Warrior Met Coal Files Q2 2024 10-Q

TL;DR

Warrior Met Coal's Q2 10-Q is in. Check the numbers for product sales vs. last year.

AI Summary

Warrior Met Coal, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of 2024, detailing revenues, costs, and other financial metrics. Specific figures for product sales and other revenue streams were provided for the periods ending June 30, 2024, and June 30, 2023.

Why It Matters

This filing provides investors with the latest financial performance data for Warrior Met Coal, crucial for understanding the company's operational health and market position in the coal industry.

Risk Assessment

Risk Level: medium — The company operates in the volatile coal industry, subject to commodity price fluctuations and regulatory changes.

Key Numbers

• 2024-01-01 to 2024-06-30 — Reporting Period (First half of 2024)
• 2023-01-01 to 2023-06-30 — Reporting Period (First half of 2023)
• 2024-04-01 to 2024-06-30 — Reporting Period (Second quarter of 2024)
• 2023-04-01 to 2023-06-30 — Reporting Period (Second quarter of 2023)

Key Players & Entities

• WARRIOR MET COAL, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240801 (date) — Filed as of Date
• 2055546150 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• hcc-20240630.htm (10-Q) — 932KB
• exhibit311-06302024.htm (EX-31.1) — 13KB
• exhibit312-06302024.htm (EX-31.2) — 13KB
• exhibit321-06302024.htm (EX-32.1) — 10KB
• exhibit95-06302024.htm (EX-95) — 63KB
• hcc-20240630_g1.jpg (GRAPHIC) — 98KB
• 0001691303-24-000022.txt ( ) — 5308KB
• hcc-20240630.xsd (EX-101.SCH) — 28KB
• hcc-20240630_cal.xml (EX-101.CAL) — 55KB
• hcc-20240630_def.xml (EX-101.DEF) — 151KB
• hcc-20240630_lab.xml (EX-101.LAB) — 447KB
• hcc-20240630_pre.xml (EX-101.PRE) — 315KB
• hcc-20240630_htm.xml (XML) — 592KB

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 and six months ended June 30 , 2024 (Unaudited) and June 30 , 2023 (Unaudited) 4 Condensed Balance Sheets as of June 30 , 2024 (Unaudited) and December 31, 2023 5 Condensed Statements of Cash Flows for the six months ended June 30 , 2024 (Unaudited) and June 30 , 2023 6 Condensed Statements of Changes in Stockholders' Equity for the three and six months ended June 3 0 , 2024 (Unaudited) and June 30 , 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 32 Item 4.

Controls and Procedures

Controls and Procedures 33

Other Information

Part II. Other Information 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A .

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults on Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

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 June 30, For the six months ended June 30, 2024 2023 2024 2023 Revenues: Sales $ 390,424 $ 371,033 $ 888,423 $ 871,524 Other revenues 6,099 8,627 11,613 17,810 Total revenues 396,524 379,660 900,036 889,334 Costs and expenses: Cost of sales (exclusive of items shown separately below) 261,305 230,452 546,892 463,082 Cost of other revenues (exclusive of items shown separately below) 10,673 11,510 20,638 22,948 Depreciation and depletion 38,150 30,550 78,173 67,763 Selling, general and administrative 15,392 13,172 34,050 27,688 Business interruption 100 3,537 302 7,754 Total costs and expenses 325,620 289,221 680,055 589,235 Operating income 70,904 90,439 219,982 300,099 Interest expense ( 915 ) ( 5,452 ) ( 2,036 ) ( 12,895 ) Interest income 9,241 11,640 17,395 20,544 Other Income — — — 221 Income before income tax expense 79,230 96,627 235,341 307,969 Income tax expense 8,519 14,534 27,641 43,598 Net income $ 70,711 $ 82,093 $ 207,700 $ 264,371 Basic and diluted net income per share: Net income per share—basic $ 1.35 $ 1.58 3.98 5.09 Net income per share—diluted $ 1.35 $ 1.58 3.97 5.09 Weighted average number of shares outstanding—basic 52,321 52,010 52,242 51,927 Weighted average number of shares outstanding—diluted 52,378 52,081 52,293 51,990 Dividends per share: $ 0.08 $ 0.07 $ 0.66 1.02 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) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 709,023 $ 738,197 Short-term investments 9,270 9,030 Trade accounts receivable 182,710 98,225 Income tax receivable — 7,833 Inventories, net 173,948 183,949 Prepaid expenses and other rece

View Full Filing

View this 10-Q filing on SEC EDGAR