | $210.1 | $192.93 | 29 % Werbung Mehr Nachrichten zur Alpha Metallurgical Resources Inc. Aktie kostenlos abonnieren
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