Contura Energy reported a net loss of $40 million for Q1 2020, which included a $34 million pre-tax non-cash asset impairment charge. However, the company posted an adjusted EBITDA of $60 million and showed strong cost management, particularly in CAPP - Met costs. The company reported liquidity of $257 million and anticipates receiving a $68 million tax refund in early Q3.
Reported a net loss from continuing operations of $40 million for Q1 2020, including a pre-tax non-cash asset impairment charge of $34 million.
Posted adjusted EBITDA of $60 million for Q1 2020.
Continued strong cost management with CAPP - Met costs declining more than $10 per ton compared to the fourth quarter of 2019.
Reported liquidity of $257 million and expects to receive $68 million in accelerated AMT tax refund by early third quarter.
Contura Energy is managing through the uncertainty created by the COVID-19 pandemic and its impact on the global economy, with cash preservation being of utmost importance for the near term. The company drew $57.5 million on its revolver in late March as a proactive and precautionary measure to provide flexibility. As a result of the CARES Act, the company anticipates receiving approximately $68 million early in the third quarter of this year and an additional $14 million of payroll tax deferrals until 2021 and 2022.
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