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Sep 30, 2024
Warrior Met Coal Q3 2024 Earnings Report
Achieved net income and produced first development tons at Blue Creek within budget and on schedule.
Key Takeaways
Warrior Met Coal reported a net income of $41.8 million, or $0.80 per diluted share, for Q3 2024, a decrease from $85.4 million, or $1.64 per diluted share, in Q3 2023. The company also produced the first development tons at its Blue Creek project.
Commenced continuous miner development of the first longwall panel at the Blue Creek growth project, producing 39 thousand short tons.
Completed the installation of key infrastructure at Blue Creek, including the service cage, slope belt, and raw coal belt.
Invested $93.8 million in the continued development of Blue Creek, bringing the total project spend to $612.4 million.
Generated $62.2 million of cash from operating activities despite weaker global demand and a decrease in the Platts Premium Low Vol FOB Australian index price.
Forward Guidance
The Company re-affirmed its guidance for the full year 2024, which is subject to various market and economic risks.
Positive Outlook
- Coal sales of 7.4 - 8.2 million short tons
- Coal production of 7.4 - 8.0 million short tons
- Capital expenditures for existing mines of $100 - $110 million
- Mine development costs of $28 - $38 million
- Interest income of $20 - $25 million
Challenges Ahead
- Two planned longwall moves remaining in Q4
- HCC index pricing, geography of sales and freight rates
- Exclusion of other non-recurring costs
- Terms of any new labor contract
- Inflationary pressures
Historical Earnings Impact
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Avg. Return Before/After Earnings
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