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Mar 31, 2021
Ramaco Q1 2021 Earnings Report
Net income and Adjusted EBITDA increased year-over-year, driven by sub-$60 per ton cash mine costs and record production.
Key Takeaways
Ramaco Resources reported a strong first quarter in 2021, with net income of $4.1 million, or $0.10 per diluted share, and adjusted EBITDA of $11.5 million. The company achieved record production of 577,000 tons and record low cash cost of sales at $59 per ton.
Net income was $4.1 million (EPS of $0.10), while adjusted EBITDA was $11.5 million for the first quarter of 2021.
Adjusted EBITDA was the second best first quarter for the Company since its inception, driven by the first quarter that the Company has recorded sub-$60 per ton cash mine costs.
Total Company Production of 577,000 tons was a quarterly record.
Total cash cost of sales was $59 per ton, which was also a company record.
Ramaco
Ramaco
Forward Guidance
Ramaco Resources is upwardly revising its guidance on total 2021 production to 2.1 to 2.4 million tons and lowering 2021 cash cost guidance to $61 - $66 per ton at Elk Creek.
Positive Outlook
- Lowering 2021 cash cost guidance to $61 - $66 per ton at Elk Creek.
- Slightly lowering capex guidance for the year.
- Record production of 577,000 tons in the first quarter of 2021 annualizes to over 2.3 million tons for this year.
- Transitioning to materially higher production levels in 2022, which are anticipated to annualize at over a 3 million ton run rate by mid year.
- Berwind slope project and the Big Creek surface mine are both now progressing on schedule and on budget.