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Alpha Announces Second Quarter 2024 Financial Results

$AMR
Coal Mining
Energy
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  • 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.



(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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