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Jun 30, 2021
Ramaco Q2 2021 Earnings Report
Reported net income of $9.9 million and Adjusted EBITDA of $18.1 million, driven by record total sales and strong cost control.
Key Takeaways
Ramaco Resources reported a strong second quarter with a 275% increase in net income compared to the same period last year. The company achieved record total sales of 686,000 tons and shifted to a net cash position of $6.0 million.
Net income was $9.9 million (EPS of $0.23) for the second quarter of 2021.
Adjusted EBITDA was $18.1 million for the second quarter of 2021.
Shifted to a net cash position of $6.0 million as of June 30, 2021.
Completed a $34.5 million offering of senior unsecured 9.00% notes, which mature in July 2026.
Forward Guidance
Ramaco Resources increased full-year 2021 production and sales guidance, while lowering cost and capital expenditure guidance. The company anticipates having at least 3 million tons of production on an annualized basis by mid-year 2022 and is considering accelerating production growth to 4-5 million tons.
Positive Outlook
- Increased full-year 2021 production guidance
- Increased full-year 2021 sales guidance
- Lowered full-year 2021 cost guidance
- Lowered full-year 2021 capital expenditure guidance
- Anticipates having at least 3 million tons of production on an annualized basis by mid-year 2022
Challenges Ahead
- Potential appeal and post-trial motions related to the $32.7 million jury verdict against Chubb Insurance
- Uncertainty regarding the timing of payment for the $32.7 million jury verdict
- Risks related to the impact of the COVID-19 global pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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