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Mar 31, 2022
Warrior Met Coal Q1 2022 Earnings Report
Reported strong net income and record adjusted EBITDA.
Key Takeaways
Warrior Met Coal reported a strong first quarter in 2022, with a net income of $146.2 million and a record adjusted EBITDA of $243.8 million. The company benefited from increased met coal pricing, which offset lower sales volume.
Net income was $146.2 million, or $2.83 per diluted share, compared to a net loss of $21.4 million, or $0.42 per diluted share, in Q1 2021.
Adjusted EBITDA reached an all-time quarterly high of $243.8 million, compared to $47.1 million in Q1 2021.
Total revenues were $378.7 million, including $382.4 million in mining revenues, compared to $213.8 million in Q1 2021.
The company is relaunching the development of its Blue Creek mine, expecting significant future returns to shareholders.
Forward Guidance
Warrior is revising its full year 2022 guidance based on its successful Q1 performance, the relaunch of the Blue Creek project, and expected market conditions.
Positive Outlook
- Coal sales are expected to be between 5.5 and 6.5 million short tons.
- Coal production is expected to be between 5.5 and 6.5 million short tons.
- Capital expenditures are projected to be $165 - $175 million.
- Mine development costs are estimated at $30 - $40 million.
- Selling, general and administrative expenses are expected to be $37 - $41 million.
Challenges Ahead
- Three planned longwall moves (Q2, Q3, Q4) may affect the outlook.
- HCC index pricing fluctuations could influence results.
- Exclusion of other non-recurring costs needs to be considered.
- A new labor contract is a key factor that may affect the outlook.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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