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Mar 31, 2023
Alpha Metallurgical Q1 2023 Earnings Report
Alpha Metallurgical Resources reported solid results for Q1 2023, with a net income of $270.8 million and Adjusted EBITDA of $354.4 million. The company continued its share repurchase program, returning approximately $200 million to shareholders year-to-date.
Key Takeaways
Alpha Metallurgical Resources reported a net income of $270.8 million, or $17.01 per diluted share, for the first quarter of 2023. The company's Adjusted EBITDA for the quarter was $354.4 million. Alpha continued to execute its share repurchase program, returning approximately $200 million to shareholders year-to-date.
Reported first quarter net income of $270.8 million, or $17.01 per diluted share.
Posted Adjusted EBITDA of $354.4 million for the quarter.
Continued executing on robust buyback program by returning approximately $200 million to shareholders year-to-date as of May 4, 2023.
Increased quarterly dividend to $0.50 from $0.44 per share.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Alpha is reducing tax rate guidance for the full year 2023. The new tax rate guidance range for the year is 12% to 17%, down from the prior range of 15% to 20%.
Positive Outlook
- Approximately 51% of metallurgical coal within the Met segment is committed and priced.
- Average price of committed metallurgical coal is $203.86 per ton.
- 75% of thermal coal in the Met segment is committed and priced.
- Average expected price of committed thermal coal is $108.77 per ton.
- 100% committed and priced at an average price of $88.74 per ton in the All Other category.
Challenges Ahead
- Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations.
- Actual coal shipments may vary from estimates based upon contract terms and anticipated delivery schedules.
- The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP cost of coal sales per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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