Alpha Metallurgical Resources, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Alpha Metallurgical Resources, Inc. filed its Q1 2024 10-Q report on May 6, 2024, detailing its financial performance and operational status.</b>

AI Summary

Alpha Metallurgical Resources, Inc. (AMR) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Alpha Metallurgical Resources, Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is the mining and sale of coal. The filing includes detailed financial statements and disclosures. The report was filed on May 6, 2024.

Why It Matters

For investors and stakeholders tracking Alpha Metallurgical Resources, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for Alpha Metallurgical Resources, Inc., crucial for assessing the company's current health and future prospects. The detailed financial data within the report allows for a comparative analysis against previous periods and industry benchmarks, aiding in investment decisions.

Risk Assessment

Risk Level: medium — Alpha Metallurgical Resources, Inc. shows moderate risk based on this filing. The company operates in the volatile coal industry, which is subject to significant price fluctuations and regulatory changes, posing inherent risks to financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to understand Alpha Metallurgical Resources' current financial position and the potential impacts of market and regulatory conditions.

Key Numbers

• 2024-03-31 — Report Date (Period of report)
• 2024-05-06 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (First quarter of fiscal year 2024)
• 2023-01-01 — Prior Year Quarter Start Date (First quarter of fiscal year 2023)

Key Players & Entities

• Alpha Metallurgical Resources, Inc. (company) — Filer
• 2024-03-31 (date) — Period of report
• 2024-05-06 (date) — Filed as of date
• BRISTOL (location) — Business Address City
• TN (location) — Business Address State
• Contura Energy, Inc. (company) — Former company name

FAQ

Industry Context

Alpha Metallurgical Resources operates in the bituminous coal and lignite surface mining industry, a sector characterized by commodity pricing and demand influenced by global energy markets and environmental regulations.

Regulatory Implications

The company is subject to various environmental, health, and safety regulations governing coal mining operations in the United States.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024 once available in the full filing.
2. Review any disclosed changes in operational costs or capital expenditures.
3. Assess the company's liquidity and debt position based on the balance sheet.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the quarterly report (10-Q) for the period ending March 31, 2024, following the previous annual report (10-K) and subsequent filings.

Key Financial Figures

• $0.01 — hares of the registrant's Common Stock, $0.01 par value, outstanding as of April 30,

Filing Documents

• amr-20240331.htm (10-Q) — 979KB
• a3312024exhibit31.htm (EX-31) — 11KB
• a3312024exhibit32.htm (EX-32) — 6KB
• a3312024exhibit95.htm (EX-95) — 154KB
• amr-20240331_g1.jpg (GRAPHIC) — 243KB
• 0001704715-24-000097.txt (&nbsp;) — 6066KB
• amr-20240331.xsd (EX-101.SCH) — 37KB
• amr-20240331_cal.xml (EX-101.CAL) — 77KB
• amr-20240331_def.xml (EX-101.DEF) — 142KB
• amr-20240331_lab.xml (EX-101.LAB) — 492KB
• amr-20240331_pre.xml (EX-101.PRE) — 346KB
• amr-20240331_htm.xml (XML) — 650KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 6 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 7 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (Unaudited) 8 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 9 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and March 31, 2023 (Unaudited) 11 Notes to Condensed Consolidated Financial Statements (Unaudited) 12 (1) Business and Basis of Presentation 12 (2) Revenue 12 (3) Accumulated Other Comprehensive Loss 13 (4) Net Income Per Share 14 (5) Inventories, net 14 (6) Capital Stock 15 (7) Accrued Expenses and Other Current Liabilities 15 (8) Long-Term Debt 15 (9) Asset Retirement Obligations 16 (10) Fair Value of Financial Instruments and Fair Value Measurements 16 (11) Income Taxes 17 (12) Employee Benefit Plans 17 (13) Related Party Transactions 18 (14) Commitments and Contingencies 18 (15) Segment Information 20 Glossary 23 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Results of Operations 27 Liquidity and Capital Resources 31 Critical Accounting Policies and Estimates 35 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 38 3 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report includes statements of our expectations, intentions, plans and beliefs that constitute "forward-looking statements." These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to our future prospects, developments and business strategies. We have used the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should" and similar terms and phrases, including references to assumptions, in this report to identify forward-looking statements, but these terms and phrases are not the exclusive means of identifying such statements. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those expressed in or implied by these forward-looking statements. The following factors are among those that may cause actual results to differ materially from our forward-looking statements: the financial performance of the company; our liquidity, results of operations and financial condition; our ability to generate sufficient cash or obtain financing to fund our business operations; depressed levels or declines in coal prices; railroad, barge, truck, port and other transportation availability, performance and costs; changes in domestic or international environmental laws and regulations, and court decisions,

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Amounts in thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Revenues: Coal revenues $ 861,283 $ 906,698 Other revenues 2,789 4,537 Total revenues 864,072 911,235 Costs and expenses: Cost of coal sales (exclusive of items shown separately below) 648,313 539,137 Depreciation, depletion and amortization 40,701 29,423 Accretion on asset retirement obligations 6,143 6,377 Amortization of acquired intangibles, net 1,675 2,197 Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) 22,377 20,692 Other operating loss (income) 2,985 ( 1,092 ) Total costs and expenses 722,194 596,734 Income from operations 141,878 314,501 Other (expense) income: Interest expense ( 1,086 ) ( 1,720 ) Interest income 3,971 1,518 Equity loss in affiliates ( 1,640 ) ( 1,748 ) Miscellaneous (expense) income, net ( 1,963 ) 631 Total other expense, net ( 718 ) ( 1,319 ) Income before income taxes 141,160 313,182 Income tax expense ( 14,165 ) ( 42,411 ) Net income $ 126,995 $ 270,771 Basic income per common share $ 9.77 $ 17.74 Diluted income per common share $ 9.59 $ 17.01 Weighted average shares – basic 13,002,127 15,266,895 Weighted average shares – diluted 13,236,596 15,916,378 Refer to accompanying Notes to Condensed Consolidated Financial Statements. 6 Table of Contents ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Amounts in thousands) Three Months Ended March 31, 2024 2023 Net income $ 126,995 $ 270,771 Other comprehensive income (loss), net of tax: Employee benefit plans: Amortization of and adjustments to employee benefit costs 964 ( 627 ) Income tax (expense) benefit ( 214 ) 139 Total other comprehensive income (loss),

Business

Business Alpha is a Tennessee-based mining company with operations in Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha is a leading U.S. supplier of metallurgical coal products for the steel industry. Basis of Presentation Together, the condensed consolidated statements of operations, comprehensive income, balance sheets, cash flows and stockholders' equity for the Company are referred to as the "Condensed Consolidated Financial Statements." The Condensed Consolidated Financial Statements are also referenced across periods as "Condensed Consolidated Statements of Operations," "Condensed Consolidated Statements of Comprehensive Income," "Condensed Consolidated Balance Sheets," "Condensed Consolidated Statements of Cash Flows," and "Condensed Consolidated Statements of Stockholders' Equity." The Condensed Consolidated Financial Statements include all wholly-owned subsidiaries' results of operations for the three months ended March 31, 2024 and 2023. All significant intercompany transactions have been eliminated in consolidation. The accompanying interim Condensed Consolidated Financial Statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and in accordance with the rules and regulations of the United States Securities and Exchange Commission ("SEC") for Form 10-Q. Such rules and regulations allow the omission of certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP as long as the financial statements are not misleading. In the opinion of management, these interim Condensed Consolidated Financial Statements reflect all normal and recurring adjustments necessary for a fair presentation of the results for the periods presented. Results of operations for the three months ended March 31, 2024 are not necessarily indicative of the re

View Full Filing

View this 10-Q filing on SEC EDGAR