Warrior Met Coal, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Warrior Met Coal, Inc. filed its Q1 2024 10-Q report detailing financial performance and position as of March 31, 2024.</b>

AI Summary

WARRIOR MET COAL, INC. (HCC) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Warrior Met Coal, Inc. reported its Q1 2024 results on May 1, 2024. The filing covers the period ending March 31, 2024. The company's principal business is the mining of coal. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement items such as common stock, retained earnings, and debt are detailed.

Why It Matters

For investors and stakeholders tracking WARRIOR MET COAL, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for Warrior Met Coal, Inc. Understanding the company's financial health, including its assets, liabilities, and equity, is crucial for assessing its investment potential and risks.

Risk Assessment

Risk Level: medium — WARRIOR MET COAL, INC. shows moderate risk based on this filing. The company operates in the volatile coal mining industry, which is subject to significant market fluctuations and regulatory changes, impacting its financial performance and outlook.

Analyst Insight

Investors should review the detailed financial statements and risk factors in this 10-Q to assess Warrior Met Coal's current financial health and future prospects.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-01 — Filing Date (Date the report was filed)
• 1220 — SIC Code (Standard Industrial Classification for coal mining)

Key Players & Entities

• WARRIOR MET COAL, INC. (company) — Filer name
• 0001691303 (company) — Central Index Key
• BITUMINOUS COAL & LIGNITE MINING (company) — Standard Industrial Classification
• 2055546150 (dollar_amount) — Business phone number
• 2024-03-31 (date) — Period of report
• 2024-05-01 (date) — Filing date

FAQ

Risk Factors

• Market Price Fluctuations [high — market]: The market prices for coal are volatile and subject to significant fluctuations, which can adversely affect the company's financial results.
• Environmental Regulations [medium — regulatory]: The company is subject to stringent environmental laws and regulations, the compliance with which requires significant capital expenditures and may impact operations.
• Operational Risks [medium — operational]: Coal mining operations are inherently risky and can be affected by geological conditions, equipment failures, and labor issues.

Industry Context

Warrior Met Coal operates in the bituminous coal and lignite mining industry, a sector characterized by global demand for energy resources and significant environmental considerations.

Regulatory Implications

The coal mining industry is heavily regulated, with companies facing compliance requirements related to environmental protection, worker safety, and land reclamation.

What Investors Should Do

1. Analyze the company's revenue and profitability trends from the detailed financial statements.
2. Assess the impact of market price volatility and regulatory changes on future earnings.
3. Review the company's debt levels and liquidity position to understand its financial stability.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the first 10-Q for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.01 — articipating Preferred Stock, par value $0.01 per share -- New York Stock Exchange

Filing Documents

• hcc-20240331.htm (10-Q) — 762KB
• exhibit4603312024.htm (EX-4.6) — 53KB
• exhibit311-03312024.htm (EX-31.1) — 13KB
• exhibit312-03312024.htm (EX-31.2) — 13KB
• exhibit321-03312024.htm (EX-32.1) — 10KB
• exhibit95-03312024.htm (EX-95) — 63KB
• hcc-20240331_g1.jpg (GRAPHIC) — 98KB
• 0001691303-24-000015.txt (&nbsp;) — 4940KB
• hcc-20240331.xsd (EX-101.SCH) — 29KB
• hcc-20240331_cal.xml (EX-101.CAL) — 56KB
• hcc-20240331_def.xml (EX-101.DEF) — 156KB
• hcc-20240331_lab.xml (EX-101.LAB) — 438KB
• hcc-20240331_pre.xml (EX-101.PRE) — 312KB
• hcc-20240331_htm.xml (XML) — 491KB

Forward-Looking Statements

Forward-Looking Statements 1

Financial Information

Part I. Financial Information 3 Item 1.

Financial Statements

Financial Statements 3 Condensed Statements of Operations for the three months ended March 3 1 , 202 4 (Unaudited) and March 3 1 , 202 3 (Unaudited) 4 Condensed Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 5 Condensed Statements of Cash Flows for the three months ended March 31, 2024 (Unaudited) and March 31, 2023 6 Condensed Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 (Unaudited) and March 31, 2023 (Unaudited) 7 Notes to Condensed Financial Statements 8 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 31

Other Information

Part II. Other Information 32 Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A .

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults on Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Form 10-Q" or "this report") includes statements of our expectations, intentions, plans and beliefs that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and are intended to come within the safe harbor protection provided by those sections. 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, including any potential changes to our production and sales volumes as a result of our negotiations with the labor union representing certain of our hourly employees. We have used the words "anticipate," "approximately," "assume," "believe," "could," "contemplate," "continue," "estimate," "expect," "target," "future," "intend," "may," "plan," "potential," "predict," "project," "should" and similar terms and phrases, including in references to assumptions, in this report to identify forward-looking 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 matters expressed in or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: the impact of global pandemics, such as the COVID-19 pandemic, including the impact of any such pandemic on our business, employees, suppliers and customers, the metallurgical ("met") or steelmaking coal and steel industries, and

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 3 WARRIOR MET COAL, INC. CONDENSED STATEMENTS OF OPERATIONS (in thousands, except per-share amounts) (Unaudited) For the three months ended March 31, 2024 2023 Revenues: Sales $ 497,998 $ 500,491 Other revenues 5,514 9,183 Total revenues 503,512 509,674 Costs and expenses: Cost of sales (exclusive of items shown separately below) 285,587 232,630 Cost of other revenues (exclusive of items shown separately below) 9,965 11,438 Depreciation and depletion 40,023 37,213 Selling, general and administrative 18,658 14,516 Business interruption 201 4,217 Total costs and expenses 354,434 300,014 Operating income 149,078 209,660 Interest expense ( 1,121 ) ( 7,443 ) Interest income 8,154 8,903 Other income — 221 Income before income tax expense 156,111 211,341 Income tax expense 19,122 29,064 Net income $ 136,989 $ 182,277 Basic and diluted net income per share: Net income per share—basic $ 2.63 $ 3.52 Net income per share—diluted $ 2.62 $ 3.51 Weighted average number of shares outstanding—basic 52,163 51,842 Weighted average number of shares outstanding—diluted 52,217 51,956 Dividends per share: $ 0.58 $ 0.95 The accompanying notes are an integral part of these condensed financial statements. 4 WARRIOR MET COAL, INC. CONDENSED BALANCE SHEETS (in thousands, except share and per-share data) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 693,858 $ 738,197 Short-term investments 9,149 9,030 Trade accounts receivable 213,400 98,225 Income tax receivable — 7,833 Inventories, net 165,650 183,949 Prepaid expenses and other receivables 37,200 31,932 Total current assets 1,119,257 1,069,166 Mineral interests, net 78,428 80,442 Property, plant and equipment, net 1,253,395 1,179,609 Non-current income tax receivable — — Deferred income taxes 5,752 5,854 Other long-term assets 21,759 21,987 Total assets $ 2,478,591 $ 2,357,058 LIABILITIES AND STOCKHOLD

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View this 10-Q filing on SEC EDGAR