Warrior Met Coal Files Q3 2024 10-Q

Ticker: HCC · Form: 10-Q · Filed: Oct 30, 2024 · CIK: 1691303

Sentiment: neutral

Topics: 10-Q, earnings, coal

TL;DR

Warrior Met Coal's Q3 2024 10-Q is in. Check financials for coal performance.

AI Summary

Warrior Met Coal, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance for the third quarter and the first nine months of 2024, including revenues, costs, and operational metrics. Specific financial figures and operational data are presented for the periods ending September 30, 2024, and September 30, 2023.

Why It Matters

This filing provides investors and analysts with the latest financial and operational results for Warrior Met Coal, crucial for understanding the company's performance in the metallurgical coal market.

Risk Assessment

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

Key Numbers

Key Players & Entities

FAQ

What were Warrior Met Coal's revenues for the third quarter of 2024?

The filing provides data for the period 2024-07-01 to 2024-09-30, which represents the third quarter of 2024, but specific revenue figures are not detailed in the provided text snippet.

What is the company's Standard Industrial Classification (SIC) code?

The SIC code for Warrior Met Coal, Inc. is BITUMINOUS COAL & LIGNITE MINING [1220].

When was Warrior Met Coal, Inc. incorporated?

Warrior Met Coal, Inc. was incorporated in Delaware (DE).

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

This 10-Q report was filed on 20241030.

What is the fiscal year end for Warrior Met Coal, Inc.?

The fiscal year end for Warrior Met Coal, Inc. is December 31 (1231).

Filing Stats: 4,592 words · 18 min read · ~15 pages · Grade level 14.3 · Accepted 2024-10-30 16:44:36

Key Financial Figures

Filing Documents

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 nine months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited) 4 Condensed Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 5 Condensed Statements of Cash Flows for the nine months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited) 6 Condensed Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2024 (Unaudited) and September 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 33 Item 4.

Controls and Procedures

Controls and Procedures 34

Other Information

Part II. Other Information 36 Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A .

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults on Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

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, including the impact of any such pandemic on our business, employees, suppliers and customers, the metallurgical ("met") or steelmaking coal and steel industries, and global economic markets; the

- 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 September 30, For the nine months ended September 30, 2024 2023 2024 2023 Revenues: Sales $ 319,944 $ 416,888 $ 1,208,366 $ 1,288,412 Other revenues 7,776 6,599 19,389 24,409 Total revenues 327,720 423,487 1,227,755 1,312,821 Costs and expenses: Cost of sales (exclusive of items shown separately below) 231,598 260,376 778,489 723,458 Cost of other revenues (exclusive of items shown separately below) 8,854 9,855 29,491 32,803 Depreciation and depletion 36,642 34,020 114,815 101,783 Selling, general and administrative 11,403 11,138 45,452 38,826 Business interruption 107 347 409 8,101 Total costs and expenses 288,604 315,736 968,656 904,971 Operating income 39,116 107,751 259,099 407,850 Interest expense ( 1,422 ) ( 3,418 ) ( 3,458 ) ( 16,313 ) Interest income 8,679 10,691 26,074 31,235 Loss on early extinguishment of debt — ( 11,699 ) — ( 11,699 ) Other expense — ( 1,102 ) — ( 881 ) Income before income tax expense 46,373 102,223 281,715 410,192 Income tax expense 4,607 16,841 32,248 60,439 Net income $ 41,766 $ 85,382 $ 249,467 $ 349,753 Basic and diluted net income per share: Net income per share—basic $ 0.80 $ 1.64 $ 4.78 $ 6.73 Net income per share—diluted $ 0.80 $ 1.64 $ 4.78 $ 6.72 Weighted average number of shares outstanding—basic 52,330 52,019 52,167 51,958 Weighted average number of shares outstanding—diluted 52,394 52,111 52,221 52,028 Dividends per share: $ 0.08 $ 0.07 $ 0.74 1.09 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) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 583,158 $ 738,197 Short-term investments 9,392 9,030 Trade accounts receivable 15

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