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Mar 31, 2023
Warrior Met Coal Q1 2023 Earnings Report
Warrior Met Coal reported a strong first quarter in 2023 with increased net income and adjusted EBITDA.
Key Takeaways
Warrior Met Coal reported a strong first quarter with net income increasing by 25% to $182.3 million and Adjusted EBITDA rising by 6% to $259.4 million. The company achieved record total liquidity of $985.8 million, driven by strong customer demand and improved performance at the Port of Mobile.
Net income increased by 25% to $182.3 million compared to Q1 2022.
Adjusted EBITDA increased by 6% to $259.4 million compared to Q1 2022.
Sales volume increased by 73% to 1.9 million short tons due to improved port performance and increased production.
The company achieved record total liquidity of $985.8 million.
Forward Guidance
The Company's outlook and guidance for 2023 is subject to many risks that may impact performance, including labor matters, ongoing mechanical issues at the McDuffie Terminal at the Port of Mobile, ongoing rail transportation issues, market conditions in the steel and met coal industries and overall global economic and competitive conditions.
Positive Outlook
- Coal sales between 6.6 - 7.2 million short tons
- Coal production between 6.3 - 6.9 million short tons
- Capital expenditures for existing mines between $95 - $105 million
- Blue Creek project and other discretionary capital expenditures between $325 - $345 million
- Mine development costs between $10 - $14 million
Challenges Ahead
- Two planned longwall moves (both Q3)
- HCC index pricing
- Exclusion of other non-recurring costs
- New labor contract
Historical Earnings Impact
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Avg. Return Before/After Earnings
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