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    Alpha Announces Second Quarter 2024 Financial Results

    8/5/24 7:30:00 AM ET
    $AMR
    Coal Mining
    Energy
    Get the next $AMR alert in real time by email
    • Reports second quarter net income of $58.9 million, or $4.49 per diluted share
    • Generates Adjusted EBITDA of $116.0 million for the quarter
    • Increases quarter-over-quarter total liquidity by nearly 25% or $68.6 million

    BRISTOL, Tenn., Aug. 5, 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 second quarter ending June 30, 2024.

    (PRNewsfoto/Alpha Metallurgical Resources, Inc.)



    (millions, except per share)



    Three months ended



    June 30, 2024

    Mar. 31, 2024

    June 30, 2023

    Net income

    $58.9

    $127.0

    $181.4

    Net income per diluted share

    $4.49

    $9.59

    $12.16

    Adjusted EBITDA(1)

    $116.0

    $189.6

    $258.5

    Operating cash flow

    $138.1

    $196.1

    $317.2

    Capital expenditures

    ($61.1)

    ($63.6)

    ($54.9)

    Tons of coal sold

    4.6

    4.4

    4.3

    __________________________________

    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 discussed in our first quarter reporting disclosures, weakening steel demand has negatively impacted metallurgical coal markets," said Andy Eidson, Alpha's chief executive officer. "Waning demand, coupled with significant geopolitical uncertainty across the world, brought about the expected market challenges we faced in Q2 that have intensified in Q3. Despite these external circumstances, the Alpha team performed well within the areas we can control, hitting ambitious shipping milestones, producing well, and most of all, operating safely throughout the quarter."

    Financial Performance

    Alpha reported net income of $58.9 million, or $4.49 per diluted share, for the second quarter 2024, as compared to net income of $127.0 million, or $9.59 per diluted share, in the first quarter.

    Total Adjusted EBITDA was $116.0 million for the second quarter, compared to $189.6 million in the first quarter. 

    Coal Revenues



    (millions)



    Three months ended



    June 30, 2024

    Mar. 31, 2024

    Met Segment

    $800.1

    $861.3

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

    $645.7

    $727.6







    Tons Sold

    (millions)



    Three months ended



    June 30, 2024

    Mar. 31, 2024

    Met Segment

    4.6

    4.4

    __________________________________

    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



    June 30, 2024

    Mar. 31, 2024

    Met Segment

    $141.86

    $166.68

    __________________________________

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

     

    Second quarter net realized pricing for the Met segment was $141.86 per ton.

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



    (in millions, except per ton data)

    Met Segment Sales

    Three months ended June 30, 2024



    Tons Sold

    Coal Revenues

    Realization/ton(1)

    % of Met Tons

    Sold

    Export - Other Pricing Mechanisms

    2.1

    $282.3

    $135.47

    49 %

    Domestic

    0.9

    $142.4

    $159.25

    20 %

    Export - Australian Indexed

    1.3

    $201.0

    $153.52

    31 %

    Total Met Coal Revenues

    4.3

    $625.6

    $145.94

    100 %

    Thermal Coal Revenues

    0.3

    $20.1

    $75.82



    Total Met Segment Coal Revenues

    (excl. freight & handling)(1)

    4.6

    $645.7

    $141.86



    __________________________________

    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



    June 30, 2024

    Mar. 31, 2024

    Met Segment

    $663.8

    $648.3

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

    $497.6

    $504.8









    (per ton)

    Met Segment(1)

    $109.31

    $115.65

    __________________________________

    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 $109.31 per ton in the second quarter, compared to $115.65 per ton in the first quarter. The primary drivers of the cost reduction were lower sales-related costs, as a result of softening coal prices, and a reduction in third-party purchased coal costs in the quarter.

    Liquidity and Capital Resources

    Cash provided by operating activities in the second quarter decreased to $138.1 million as compared to $196.1 million in the first quarter. Capital expenditures for the second quarter were $61.1 million compared to $63.6 million for the first quarter.

    As of June 30, 2024, the company had total liquidity of $356.7 million, including cash and cash equivalents of $336.1 million and $95.6 million of unused availability under the ABL, partially offset by a minimum required liquidity of $75.0 million as required by the ABL. Total liquidity increased by $68.6 million relative to the first quarter. As of June 30, 2024, the company had no borrowings and $59.4 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion of long-term debt as of June 30, 2024, was $8.6 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 July 31, 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 July 31, 2024 was 13,016,010. 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.

    2024 Performance Update

    As of July 24, 2024, at the midpoint of guidance, Alpha has committed and priced approximately 71% of its metallurgical coal for 2024 at an average price of $157.97 per ton and 100% of thermal coal for the year at an average expected price of $75.96 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



    $161.38

    Metallurgical - Export



    $156.05

    Metallurgical Total

    71 %

    $157.97

    Thermal

    100 %

    $75.96

    Met Segment

    73 %

    $150.36







    Committed/Unpriced1,3

    Committed



    Metallurgical Total

    29 %



    Thermal

    — %



    Met Segment

    27 %









    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 July 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 second quarter results on August 5, 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 and six months ended June 30, 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 June 30,



    Six Months Ended June 30,



    2024



    2023



    2024



    2023

    Revenues:















    Coal revenues

    $              800,130



    $              853,807



    $          1,661,413



    $          1,760,505

    Other revenues

    3,839



    4,564



    6,628



    9,101

    Total revenues

    803,969



    858,371



    1,668,041



    1,769,606

    Costs and expenses:















    Cost of coal sales (exclusive of items shown

    separately below)

    663,809



    583,514



    1,312,122



    1,122,651

    Depreciation, depletion and amortization

    43,380



    32,226



    84,081



    61,649

    Accretion on asset retirement obligations

    6,257



    6,376



    12,400



    12,753

    Amortization of acquired intangibles, net

    1,675



    2,192



    3,350



    4,389

    Selling, general and administrative expenses

    (exclusive of depreciation, depletion and

    amortization shown separately above)

    18,805



    17,506



    41,182



    38,198

    Other operating (income) loss

    (633)



    (1,546)



    2,352



    (2,638)

    Total costs and expenses

    733,293



    640,268



    1,455,487



    1,237,002

    Income from operations

    70,676



    218,103



    212,554



    532,604

    Other (expense) income:















    Interest expense

    (1,101)



    (1,856)



    (2,187)



    (3,576)

    Interest income

    4,140



    2,754



    8,111



    4,272

    Equity loss in affiliates

    (5,917)



    (3,174)



    (7,557)



    (4,922)

    Miscellaneous expense, net

    (3,611)



    (874)



    (5,574)



    (243)

    Total other expense, net

    (6,489)



    (3,150)



    (7,207)



    (4,469)

    Income before income taxes

    64,187



    214,953



    205,347



    528,135

    Income tax expense

    (5,278)



    (33,598)



    (19,443)



    (76,009)

    Net income

    $                58,909



    $              181,355



    $              185,904



    $              452,126

















    Basic income per common share

    $                    4.53



    $                  12.63



    $                  14.29



    $                  30.52

    Diluted income per common share

    $                    4.49



    $                  12.16



    $                  14.11



    $                  29.34

















    Weighted average shares – basic

    13,013,684



    14,362,072



    13,007,905



    14,814,099

    Weighted average shares – diluted

    13,111,010



    14,910,633



    13,173,803



    15,410,994

     

    ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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





    June 30, 2024



    December 31, 2023

    Assets







    Current assets:







    Cash and cash equivalents

    $             336,148



    $             268,207

    Trade accounts receivable, net of allowance for credit losses of $291 and $234 as of

    June 30, 2024 and December 31, 2023, respectively

    505,094



    509,682

    Inventories, net

    221,815



    231,344

    Prepaid expenses and other current assets

    32,866



    39,064

    Total current assets

    1,095,923



    1,048,297

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

    $621,187 and $558,905 as of June 30, 2024 and December 31, 2023, respectively

    626,380



    588,992

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

    $113,757 and $99,826 as of June 30, 2024 and December 31, 2023, respectively

    448,138



    451,160

    Other acquired intangibles, net of accumulated amortization of $41,893 and $38,543 as

    of June 30, 2024 and December 31, 2023, respectively

    43,229



    46,579

    Long-term restricted investments

    42,196



    40,597

    Long-term restricted cash

    119,107



    115,918

    Deferred income taxes

    8,627



    8,028

    Other non-current assets

    109,352



    106,486

    Total assets

    $          2,492,952



    $          2,406,057

    Liabilities and Stockholders' Equity







    Current liabilities:







    Current portion of long-term debt

    $                  3,263



    $                  3,582

    Trade accounts payable

    122,522



    128,836

    Accrued expenses and other current liabilities

    182,869



    177,512

    Total current liabilities

    308,654



    309,930

    Long-term debt

    5,301



    6,792

    Workers' compensation and black lung obligations

    183,325



    189,226

    Pension obligations

    111,290



    101,908

    Asset retirement obligations

    175,814



    166,509

    Deferred income taxes

    43,877



    39,142

    Other non-current liabilities

    21,121



    18,622

    Total liabilities

    849,382



    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, 22,382,945 issued and

    13,016,010 outstanding at June 30, 2024 and 22,058,135 issued and 12,938,679

    outstanding at December 31, 2023

    224



    221

    Additional paid-in capital

    833,790



    834,482

    Accumulated other comprehensive loss

    (48,320)



    (40,587)

    Treasury stock, at cost: 9,366,935 shares at June 30, 2024 and 9,119,456 shares at

    December 31, 2023

    (1,296,916)



    (1,189,715)

    Retained earnings

    2,154,792



    1,969,527

    Total stockholders' equity

    1,643,570



    1,573,928

    Total liabilities and stockholders' equity

    $          2,492,952



    $          2,406,057

     

    ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

    (Amounts in thousands)





    Six Months Ended June 30,



    2024



    2023

    Operating activities:







    Net income

    $                185,904



    $                452,126

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







    Depreciation, depletion and amortization

    84,081



    61,649

    Amortization of acquired intangibles, net

    3,350



    4,389

    Amortization of debt issuance costs and accretion of debt discount

    559



    1,060

    Gain on disposal of assets

    (321)



    (5,578)

    Accretion on asset retirement obligations

    12,400



    12,753

    Employee benefit plans, net

    9,592



    6,463

    Deferred income taxes

    6,341



    25,440

    Stock-based compensation

    6,304



    6,679

    Equity loss in affiliates

    7,557



    4,922

    Other, net

    (516)



    (66)

    Changes in operating assets and liabilities

    18,948



    (75,231)

    Net cash provided by operating activities

    334,199



    494,606

    Investing activities:







    Capital expenditures

    (124,718)



    (129,111)

    Proceeds on disposal of assets

    594



    6,839

    Cash paid for business acquired

    —



    (11,919)

    Purchases of investment securities

    (26,940)



    (158,835)

    Sales and maturities of investment securities

    26,179



    236,650

    Capital contributions to equity affiliates

    (15,659)



    (14,943)

    Other, net

    13



    18

    Net cash used in investing activities

    (140,531)



    (71,301)

    Financing activities:







    Principal repayments of long-term debt

    (1,191)



    (1,050)

    Dividend and dividend equivalents paid

    (3,077)



    (92,649)

    Common stock repurchases and related expenses

    (117,648)



    (301,201)

    Other, net

    (622)



    (100)

    Net cash used in financing activities

    (122,538)



    (395,000)

    Net increase in cash and cash equivalents and restricted cash

    71,130



    28,305

    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

    $                455,255



    $                383,699









    Supplemental disclosure of noncash investing and financing activities:







    Financing leases and capital financing - equipment

    $                            1



    $                    1,994

    Accrued capital expenditures

    $                    6,379



    $                  13,948

    Accrued common stock repurchases and stock repurchase excise tax

    $                    4,652



    $                    6,642

    Accrued dividend payable

    $                        424



    $                    9,541

     

    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 June 30,



    2024



    2023

    Cash and cash equivalents

    $                336,148



    $                312,400

    Long-term restricted cash

    119,107



    71,299

    Total cash and cash equivalents and restricted cash shown in the Condensed

    Consolidated Statements of Cash Flows

    $                455,255



    $                383,699

     

     ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

    ADJUSTED EBITDA RECONCILIATION

    (Amounts in thousands)





    Three Months Ended



    Six Months Ended June 30,



    June 30, 2024



    March 31, 2024



    June 30, 2023



    2024



    2023

    Net income

    $               58,909



    $             126,995



    $             181,355



    $         185,904



    $         452,126

    Interest expense

    1,101



    1,086



    1,856



    2,187



    3,576

    Interest income

    (4,140)



    (3,971)



    (2,754)



    (8,111)



    (4,272)

    Income tax expense

    5,278



    14,165



    33,598



    19,443



    76,009

    Depreciation, depletion and

    amortization

    43,380



    40,701



    32,226



    84,081



    61,649

    Non-cash stock

    compensation expense

    3,535



    2,769



    3,645



    6,304



    6,679

    Accretion on asset retirement

    obligations

    6,257



    6,143



    6,376



    12,400



    12,753

    Amortization of acquired

    intangibles, net

    1,675



    1,675



    2,192



    3,350



    4,389

    Adjusted EBITDA

    $             115,995



    $             189,563



    $             258,494



    $         305,558



    $         612,909

     

    ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

    RESULTS OF OPERATIONS





    Three Months Ended

    (In thousands, except for per ton data)

    June 30, 2024



    March 31, 2024



    June 30, 2023

    Coal revenues

    $              800,130



    $              861,283



    $              853,807

    Coal revenues - All Other

    —



    —



    (19,833)

    Coal revenues - Met

    800,130



    861,283



    833,974

    Less: Freight and handling fulfillment revenues

    (154,402)



    (133,724)



    (118,222)

    Non-GAAP Coal revenues - Met

    $              645,728



    $              727,559



    $              715,752

    Non-GAAP Coal sales realization per ton - Met

    $                141.86



    $                166.68



    $                172.51













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

    $              663,809



    $              648,313



    $              583,514

    Depreciation, depletion and amortization - production (1)

    43,076



    40,396



    31,936

    Accretion on asset retirement obligations

    6,257



    6,143



    6,376

    Amortization of acquired intangibles, net

    1,675



    1,675



    2,192

    Total Cost of coal sales

    714,817



    696,527



    624,018

    Total Cost of coal sales - All Other

    —



    —



    (21,900)

    Total Cost of coal sales - Met

    714,817



    696,527



    602,118

    Less: Freight and handling costs - Met

    (154,402)



    (133,724)



    (118,222)

    Less: Depreciation, depletion and amortization - production -

    Met (1)

    (43,076)



    (40,396)



    (31,649)

    Less: Accretion on asset retirement obligations - Met

    (6,257)



    (6,143)



    (3,721)

    Less: Amortization of acquired intangibles, net - Met

    (1,675)



    (1,675)



    (2,192)

    Less: Idled and closed mine costs - Met

    (11,818)



    (9,775)



    (5,083)

    Non-GAAP Cost of coal sales - Met

    $              497,589



    $              504,814



    $              441,251

    Non-GAAP Cost of coal sales per ton - Met

    $                109.31



    $                115.65



    $                106.35













    GAAP Coal margin - Met

    $                85,313



    $              164,756



    $              231,856

    GAAP Coal margin per ton - Met

    $                  18.74



    $                  37.74



    $                  55.88













    Non GAAP Coal margin - Met

    $              148,139



    $              222,745



    $              274,501

    Non GAAP Coal margin per ton - Met

    $                  32.54



    $                  51.03



    $                  66.16













    Tons sold - Met

    4,552



    4,365



    4,149

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

     



    Six Months Ended



    June 30, 2024



    June 30, 2023

    Coal revenues

    $          1,661,413



    $          1,760,505

    Coal revenues - All Other

    —



    (39,524)

    Coal revenues - Met

    1,661,413



    1,720,981

    Less: Freight and handling fulfillment revenues

    (288,126)



    (224,474)

    Non-GAAP Coal revenues - Met

    $          1,373,287



    $          1,496,507

    Non-GAAP Coal sales realization per ton - Met

    $                154.01



    $                189.77









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

    $          1,312,122



    $          1,122,651

    Depreciation, depletion and amortization - production (1)

    83,472



    61,073

    Accretion on asset retirement obligations

    12,400



    12,753

    Amortization of acquired intangibles, net

    3,350



    4,389

    Total Cost of coal sales

    1,411,344



    1,200,866

    Total Cost of coal sales - All Other

    —



    (39,821)

    Total Cost of coal sales - Met

    1,411,344



    1,161,045

    Less: Freight and handling costs - Met

    (288,126)



    (224,474)

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

    (83,472)



    (60,528)

    Less: Accretion on asset retirement obligations - Met

    (12,400)



    (7,443)

    Less: Amortization of acquired intangibles, net - Met

    (3,350)



    (4,389)

    Less: Idled and closed mine costs - Met

    (21,593)



    (9,792)

    Non-GAAP Cost of coal sales - Met

    $          1,002,403



    $              854,419

    Non-GAAP Cost of coal sales per ton - Met

    $                112.41



    $                108.35









    GAAP Coal margin - Met

    $              250,069



    $              559,936

    GAAP Coal margin per ton - Met

    $                  28.04



    $                  71.00









    Non GAAP Coal margin - Met

    $              370,884



    $              642,088

    Non GAAP Coal margin per ton - Met

    $                  41.59



    $                  81.42









    Tons sold - Met

    8,917



    7,886

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

     



    Three Months Ended June 30, 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

    2,084



    $       282,310



    $         135.47



    49 %

    Domestic

    894



    142,373



    $         159.25



    20 %

    Export - Australian indexed

    1,309



    200,952



    $         153.52



    31 %

    Total Met segment - met coal

    4,287



    625,635



    $         145.94



    100 %

    Met segment - thermal coal

    265



    20,093



    $            75.82





    Non-GAAP Coal revenues

    4,552



    645,728



    $         141.86





    Add: Freight and handling fulfillment revenues

    —



    154,402









    Coal revenues

    4,552



    $       800,130









     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/alpha-announces-second-quarter-2024-financial-results-302213734.html

    SOURCE Alpha Metallurgical Resources, Inc.

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