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    Alpha Announces Financial Results for Fourth Quarter and Full Year 2024

    2/28/25 7:30:00 AM ET
    $AMR
    Coal Mining
    Energy
    Get the next $AMR alert in real time by email
    • Reports net loss of $2.1 million for the fourth quarter 2024
    • Posts Adjusted EBITDA of $53.2 million for the quarter
    • Reduces 2025 volume guidance for metallurgical coal shipments to 14.5 million to 15.5 million tons
    • Increases full-year cost of coal sales guidance range to $103.00 to $110.00 per ton
    • Reduced letters of credit outstanding by $15 million during the quarter

    BRISTOL, Tenn., Feb. 28, 2025 /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 fourth quarter and full year ending December 31, 2024.

    (PRNewsfoto/Alpha Metallurgical Resources, Inc.)



    (millions, except per share)



    Three months ended



    Dec. 31, 2024

    Sept. 30, 2024

    Dec. 31, 2023

    Net (loss) income

    ($2.1)

    $3.8

    $176.0

    Net (loss) income per diluted share

    ($0.16)

    $0.29

    $12.88

    Adjusted EBITDA(1)

    $53.2

    $49.0

    $266.3

    Operating cash flow

    $56.3

    $189.5

    $199.4

    Capital expenditures

    ($42.7)

    ($31.5)

    ($61.5)

    Tons of coal sold

    4.1

    4.1

    4.6

    __________________________________

    1. These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules.

    "As expected, the weak metallurgical coal market negatively impacted our results for the fourth quarter," said Andy Eidson, Alpha's chief executive officer. "We continue to see lower levels of met coal demand which is keeping pricing subdued. As always, we strive to accurately assess the landscape and take actions as necessary to match our business to those realities. The adjustments we're announcing today to our full year 2025 guidance for met coal shipment volumes and costs of coal sales are reflective of lower amounts of purchased coal than previously expected, as well as the impact of severe weather in both January and February on our operating plans. As we look ahead, our priorities continue to be the safe operation of our mines and the financial protection of the business against these difficult market circumstances."

    Financial Performance

    Alpha reported a net loss of $2.1 million, or $0.16 per diluted share, for the fourth quarter 2024, as compared to net income of $3.8 million, or $0.29 per diluted share, in the third quarter.

    Total Adjusted EBITDA was $53.2 million for the fourth quarter, compared to $49.0 million in the third quarter.  

    Coal Revenues 



    (millions)



    Three months ended



    Dec. 31, 2024

    Sept. 30, 2024

    Met Segment

    $615.4

    $669.8

    Met Segment (excl. freight & handling)(1)

    $519.3

    $550.7





    Tons Sold

    (millions)



    Three months ended



    Dec. 31, 2024

    Sept. 30, 2024

    Met Segment

    4.1

    4.1

    __________________________________

    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



    Dec. 31, 2024

    Sept. 30, 2024

    Met Segment

    $127.84

    $132.76

    __________________________________

    1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

    Fourth quarter net realized pricing for the Met segment was $127.84 per ton.

    The table below provides a breakdown of our Met segment coal sold in the fourth quarter by pricing mechanism.



    (in millions, except per ton data)

    Met Segment Sales

    Three months ended Dec. 31, 2024



    Tons Sold

    Coal Revenues

    Realization/ton(1)

    % of Met Tons Sold

    Export - Other Pricing Mechanisms

    1.7

    $206.9

    $122.24

    46 %

    Domestic

    1.0

    $156.4

    $158.93

    26 %

    Export - Australian Indexed

    1.0

    $130.3

    $124.71

    28 %

    Total Met Coal Revenues

    3.7

    $493.7

    $132.63

    100 %

    Thermal Coal Revenues

    0.3

    $25.6

    $75.39



    Total Met Segment Coal Revenues (excl. freight & handling)(1)

    4.1

    $519.3

    $127.84



    __________________________________

    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



    Dec. 31, 2024

    Sept. 30, 2024

    Met Segment

    $540.8

    $598.7

    Met Segment (excl. freight & handling/idle)(1)

    $442.0

    $474.0









    (per ton)

    Met Segment(1)

    $108.82

    $114.27

    __________________________________

    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."

    Alpha's Met segment cost of coal sales decreased to an average of $108.82 per ton in the fourth quarter, compared to $114.27 per ton in the third quarter. 

    Liquidity and Capital Resources

    Cash provided by operating activities in the fourth quarter decreased to $56.3 million as compared to $189.5 million in the third quarter. The third quarter benefited from a decrease in working capital of $144.5 million. Capital expenditures for the fourth quarter were $42.7 million compared to $31.5 million for the third quarter.

    As of December 31, 2024, the company had total liquidity of $519.4 million, including cash and cash equivalents of $481.6 million and $112.9 million of unused availability under the asset-based revolving credit facility (ABL), partially offset by a minimum required liquidity of $75.0 million as required by the ABL. As of December 31, 2024, the company had no borrowings and $42.1 million in letters of credit outstanding under the ABL, a reduction of $15.0 million in letters of credit outstanding as compared to the third quarter. Total long-term debt, including the current portion of long-term debt as of December 31, 2024, was $5.8 million.

    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 February 21, 2025, 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 February 21, 2025 was 13,052,684. 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.

    2025 Guidance Adjustments and Performance Update

    Alpha is reducing its full-year 2025 guidance for metallurgical coal shipment volumes. The new metallurgical coal shipments guidance range is 14.5 million tons to 15.5 million tons, down from the prior range of 15.0 million tons to 16.0 million tons. Additionally, the company is increasing its 2025 cost of coal sales guidance range to $103.00 to $110.00 per ton, up from the prior range of $103.00 to $108.00 per ton.

    As of February 20, 2025, Alpha has committed and priced approximately 32% of its metallurgical coal for 2025 at an average price of $143.81 per ton and 95% of its thermal coal for the year at an average price of $80.74 per ton.



    2025 Guidance

    in millions of tons

    Low

    High

    Metallurgical

    14.5

    15.5

    Thermal

    1.0

    1.4

    Met Segment - Total Shipments

    15.5

    16.9







    Committed/Priced1,2,3

    Committed

    Average Price

    Metallurgical - Domestic



    $152.94

    Metallurgical - Export



    $113.11

    Metallurgical Total

    32 %

    $143.81

    Thermal

    95 %

    $80.74

    Met Segment

    37 %

    $131.73







    Committed/Unpriced1,3

    Committed



    Metallurgical Total

    57 %



    Thermal

    — %



    Met Segment

    53 %









    Costs per ton4

    Low

    High

    Met Segment

    $103.00

    $110.00







    In millions (except taxes)

    Low

    High

    SG&A5

    $53

    $59

    Idle Operations Expense

    $18

    $28

    Net Cash Interest Income

    $2

    $10

    DD&A

    $165

    $185

    Capital Expenditures

    $152

    $182

    Capital Contributions to Equity Affiliates6

    $44

    $54

    Cash Tax Rate

    0 %

    5 %

     



    Notes:





    1.

    Based on committed and priced coal shipments as of February 20, 2025. 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.

    Annual Meeting of Stockholders

    The board of directors has scheduled the annual meeting of stockholders for May 7, 2025.

    Conference Call

    The company plans to hold a conference call regarding its fourth quarter results on February 28, 2025, 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." In addition to net income, we use Adjusted EBITDA to measure the operating performance of our reportable segment. 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 and twelve months ended December 31, 2023 have been recast to conform to the current year presentation.

     

    ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (Amounts in thousands, except share and per share data)





    Three Months Ended December 31,



    Year Ended December 31,



    2024



    2023



    2024



    2023

    Revenues:















    Coal revenues

    $              615,383



    $              957,127



    $          2,946,579



    $          3,456,630

    Other revenues

    1,964



    2,864



    10,706



    14,787

    Total revenues

    617,347



    959,991



    2,957,285



    3,471,417

    Costs and expenses:















    Cost of coal sales (exclusive of items shown separately below)

    540,754



    668,879



    2,451,601



    2,356,138

    Depreciation, depletion and amortization

    40,836



    42,638



    167,331



    136,869

    Accretion on asset retirement obligations

    6,324



    6,371



    25,050



    25,500

    Amortization of acquired intangibles, net

    1,675



    2,065



    6,700



    8,523

    Selling, general and administrative expenses (exclusive of depreciation,

    depletion and amortization shown separately above)

    16,831



    26,139



    74,000



    82,390

    Other operating loss (income)

    936



    577



    4,749



    (1,088)

    Total costs and expenses

    607,356



    746,669



    2,729,431



    2,608,332

    Income from operations

    9,991



    213,322



    227,854



    863,085

    Other (expense) income:















    Interest expense

    (583)



    (1,601)



    (3,811)



    (6,923)

    Interest income

    4,952



    3,022



    18,208



    11,933

    Loss on extinguishment of debt

    —



    (2,753)



    —



    (2,753)

    Equity loss in affiliates

    (5,734)



    (6,681)



    (20,302)



    (18,263)

    Miscellaneous expense, net

    (2,940)



    (763)



    (11,199)



    (1,620)

    Total other expense, net

    (4,305)



    (8,776)



    (17,104)



    (17,626)

    Income before income taxes

    5,686



    204,546



    210,750



    845,459

    Income tax expense

    (7,815)



    (28,530)



    (23,171)



    (123,503)

    Net (loss) income

    $                (2,129)



    $              176,016



    $              187,579



    $              721,956

















    Basic (loss) income per common share

    $                  (0.16)



    $                  13.35



    $                  14.41



    $                  51.18

    Diluted (loss) income per common share

    $                  (0.16)



    $                  12.88



    $                  14.28



    $                  49.30

















    Weighted average shares - basic

    13,020,122



    13,187,100



    13,013,469



    14,106,466

    Weighted average shares - diluted

    13,020,122



    13,662,021



    13,134,806



    14,642,856

     

    ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    (Amounts in thousands, except share and per share data)





    December 31, 2024



    December 31, 2023

    Assets







    Current assets:







    Cash and cash equivalents

    $             481,578



    $             268,207

    Trade accounts receivable, net of allowance for credit losses of $2,396 and $234 as of

    December 31, 2024 and 2023, respectively

    362,141



    509,682

    Inventories, net

    169,269



    231,344

    Prepaid expenses and other current assets

    23,681



    39,064

    Total current assets

    1,036,669



    1,048,297

    Property, plant, and equipment, net of accumulated depreciation and amortization of

    $667,260 and $558,905 as of December 31, 2024 and 2023, respectively

    634,871



    588,992

    Owned and leased mineral rights, net of accumulated depletion and amortization of

    $124,965 and $99,826 as of December 31, 2024 and 2023, respectively

    443,467



    451,160

    Other acquired intangibles, net of accumulated amortization of $41,444 and $38,543 as

    of December 31, 2024 and 2023, respectively

    39,879



    46,579

    Long-term restricted cash

    122,583



    115,918

    Long-term restricted investments

    43,131



    40,597

    Deferred income taxes

    6,516



    8,028

    Other non-current assets

    111,592



    106,486

    Total assets

    $          2,438,708



    $          2,406,057

    Liabilities and Stockholders' Equity







    Current liabilities:







    Current portion of long-term debt

    $                 2,916



    $                 3,582

    Trade accounts payable

    96,633



    128,836

    Accrued expenses and other current liabilities

    151,560



    177,512

    Total current liabilities

    251,109



    309,930

    Long-term debt

    2,868



    6,792

    Workers' compensation and black lung obligations

    182,961



    189,226

    Pension obligations

    100,597



    101,908

    Asset retirement obligations

    189,805



    166,509

    Deferred income taxes

    40,486



    39,142

    Other non-current liabilities

    21,385



    18,622

    Total liabilities

    789,211



    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, 22,383,325 issued and

    13,016,390 outstanding at December 31, 2024 and 22,058,135 issued and 12,938,679

    outstanding at December 31, 2023

    224



    221

    Additional paid-in capital

    839,804



    834,482

    Accumulated other comprehensive loss

    (50,082)



    (40,587)

    Treasury stock, at cost: 9,366,935 shares at December 31, 2024 and 9,119,456 shares at

    December 31, 2023

    (1,296,916)



    (1,189,715)

    Retained earnings

    2,156,467



    1,969,527

    Total stockholders' equity

    1,649,497



    1,573,928

    Total liabilities and stockholders' equity

    $          2,438,708



    $          2,406,057

     

    ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Amounts in thousands)





    Year Ended December 31,



    2024



    2023

    Operating activities:







    Net income

    $                187,579



    $                721,956

    Adjustments to reconcile net income to net cash provided by operating activities:







    Depreciation, depletion and amortization

    167,331



    136,869

    Amortization of acquired intangibles, net

    6,700



    8,523

    Amortization of debt issuance costs and accretion of debt discount

    1,118



    1,947

    Loss on extinguishment of debt

    —



    2,753

    Gain on disposal of assets, net

    (169)



    (6,817)

    Accretion on asset retirement obligations

    25,050



    25,500

    Employee benefit plans, net

    14,551



    8,376

    Deferred income taxes

    5,563



    39,722

    Stock-based compensation

    12,318



    19,017

    Equity loss in affiliates

    20,302



    18,263

    Other, net

    787



    (363)

    Changes in operating assets and liabilities







    Trade accounts receivable, net

    145,379



    (102,477)

    Inventories, net

    64,203



    (27,900)

    Prepaid expenses and other current assets

    14,658



    7,596

    Deposits

    408



    80,729

    Other non-current assets

    1,199



    3,837

    Trade accounts payable

    (19,339)



    15,666

    Accrued expenses and other current liabilities

    (5,972)



    (9,087)

    Acquisition-related obligations

    —



    (28,254)

    Asset retirement obligations

    (27,903)



    (19,189)

    Other non-current liabilities

    (33,844)



    (45,508)

    Net cash provided by operating activities

    579,919



    851,159

    Investing activities:







    Capital expenditures

    (198,848)



    (245,373)

    Proceeds on disposal of assets

    1,029



    8,173

    Cash paid for business acquired

    —



    (11,919)

    Purchases of investment securities

    (48,730)



    (207,065)

    Sales and maturities of investment securities

    48,036



    320,961

    Capital contributions to equity affiliates

    (32,504)



    (30,812)

    Other, net

    31



    35

    Net cash used in investing activities

    (230,986)



    (166,000)

    Financing activities:







    Principal repayments of long-term debt

    (2,243)



    (2,314)

    Dividend and dividend equivalents paid

    (3,077)



    (113,013)

    Common stock repurchases and related expenses

    (122,299)



    (540,071)

    Other, net

    (1,278)



    (1,030)

    Net cash used in financing activities

    (128,897)



    (656,428)

    Net increase in cash and cash equivalents and restricted cash

    220,036



    28,731

    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

    $                604,161



    $                384,125









    Supplemental cash flow information:







    Cash paid for interest

    $                    2,662



    $                    5,207

    Cash paid for income taxes

    $                  12,144



    $                  79,221

    Cash received for income tax refunds

    $                    3,765



    $                         30

    Supplemental disclosure of noncash investing and financing activities:







    Financing leases and capital financing - equipment

    $                           1



    $                    3,195

    Accrued capital expenditures

    $                  15,523



    $                  25,004

    Accrued common stock repurchases and stock repurchase excise tax

    $                          —



    $                    8,118

    Accrued dividend payable

    $                       424



    $                    2,863

     

    The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.



    As of December 31,



    2024



    2023

    Cash and cash equivalents

    $                481,578



    $                268,207

    Long-term restricted cash

    122,583



    115,918

    Total cash and cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows

    $                604,161



    $                384,125

     

    ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

    ADJUSTED EBITDA RECONCILIATION

    (Amounts in thousands)





    Three Months Ended



    Year Ended December 31,



    December 31, 2024



    September 30, 2024



    December 31, 2023



    2024



    2023

    Net (loss) income

    $               (2,129)



    $                 3,804



    $             176,016



    $         187,579



    $         721,956

    Interest expense

    583



    1,041



    1,601



    3,811



    6,923

    Interest income

    (4,952)



    (5,145)



    (3,022)



    (18,208)



    (11,933)

    Income tax expense (benefit)

    7,815



    (4,087)



    28,530



    23,171



    123,503

    Depreciation, depletion and amortization

    40,836



    42,414



    42,638



    167,331



    136,869

    Non-cash stock compensation expense

    3,001



    3,013



    9,339



    12,318



    19,017

    Loss on extinguishment of debt

    —



    —



    2,753



    —



    2,753

    Accretion on asset retirement obligations

    6,324



    6,326



    6,371



    25,050



    25,500

    Amortization of acquired intangibles, net

    1,675



    1,675



    2,065



    6,700



    8,523

    Adjusted EBITDA

    $               53,153



    $               49,041



    $             266,291



    $         407,752



    $      1,033,111

     

    ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

    RESULTS OF OPERATIONS





    Three Months Ended

    (In thousands, except for per ton data)

    December 31, 2024



    September 30, 2024



    December 31, 2023

    Coal revenues

    $              615,383



    $              669,783



    $              957,127

    Coal revenues - All Other

    —



    —



    (2,946)

    Coal revenues - Met

    615,383



    669,783



    954,181

    Less: Freight and handling fulfillment revenues - Met

    (96,087)



    (119,093)



    (119,539)

    Non-GAAP Coal revenues - Met

    $              519,296



    $              550,690



    $              834,642

    Non-GAAP Coal sales realization per ton - Met

    $                127.84



    $                132.76



    $                183.76













    Cost of coal sales (exclusive of items shown separately below)

    $              540,754



    $              598,725



    $              668,879

    Depreciation, depletion and amortization - production (1)

    40,525



    42,108



    42,325

    Accretion on asset retirement obligations

    6,324



    6,326



    6,371

    Amortization of acquired intangibles, net

    1,675



    1,675



    2,065

    Total Cost of coal sales

    589,278



    648,834



    719,640

    Total Cost of coal sales - All Other

    —



    —



    (18,101)

    Total Cost of coal sales - Met

    589,278



    648,834



    701,539

    Less: Freight and handling costs - Met

    (96,087)



    (119,093)



    (119,539)

    Less: Depreciation, depletion and amortization - production - Met (1)

    (40,525)



    (42,108)



    (33,295)

    Less: Accretion on asset retirement obligations - Met

    (6,324)



    (6,326)



    (3,721)

    Less: Amortization of acquired intangibles, net - Met

    (1,675)



    (1,675)



    (2,065)

    Less: Idled and closed mine costs - Met

    (2,650)



    (5,625)



    (2,435)

    Non-GAAP Cost of coal sales - Met

    $              442,017



    $              474,007



    $              540,484

    Non-GAAP Cost of coal sales per ton - Met

    $                108.82



    $                114.27



    $                119.00













    GAAP Coal margin - Met

    $                26,105



    $                20,949



    $              252,642

    GAAP Coal margin per ton - Met

    $                    6.43



    $                    5.05



    $                  55.62













    Non GAAP Coal margin - Met

    $                77,279



    $                76,683



    $              294,158

    Non GAAP Coal margin per ton - Met

    $                  19.02



    $                  18.49



    $                  64.76













    Tons sold - Met

    4,062



    4,148



    4,542





    (1)

    Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

     



    Year Ended December 31,



    2024



    2023

    Coal revenues

    $          2,946,579



    $          3,456,630

    Coal revenues - All Other

    —



    (49,987)

    Coal revenues - Met

    2,946,579



    3,406,643

    Less: Freight and handling fulfillment revenues - Met

    (503,306)



    (438,783)

    Non-GAAP Coal revenues - Met

    $          2,443,273



    $          2,967,860

    Non-GAAP Coal sales realization per ton - Met

    $               142.66



    $               179.40









    Cost of coal sales (exclusive of items shown separately below)

    $          2,451,601



    $          2,356,138

    Depreciation, depletion and amortization - production (1)

    166,105



    135,668

    Accretion on asset retirement obligations

    25,050



    25,500

    Amortization of acquired intangibles, net

    6,700



    8,523

    Total Cost of coal sales

    2,649,456



    2,525,829

    Total Cost of coal sales - All Other

    —



    (71,978)

    Total Cost of coal sales - Met

    2,649,456



    2,453,851

    Less: Freight and handling costs - Met

    (503,306)



    (438,783)

    Less: Depreciation, depletion and amortization - production - Met (1)

    (166,105)



    (125,716)

    Less: Accretion on asset retirement obligations - Met

    (25,050)



    (14,886)

    Less: Amortization of acquired intangibles, net - Met

    (6,700)



    (8,523)

    Less: Idled and closed mine costs - Met

    (29,868)



    (18,580)

    Non-GAAP Cost of coal sales - Met

    $          1,918,427



    $          1,847,363

    Non-GAAP Cost of coal sales per ton - Met

    $               112.01



    $               111.67









    GAAP Coal margin - Met

    $             297,123



    $            952,792

    GAAP Coal margin per ton - Met

    $                 17.35



    $                57.59









    Non GAAP Coal margin - Met

    $             524,846



    $         1,120,497

    Non GAAP Coal margin per ton - Met

    $                 30.64



    $                67.73









    Tons sold - Met

    17,127



    16,543





    (1)

    Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

     



    Three Months Ended December 31, 2024

    (In thousands, except for per ton data)

    Tons Sold



    Coal Revenues



    Non-GAAP

    Coal sales

    realization

    per ton



    % of Met Tons

    Sold

    Export - other pricing mechanisms

    1,693



    $       206,948



    $         122.24



    46 %

    Domestic

    984



    156,390



    $         158.93



    26 %

    Export - Australian indexed

    1,045



    130,324



    $         124.71



    28 %

    Total Met segment - met coal

    3,722



    493,662



    $         132.63



    100 %

    Met segment - thermal coal

    340



    25,634



    $           75.39





    Non-GAAP Coal revenues

    4,062



    519,296



    $         127.84





    Add: Freight and handling fulfillment revenues

    —



    96,087









    Coal revenues

    4,062



    $       615,383









     

    INVESTOR & MEDIA CONTACT: EMILY O'QUINN

    [email protected]

    [email protected]

    (423) 573-0369

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/alpha-announces-financial-results-for-fourth-quarter-and-full-year-2024-302387869.html

    SOURCE ALPHA METALLURGICAL RESOURCES, INC.

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