Alpha Metallurgical Resources(AMR) - 2024 Q2 - Quarterly Results

Financial Performance - Alpha reported a net income of $58.9 million, or $4.49 per diluted share, for Q2 2024, down from $127.0 million, or $9.59 per diluted share, in Q1 2024[4]. - Adjusted EBITDA for Q2 2024 was $116.0 million, compared to $189.6 million in Q1 2024[4]. - Total revenues for the three months ended June 30, 2024, were $803,969,000, a decrease of 6.3% compared to $858,371,000 for the same period in 2023[24]. - Net income for the six months ended June 30, 2024, was $185,904,000, down 58.8% from $452,126,000 for the same period in 2023[27]. - Basic income per common share for the three months ended June 30, 2024, was $4.53, a decline of 64.1% from $12.63 for the same period in 2023[24]. - The company reported a decrease in coal revenues to $800,130,000 for the three months ended June 30, 2024, from $853,807,000 for the same period in 2023, reflecting a decline of 6.2%[24]. - Net income for the three months ended June 30, 2024, was $58,909,000, a decrease from $181,355,000 in the same period last year[29]. - Coal revenues for the six months ended June 30, 2024, totaled $1,661,413,000, down from $1,760,505,000 in the prior year[32]. - Non-GAAP coal revenues for the three months ended June 30, 2024, were $645,728,000, compared to $715,752,000 in the same period last year, reflecting a decrease of approximately 9.8%[31]. - Adjusted EBITDA for the three months ended June 30, 2024, was $115,995,000, a decrease from $258,494,000 in the same period last year[29]. Coal Sales and Pricing - The average realized price for metallurgical coal in Q2 2024 was $141.86 per ton, down from $166.68 per ton in Q1 2024[4]. - Coal revenues for the metallurgical segment were $800.1 million in Q2 2024, compared to $861.3 million in Q1 2024[6]. - Tons of coal sold in Q2 2024 increased to 4.6 million from 4.4 million in Q1 2024[9]. - The cost of coal sales for the metallurgical segment decreased to $109.31 per ton in Q2 2024, down from $115.65 per ton in Q1 2024[9]. - Tons sold in the Met segment for the three months ended June 30, 2024, increased to 4,552,000 tons from 4,149,000 tons in the same period last year[31]. - Non-GAAP coal sales realization per ton for the three months ended June 30, 2024, was $141.86, down from $172.51 in the same period last year[31]. - Future outlook indicates a focus on improving coal sales realization and managing costs effectively to enhance profitability[32]. Liquidity and Capital Expenditures - Total liquidity increased by nearly 25% to $356.7 million, including cash and cash equivalents of $336.1 million[10]. - Capital expenditures for Q2 2024 were $61.1 million, slightly down from $63.6 million in Q1 2024[10]. - Capital expenditures for the six months ended June 30, 2024, were $124,718,000, compared to $129,111,000 for the same period in 2023[27]. - Cash and cash equivalents increased to $336,148,000 as of June 30, 2024, compared to $268,207,000 as of December 31, 2023[25]. Shareholder Actions and Equity - The company authorized a share repurchase program of up to $1.5 billion, having repurchased approximately 6.6 million shares for about $1.1 billion as of July 31, 2024[13]. - Total stockholders' equity increased to $1,643,570,000 as of June 30, 2024, from $1,573,928,000 as of December 31, 2023[26]. Assets and Liabilities - Total current assets increased to $1,095,923,000 as of June 30, 2024, compared to $1,048,297,000 as of December 31, 2023[25]. - Total liabilities rose to $849,382,000 as of June 30, 2024, from $832,129,000 as of December 31, 2023[26]. - Net cash provided by operating activities for the six months ended June 30, 2024, was $334,199,000, down from $494,606,000 for the same period in 2023[27].