Alpha Metallurgical Resources, Inc. (NYSE: AMR) has announced its preliminary sales volumes and realizations for the third quarter of 2024. The company's chief executive officer, Andy Eidson, noted that the market softness in the last few months led to lower revenues and shipment volumes compared to the first and second quarters.
In the third quarter of 2024, Alpha shipped 4.1 million tons, and it is expected to end the year on the higher end of the previously issued shipment guidance range.
The preliminary financial performance for the coal segment in the third quarter of 2024 is as follows: Met segment coal revenues (excluding freight & handling) were $550.7 million. The company's net realized pricing for the met segment was $132.76 per ton. * The breakdown of met segment coal sold in the third quarter by pricing mechanism was as follows: * Export * other pricing mechanisms: 1.9 million tons, generating $241.0 million in coal revenues at a realization of $129.31 per ton. * Domestic: 0.9 million tons, generating $145.9 million in coal revenues at a realization of $160.35 per ton. * Export * Australian indexed: 1.1 million tons, generating $144.8 million in coal revenues at a realization of $128.61 per ton.
Alpha Metallurgical Resources reported total liquidity of $507.0 million as of September 30, 2024, including cash and cash equivalents of $484.6 million and $97.5 million of unused availability under the ABL. This represents an increase of $150.3 million relative to the second quarter, mainly driven by working capital movement resulting from lower accounts receivable and inventory balances.
The company provided guidance adjustments for 2024, including an increase in the net cash interest income guidance range to $10 million to $14 million, up from the prior range of $2 million to $8 million. Additionally, the depreciation, depletion, and amortization guidance was adjusted to $160 million to $180 million for the full year, up from the prior range of $140 million to $160 million.
Alpha Metallurgical Resources also adjusted its 2024 tax rate guidance to 5% to 10%, down from the prior range of 10% to 15%.
The company's 2024 guidance for metallurgical and thermal coal shipments, as well as costs per ton, was also provided.
Alpha Metallurgical Resources plans to announce its definitive third quarter 2024 financial results before the market opens on Friday, November 1, 2024, and expects to hold a conference call regarding its third quarter 2024 results on the same day at 10:00 a.m. Eastern time.
The company noted that the financial results presented in the preliminary release are subject to change and should not be viewed as a substitute for full financial statements prepared in accordance with GAAP.
Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations across Virginia and West Virginia, supplying metallurgical products to the steel industry globally. Following these announcements, the company's shares moved -0.7%, and are now trading at a price of $222.3. For the full picture, make sure to review Alpha Metallurgical Resources's 8-K report.
