Alpha Announces First Quarter 2024 Financial Results
- Reports first quarter net income of $127.0 million, or $9.59 per diluted share
- Generates Adjusted EBITDA of $189.6 million for the quarter
BRISTOL, Tenn., May 6, 2024 /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 first quarter ending March 31, 2024.
(millions, except per share) | |||
Three months ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Net income | $127.0 | $176.0 | $270.8 |
Net income per diluted share | $9.59 | $12.88 | $17.01 |
Adjusted EBITDA(1) | $189.6 | $266.3 | $354.4 |
Operating cash flow | $196.1 | $199.4 | $177.4 |
Capital expenditures | ($63.6) | ($61.5) | ($74.2) |
Tons of coal sold | 4.4 | 4.6 | 3.9 |
__________________________________ |
1. These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules. |
"Despite challenges and softening coal market conditions toward the end of Q1, we are reporting another solid quarter of performance thanks to the diligence of our teams throughout the organization," said Andy Eidson, Alpha's chief executive officer. "While further market deterioration has occurred in the weeks since quarter-close, Alpha remains well positioned to continue adapting to and weathering these market realities and the resulting volatility."
Financial Performance
Alpha reported net income of $127.0 million, or $9.59 per diluted share, for the first quarter 2024, as compared to net income of $176.0 million, or $12.88 per diluted share, in the fourth quarter 2023.
Total Adjusted EBITDA was $189.6 million for the first quarter, compared to $266.3 million in the fourth quarter 2023.
Coal Revenues
(millions) | ||
Three months ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | |
Met Segment | $861.3 | $954.2 |
Met Segment (excl. freight & handling)(1) | $727.6 | $834.6 |
Tons Sold | (millions) | |
Three months ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | |
Met Segment | 4.4 | 4.5 |
__________________________________ | |
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 | ||
Mar. 31, 2024 | Dec. 31, 2023 | |
Met Segment | $166.68 | $183.76 |
__________________________________ | |
1. | Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations." |
First quarter net realized pricing for the Met segment was $166.68 per ton.
The table below provides a breakdown of our Met segment coal sold in the first quarter by pricing mechanism.
(in millions, except per ton data) | ||||
Met Segment Sales | Three months ended Mar. 31, 2024 | |||
Tons Sold | Coal Revenues | Realization/ton(1) | % of Met Tons Sold | |
Export - Other Pricing Mechanisms | 2.0 | $344.6 | $172.24 | 51 % |
Domestic | 0.9 | $149.6 | $164.89 | 23 % |
Export - Australian Indexed | 1.1 | $201.4 | $193.70 | 26 % |
Total Met Coal Revenues | 4.0 | $695.6 | $176.20 | 100 % |
Thermal Coal Revenues | 0.4 | $32.0 | $76.53 | |
Total Met Segment Coal Revenues | 4.4 | $727.6 | $166.68 | |
__________________________________ | |
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 | ||
Mar. 31, 2024 | Dec. 31, 2023 (2) | |
Met Segment | $648.3 | $662.5 |
Met Segment (excl. freight & handling/idle)(1) | $504.8 | $540.5 |
(per ton) | ||
Met Segment(1) | $115.65 | $119.00 |
__________________________________ | |
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." |
2. | For comparability purposes, certain immaterial segment information for the three months ended December 31, 2023 has been recast to conform to the current year presentation. |
Alpha's Met segment cost of coal sales decreased to an average of $115.65 per ton in the first quarter, compared to $119.00 per ton in the fourth quarter 2023.
Liquidity and Capital Resources
Cash provided by operating activities in the first quarter decreased to $196.1 million as compared to $199.4 million in the fourth quarter 2023. Capital expenditures for the first quarter were $63.6 million compared to $61.5 million for the fourth quarter 2023.
As of March 31, 2024, the company had total liquidity of $288.1 million, including cash and cash equivalents of $269.4 million and $93.7 million of unused availability under the ABL, partially offset by a minimum required liquidity of $75.0 million as required by the ABL. As of March 31, 2024, the company had no borrowings and $61.3 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion of long-term debt as of March 31, 2024, was $9.4 million and consisted primarily of equipment financing obligations.
Share Repurchase Program
As previously announced, Alpha's board of directors authorized a share repurchase program allowing for the expenditure of up to $1.5 billion for the repurchase of the company's common stock. As of April 30, 2024, the company has acquired approximately 6.6 million shares of common stock at a cost of approximately $1.1 billion, or approximately $165.74 per share. The number of common stock shares outstanding as of April 30, 2024 was 13,007,215. The outstanding share count does not include the potentially dilutive effect of unvested equity awards.
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.
Results of Alpha's 2024 Annual Meeting of Stockholders
The company's annual meeting of stockholders was held on May 2, 2024, and stockholders elected all seven members of Alpha's board of directors to one-year terms. Stockholders also approved an amendment to the company's certificate of incorporation that replaces stockholder supermajority voting requirements with majority voting requirements. The complete voting results from the annual meeting have been filed with the Securities and Exchange Commission on Form 8-K.
2024 Guidance Adjustments and Performance Update
Alpha is increasing its full-year guidance for idle operations expense to between $25 million and $33 million, up from the previously announced range of $18 million to $28 million. Additionally, the company is reducing its 2024 tax rate guidance to a range of 10% to 15%, down from the prior range of 12% to 17%.
As of April 24, 2024, at the midpoint of guidance, Alpha has committed and priced approximately 49% of its metallurgical coal for the year at an average price of $168.26 per ton and 100% of thermal coal for the year at an average expected price of $76.10 per ton.
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 | $161.41 | |
Metallurgical - Export | $175.50 | |
Metallurgical Total | 49 % | $168.26 |
Thermal | 100 % | $76.10 |
Met Segment | 53 % | $155.48 |
Committed/Unpriced1,3 | Committed | |
Metallurgical Total | 49 % | |
Thermal | — % | |
Met Segment | 46 % | |
Costs per ton4 | Low | High |
Met Segment | $110.00 | $116.00 |
In millions (except taxes) | Low | High |
SG&A5 | $60 | $66 |
Idle Operations Expense | $25 | $33 |
Net Cash Interest Income | $2 | $8 |
DD&A | $140 | $160 |
Capital Expenditures | $210 | $240 |
Capital Contributions to Equity Affiliates6 | $40 | $50 |
Tax Rate | 10 % | 15 % |
Notes: | |
1. | Based on committed and priced coal shipments as of April 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 first quarter results on May 6, 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 Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha reliably supplies metallurgical products to the steel industry. For more information, visit www.AlphaMetResources.com.
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 U.S. Securities and Exchange Commission for more information.
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 the United States ("U.S. GAAP" or "GAAP"). Specifically, we make use of the non-GAAP financial measures "Adjusted EBITDA," "non-GAAP coal revenues," "non-GAAP cost of coal sales," and "non-GAAP coal margin." We use Adjusted EBITDA to measure the operating performance of our segments and allocate resources to the segments. Adjusted EBITDA does not purport to be an alternative to net income as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is presented because management believes it is a useful indicator of the financial performance of our coal operations. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton for our operations is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, net, and idled and closed mine costs. Non-GAAP cost of coal sales per ton for our operations is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin per ton for our coal operations is calculated as non-GAAP coal sales realization per ton for our coal operations less non-GAAP cost of coal sales per ton for our coal operations. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.
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 months ended March 31, 2023 and December 31, 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 March 31, | |||
2024 | 2023 | ||
Revenues: | |||
Coal revenues | $ 861,283 | $ 906,698 | |
Other revenues | 2,789 | 4,537 | |
Total revenues | 864,072 | 911,235 | |
Costs and expenses: | |||
Cost of coal sales (exclusive of items shown separately below) | 648,313 | 539,137 | |
Depreciation, depletion and amortization | 40,701 | 29,423 | |
Accretion on asset retirement obligations | 6,143 | 6,377 | |
Amortization of acquired intangibles, net | 1,675 | 2,197 | |
Selling, general and administrative expenses (exclusive of | 22,377 | 20,692 | |
Other operating loss (income) | 2,985 | (1,092) | |
Total costs and expenses | 722,194 | 596,734 | |
Income from operations | 141,878 | 314,501 | |
Other (expense) income: | |||
Interest expense | (1,086) | (1,720) | |
Interest income | 3,971 | 1,518 | |
Equity loss in affiliates | (1,640) | (1,748) | |
Miscellaneous (expense) income, net | (1,963) | 631 | |
Total other expense, net | (718) | (1,319) | |
Income before income taxes | 141,160 | 313,182 | |
Income tax expense | (14,165) | (42,411) | |
Net income | $ 126,995 | $ 270,771 | |
Basic income per common share | $ 9.77 | $ 17.74 | |
Diluted income per common share | $ 9.59 | $ 17.01 | |
Weighted average shares – basic | 13,002,127 | 15,266,895 | |
Weighted average shares – diluted | 13,236,596 | 15,916,378 | |
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||
(Amounts in thousands, except share and per share data) | |||
March 31, 2024 | December 31, 2023 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 269,386 | $ 268,207 | |
Trade accounts receivable, net of allowance for credit losses of $217 and $234 as of | 526,222 | 509,682 | |
Inventories, net | 246,033 | 231,344 | |
Prepaid expenses and other current assets | 34,868 | 39,064 | |
Total current assets | 1,076,509 | 1,048,297 | |
Property, plant, and equipment, net of accumulated depreciation and amortization of | 607,637 | 588,992 | |
Owned and leased mineral rights, net of accumulated depletion and amortization of | 449,892 | 451,160 | |
Other acquired intangibles, net of accumulated amortization of $40,218 and $38,543 as | 44,904 | 46,579 | |
Long-term restricted investments | 38,055 | 40,597 | |
Long-term restricted cash | 121,927 | 115,918 | |
Deferred income taxes | 8,284 | 8,028 | |
Other non-current assets | 113,601 | 106,486 | |
Total assets | $ 2,460,809 | $ 2,406,057 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Current portion of long-term debt | $ 3,392 | $ 3,582 | |
Trade accounts payable | 151,453 | 128,836 | |
Accrued expenses and other current liabilities | 186,444 | 177,512 | |
Total current liabilities | 341,289 | 309,930 | |
Long-term debt | 6,034 | 6,792 | |
Workers' compensation and black lung obligations | 186,023 | 189,226 | |
Pension obligations | 101,800 | 101,908 | |
Asset retirement obligations | 172,758 | 166,509 | |
Deferred income taxes | 41,226 | 39,142 | |
Other non-current liabilities | 20,535 | 18,622 | |
Total liabilities | 869,665 | 832,129 | |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Preferred stock - par value $0.01, 5,000,000 shares authorized, none issued | — | — | |
Common stock - par value $0.01, 50,000,000 shares authorized, 22,371,165 issued and | 224 | 221 | |
Additional paid-in capital | 830,536 | 834,482 | |
Accumulated other comprehensive loss | (39,837) | (40,587) | |
Treasury stock, at cost: 9,363,950 shares at March 31, 2024 and 9,119,456 shares | (1,295,639) | (1,189,715) | |
Retained earnings | 2,095,860 | 1,969,527 | |
Total stockholders' equity | 1,591,144 | 1,573,928 | |
Total liabilities and stockholders' equity | $ 2,460,809 | $ 2,406,057 | |
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||
(Amounts in thousands) | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
Operating activities: | |||
Net income | $ 126,995 | $ 270,771 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 40,701 | 29,423 | |
Amortization of acquired intangibles, net | 1,675 | 2,197 | |
Amortization of debt issuance costs and accretion of debt discount | 280 | 534 | |
Loss (gain) on disposal of assets | 1,610 | (2,363) | |
Accretion on asset retirement obligations | 6,143 | 6,377 | |
Employee benefit plans, net | 3,833 | 3,261 | |
Deferred income taxes | 1,614 | 14,432 | |
Stock-based compensation | 2,769 | 3,034 | |
Equity loss in affiliates | 1,640 | 1,748 | |
Other, net | (197) | 126 | |
Changes in operating assets and liabilities | 9,011 | (152,153) | |
Net cash provided by operating activities | 196,074 | 177,387 | |
Investing activities: | |||
Capital expenditures | (63,618) | (74,248) | |
Proceeds on disposal of assets | 287 | 3,478 | |
Cash paid for business acquired | — | (11,919) | |
Purchases of investment securities | (7,230) | (141,750) | |
Sales and maturities of investment securities | 10,172 | 204,660 | |
Capital contributions to equity affiliates | (8,476) | (8,124) | |
Other, net | 6 | 12 | |
Net cash used in investing activities | (68,859) | (27,891) | |
Financing activities: | |||
Principal repayments of long-term debt | (632) | (438) | |
Dividend and dividend equivalents paid | (3,000) | (85,979) | |
Common stock repurchases and related expenses | (116,089) | (144,919) | |
Other, net | (306) | (116) | |
Net cash used in financing activities | (120,027) | (231,452) | |
Net increase (decrease) in cash and cash equivalents and restricted cash | 7,188 | (81,956) | |
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 | $ 391,313 | $ 273,438 | |
Supplemental disclosure of noncash investing and financing activities: | |||
Financing leases and capital financing - equipment | $ — | $ 1,753 | |
Accrued capital expenditures | $ 14,525 | $ 13,703 | |
Accrued common stock repurchases and stock repurchase excise tax | $ 4,665 | $ 5,995 | |
Accrued dividend payable | $ 525 | $ 8,973 | |
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 March 31, | |||
2024 | 2023 | ||
Cash and cash equivalents | $ 269,386 | $ 222,507 | |
Long-term restricted cash | 121,927 | 50,931 | |
Total cash and cash equivalents and restricted cash shown in the Condensed | $ 391,313 | $ 273,438 | |
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES | |||||
ADJUSTED EBITDA RECONCILIATION | |||||
(Amounts in thousands) | |||||
Three Months Ended | |||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||
Net income | $ 126,995 | $ 176,016 | $ 270,771 | ||
Interest expense | 1,086 | 1,601 | 1,720 | ||
Interest income | (3,971) | (3,022) | (1,518) | ||
Income tax expense | 14,165 | 28,530 | 42,411 | ||
Depreciation, depletion and amortization | 40,701 | 42,638 | 29,423 | ||
Non-cash stock compensation expense | 2,769 | 9,339 | 3,034 | ||
Loss on extinguishment of debt | — | 2,753 | — | ||
Accretion on asset retirement obligations | 6,143 | 6,371 | 6,377 | ||
Amortization of acquired intangibles, net | 1,675 | 2,065 | 2,197 | ||
Adjusted EBITDA | $ 189,563 | $ 266,291 | $ 354,415 | ||
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES | |||||
RESULTS OF OPERATIONS | |||||
Three Months Ended | |||||
(In thousands, except for per ton data) | March 31, 2024 | December 31, 2023 | March 31, 2023 | ||
Coal revenues | $ 861,283 | $ 957,127 | $ 906,698 | ||
Coal revenues - All Other | — | (2,946) | (19,691) | ||
Coal revenues - Met | 861,283 | 954,181 | 887,007 | ||
Less: Freight and handling fulfillment revenues | (133,724) | (119,539) | (106,252) | ||
Non-GAAP Coal revenues - Met | $ 727,559 | $ 834,642 | $ 780,755 | ||
Non-GAAP Coal sales realization per ton - Met | $ 166.68 | $ 183.76 | $ 208.93 | ||
Cost of coal sales (exclusive of items shown separately below) | $ 648,313 | $ 668,879 | $ 539,137 | ||
Depreciation, depletion and amortization - production (1) | 40,396 | 42,325 | 29,137 | ||
Accretion on asset retirement obligations | 6,143 | 6,371 | 6,377 | ||
Amortization of acquired intangibles, net | 1,675 | 2,065 | 2,197 | ||
Total Cost of coal sales | 696,527 | 719,640 | 576,848 | ||
Total Cost of coal sales - All Other | — | (18,101) | (17,921) | ||
Total Cost of coal sales - Met | 696,527 | 701,539 | 558,927 | ||
Less: Freight and handling costs - Met | (133,724) | (119,539) | (106,252) | ||
Less: Depreciation, depletion and amortization - production - | (40,396) | (33,295) | (28,879) | ||
Less: Accretion on asset retirement obligations - Met | (6,143) | (3,721) | (3,722) | ||
Less: Amortization of acquired intangibles, net - Met | (1,675) | (2,065) | (2,197) | ||
Less: Idled and closed mine costs - Met | (9,775) | (2,435) | (4,709) | ||
Non-GAAP Cost of coal sales - Met | $ 504,814 | $ 540,484 | $ 413,168 | ||
Non-GAAP Cost of coal sales per ton - Met | $ 115.65 | $ 119.00 | $ 110.56 | ||
GAAP Coal margin - Met | $ 164,756 | $ 252,642 | $ 328,080 | ||
GAAP Coal margin per ton - Met | $ 37.74 | $ 55.62 | $ 87.79 | ||
Non GAAP Coal margin - Met | $ 222,745 | $ 294,158 | $ 367,587 | ||
Non GAAP Coal margin per ton - Met | $ 51.03 | $ 64.76 | $ 98.36 | ||
Tons sold - Met | 4,365 | 4,542 | 3,737 | ||
(1) | Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Three Months Ended March 31, 2024 | |||||||
(In thousands, except for per ton data) | Tons Sold | Coal Revenues | Non-GAAP | % of Met Tons | |||
Export - other pricing mechanisms | 2,001 | $ 344,643 | $ 172.24 | 51 % | |||
Domestic | 907 | 149,559 | $ 164.89 | 23 % | |||
Export - Australian indexed | 1,040 | 201,443 | $ 193.70 | 26 % | |||
Total Met segment - met coal | 3,948 | 695,645 | $ 176.20 | 100 % | |||
Met segment - thermal coal | 417 | 31,914 | $ 76.53 | ||||
Non-GAAP Coal revenues | 4,365 | 727,559 | $ 166.68 | ||||
Add: Freight and handling fulfillment revenues | — | 133,724 | |||||
Coal revenues | 4,365 | $ 861,283 | |||||
INVESTOR & MEDIA CONTACT: EMILY O'QUINN
InvestorRelations@AlphaMetResources.com
CorporateCommunications@AlphaMetResources.com
(423) 573-0369
SOURCE Alpha Metallurgical Resources, Inc.
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