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Warrior Met Coal(HCC) - 2024 Q2 - Quarterly Results
2024-08-01 20:05
Exhibit 99.1 Warrior Reports Second Quarter 2024 Results Achieved Net Income of $70.7 million, or $1.35 per diluted share Generated Adjusted EBITDA of $115.9 million Completed key Blue Creek milestones with first development tons expected next quarter BROOKWOOD, AL - August 1, 2024 - Warrior Met Coal, Inc. (NYSE: HCC) ("Warrior" or the "Company") today announced results for the second quarter of 2024. Warrior is the leading dedicated U.S.-based producer and exporter of high-quality steelmaking coal for the ...
Tokio Marine HCC – Cyber & Professional Lines Group Propels Professional Lines Towards Growth and Innovation
GlobeNewswire News Room· 2024-07-31 13:00
ENCINO, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- Tokio Marine HCC – Cyber & Professional Lines Group (CPLG), a member of the Tokio Marine HCC group of companies based in Houston, Texas, is excited to announce strategic enhancements to its Professional Lines leadership team. Effective July 24, 2024, Jonathan Holmes has been appointed as Vice President, Head of Healthcare Professional Insurance. Jonathan joins Tokio Marine HCC from Arch Insurance, where he served as the co-lead for the Healthcare Facilities ...
Tokio Marine HCC – Specialty Group Announces Leadership Changes with Retirement of Bert Van Wagenen
GlobeNewswire News Room· 2024-07-10 13:00
Recently, Mark Hutton was also appointed as Chief Underwriting Officer for Crisis Management. With over 25 years of highly respected industry experience, Mr. Hutton will oversee the international Crisis Management operation based in London and his Product Recall team. He previously served as Global Head of Product Recall for AXA XL. Contact: Sean Curtin President & CUO – Contingency & SHEL Tokio Marine HCC – Specialty Group scurtin@tmhcc.com MOUNT KISCO, N.Y., July 10, 2024 (GLOBE NEWSWIRE) -- Tokio Marine ...
Warrior Met Coal: Un-Caving A Pure Met Coal Play
Seeking Alpha· 2024-06-12 08:00
Investment Thesis Complementing the promising prospects of Blue Creek, Warrior Met Coal exhibits robust financial stability. The company maintains a net debt position of -$500 million and holds $700 million in cash and equivalents, showcasing a solid financial foundation. Consistent with this stability, Warrior Met Coal has achieved stable gross profit margins exceeding 40% in recent years. This financial strength has enabled the company to return $1.4 billion to stockholders since 2017 through fixed and sp ...
Warrior Met Coal(HCC) - 2024 Q1 - Earnings Call Transcript
2024-05-02 01:11
Financial Data and Key Metrics - Q1 2024 net income on a GAAP basis was $137 million or $2 62 per diluted share compared to $182 million or $3 51 per diluted share in Q1 2023 [21] - Non-GAAP adjusted net income for Q1 2024 was $2 63 per diluted share compared to $3 57 per diluted share in Q1 2023 [21] - Adjusted EBITDA for Q1 2024 was $200 million compared to $259 million in Q1 2023 with an adjusted EBITDA margin of 40% vs 51% in Q1 2023 [21] - Total revenues for Q1 2024 were $504 million compared to $510 million in Q1 2023 a decrease of $6 million primarily due to a 9% decrease in average net selling prices offset by a 9% increase in sales volume [21] - Free cash flow for Q1 2024 was $2 million compared to $110 million in Q1 2023 primarily due to higher accounts receivable and Blue Creek CapEx spending [61] Business Line Data and Key Metrics - Q1 2024 sales volume was 2 1 million short tons 9% higher than Q1 2023 driven by increased production volumes following the end of the labor strike [3] - Production volume in Q1 2024 was 2 1 million short tons 17% higher than Q1 2023 the highest quarterly production output in the last three years [59] - Cash cost of sales in Q1 2024 was $284 million or 57% of mining revenues compared to $232 million or 46% in Q1 2023 [72] - The company spent $102 million on CapEx and mine development in Q1 2024 including $69 million on the Blue Creek project [59] Market Data and Key Metrics - Q1 2024 sales by geography were 44% into Europe 18% into South America and 38% into Asia with Asian sales up 17 percentage points compared to Q1 2023 [3] - Spot volume in Q1 2024 was 37% higher than the 29% in Q1 2023 with expectations for spot volume to be approximately 25% of total sales volume for the full year [3] - The PLV FOB Australia Index ended Q1 2024 at $2 22 per short ton $72 lower than its December 31st value and $85 lower than the peak of $307 per short ton achieved in early January [50] - Global pig iron production decreased by approximately 1 4% for the first three months of 2024 compared to the prior year period with Chinese production down 2 9% and the rest of the world up 1 9% [50] Company Strategy and Industry Competition - The company is focused on the disciplined development of the Blue Creek growth project which is on track for the first development tons from continuous miner units in Q3 2024 and longwall start-up in Q2 2026 [4][20] - Blue Creek is expected to produce 4 8 million short tons of premium High Vol A steelmaking coal annually after the longwall start-up enhancing the company's global cost curve positioning and delivering incremental profit and cash flows [4] - The company expects demand from the world's largest met coal import regions to remain softer in Q2 2024 with pricing expected to remain lower compared to Q1 2024 potentially challenging higher cost and marginal producers [5] Management Commentary on Operating Environment and Future Outlook - Management expects Q2 2024 demand to be subdued in India due to national elections and the monsoon season while remaining cautious on China due to weak property and construction segments [5] - The company expects disruptions caused by the Baltimore bridge collapse to be manageable and contained within Q2 2024 [5] - Management is focused on maximizing average net selling prices and managing higher than normal inventory levels if necessary [5] - The company reaffirmed its full-year 2024 outlook expecting better demand in the second half of the year [61] Other Important Information - The company's headcount was 33% higher at the end of Q1 2024 compared to Q1 2023 primarily due to the end of the labor strike [59] - The company plans to begin accepting applications for positions at the Blue Creek Mine in Q2 2024 [59] - The company's total available liquidity at the end of Q1 2024 was $801 million consisting of cash and cash equivalents of $694 million and $107 million available under its ABL facility [61] Q&A Session Summary Question: Near-term outlook for Q2 shipments and realizations - Management expects lower shipments in Q2 but realizations to continue the favorable trend from Q1 [22] - Spot opportunities are expected to remain scarce and skewed towards the Pacific Basin [5] Question: Capture rate of 84% in Q1 - The capture rate is calculated as the net average selling price divided by the average index price for the quarter [28] Question: Split between CFR and FOB business by mine - All coal flowing into Europe (44% of Q1 sales) is FOB while South America (18%) is also FOB with a smaller percentage going into Asia as FOB [43] Question: Blue Creek development progress and production expectations - The company expects to produce approximately 200 000 short tons of High Vol A steelmaking coal in H2 2024 with development tons sold in H2 2025 after the preparation plant comes online [20] - The company plans to run three continuous miner units by year-end 2024 producing about 200 000 tons clean equivalent with total production of about 1 million tons by mid-2025 [75] Question: Logistics and port upgrades - Improvements at the Port of Mobile have made a significant difference in efficiency with longer transit times due to issues in the Red Sea and Panama Canal impacting transportation costs [38] Question: Labor hiring progress - The company is on schedule with hiring plans for 2024 including 100 positions at Blue Creek and has seen a strong reception from applicants [76] Question: Blue Creek incremental volume contracting - The company plans to canvas customers for test volumes rather than selling into the spot market [77]
Warrior Met Coal (HCC) Q1 Earnings and Revenues Beat Estimates
Zacks Investment Research· 2024-05-01 23:01
Warrior Met Coal (HCC) came out with quarterly earnings of $2.63 per share, beating the Zacks Consensus Estimate of $2.02 per share. This compares to earnings of $3.57 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 30.20%. A quarter ago, it was expected that this company would post earnings of $3.16 per share when it actually produced earnings of $2.49, delivering a surprise of -21.20%.Over the last four quarters, the company ...
Warrior Met Coal(HCC) - 2024 Q1 - Quarterly Report
2024-05-01 20:46
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-38061 Warrior Met Coal, Inc. (Exact name of registrant as specified in its charter) Delaware 81-0706839 (State ...
Warrior Met Coal(HCC) - 2024 Q1 - Quarterly Results
2024-05-01 20:05
Exhibit 99.1 Warrior Reports First Quarter 2024 Results Achieved net income of $137.0 million and adjusted EBITDA of $200.2 million Returned $30.6 million to stockholders through quarterly dividend and special cash dividend Continued making excellent progress in the ongoing development of Blue Creek BROOKWOOD, AL - May 1, 2024 - Warrior Met Coal, Inc. (NYSE: HCC) ("Warrior" or the "Company") today announced results for the first quarter of 2024. Warrior is the leading dedicated U.S.-based producer and expor ...
Warrior Met Coal(HCC) - 2023 Q4 - Earnings Call Transcript
2024-02-15 01:50
Start Time: 16:30 January 1, 0000 5:19 PM ET Warrior Met Coal, Inc. (NYSE:HCC) Q4 2023 Earnings Conference Call February 14, 2024, 16:30 PM ET Company Participants Walter Scheller - CEO Dale Boyles - CFO Conference Call Participants Lucas Pipes - B. Riley Securities Katja Jancic - BMO Capital Markets Nathan Martin - The Benchmark Company Chris LaFemina - Jefferies Operator Good afternoon, and welcome to the Warrior Fourth Quarter and Full Year 2023 Financial Results Conference Call. All lines have been plac ...
Warrior Met Coal(HCC) - 2023 Q4 - Earnings Call Presentation
2024-02-15 01:27
More seaborne steelmaking coal is expected to be needed as BFBOF(1) growth comes from countries that do not have access to domestic steelmaking coal. High-quality steel is required for the production of key green technologies at the core of global decarbonization initiatives. The global transition to lower carbon emissions will be fueled by steelmaking coal. High-quality steel produced using Warrior coal is vital in supporting growing demand for products foundational to an economy that prioritizes lower env ...