Alpha Metallurgical Resources Files Q3 2024 10-Q

Ticker: AMR · Form: 10-Q · Filed: Nov 1, 2024 · CIK: 1704715

Sentiment: neutral

Topics: 10-Q, earnings, coal

TL;DR

Alpha Met Resources filed their Q3 2024 10-Q. Check financials.

AI Summary

Alpha Metallurgical Resources, Inc. reported its Q3 2024 results, ending September 30, 2024. The company's filing details its financial performance and operational data for the period. Specific financial figures and operational metrics are presented within the report.

Why It Matters

This filing provides investors with the latest financial and operational performance data for Alpha Metallurgical Resources, crucial for understanding the company's current standing and future prospects in the coal industry.

Risk Assessment

Risk Level: medium — The company operates in the volatile coal industry, which is subject to significant market fluctuations and regulatory changes.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The conformed period of report is 20240930, meaning the filing covers the period ending September 30, 2024.

What was the company's former name?

The company's former name was Contura Energy, Inc., with a date of name change on 20170425.

What is the company's primary industry classification?

The company's Standard Industrial Classification is BITUMINOUS COAL & LIGNITE SURFACE MINING [1221].

When was the company incorporated?

The company was incorporated in Delaware (DE).

What is the filing date of this 10-Q report?

The filing was made on 20241101.

Filing Stats: 4,570 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-11-01 07:34:29

Key Financial Figures

Filing Documents

- Financial Information

Part I - Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited) 8 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) 9 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 11 Notes to Condensed Consolidated Financial Statements (Unaudited) 13 (1) Business and Basis of Presentation 13 (2) Revenue 13 (3) Accumulated Other Comprehensive Loss 14 (4) Net Income Per Share 15 (5) Inventories, net 16 (6) Capital Stock 16 (7) Accrued Expenses and Other Current Liabilities 16 (8) Long-Term Debt 16 (9) Asset Retirement Obligations 17 (10) Fair Value of Financial Instruments and Fair Value Measurements 17 (11) Income Taxes 18 (12) Employee Benefit Plans 18 (13) Related Party Transactions 19 (14) Commitments and Contingencies 19 (15) Segment Information 22 Glossary 25 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 27 Results of Operations 29 Liquidity and Capital Resources 36 Critical Accounting Policies and Estimates 41 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 42

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 43 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: depressed levels or declines in coal prices; 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; worldwide market demand for coal and steel, including demand for U.S. coal exports, and competition in coal markets; railroad, barge, truck, port and other transportation availability,

- 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Coal revenues $ 669,783 $ 738,998 $ 2,331,196 $ 2,499,503 Other revenues 2,114 2,822 8,742 11,923 Total revenues 671,897 741,820 2,339,938 2,511,426 Costs and expenses: Cost of coal sales (exclusive of items shown separately below) 598,725 564,608 1,910,847 1,687,259 Depreciation, depletion and amortization 42,414 32,582 126,495 94,231 Accretion on asset retirement obligations 6,326 6,376 18,726 19,129 Amortization of acquired intangibles, net 1,675 2,069 5,025 6,458 Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) 15,987 18,053 57,169 56,251 Other operating loss (income) 1,461 973 3,813 ( 1,665 ) Total costs and expenses 666,588 624,661 2,122,075 1,861,663 Income from operations 5,309 117,159 217,863 649,763 Other (expense) income: Interest expense ( 1,041 ) ( 1,746 ) ( 3,228 ) ( 5,322 ) Interest income 5,145 4,639 13,256 8,911 Equity loss in affiliates ( 7,011 ) ( 6,660 ) ( 14,568 ) ( 11,582 ) Miscellaneous expense, net ( 2,685 ) ( 614 ) ( 8,259 ) ( 857 ) Total other expense, net ( 5,592 ) ( 4,381 ) ( 12,799 ) ( 8,850 ) (Loss) income before income taxes ( 283 ) 112,778 205,064 640,913 Income tax benefit (expense) 4,087 ( 18,964 ) ( 15,356 ) ( 94,973 ) Net income $ 3,804 $ 93,814 $ 189,708 $ 545,940 Basic income per common share $ 0.29 $ 6.88 $ 14.58 $ 37.87 Diluted income per common share $ 0.29 $ 6.65 $ 14.43 $ 36.46 Weighted average shares – basic 13,017,820 13,633,640 13,011,234 14,416,289 Weighted average shares – diluted 13,092,019 14,110,488 13,146,566 14,973,168 Refer to accompanying Notes to Condensed Consolidated Financial Statements. 6 Table of Content

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 and nine months ended September 30, 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 and nine months ended September 30, 2024 are not necess

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