Alpha Metallurgical Resources Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-06
Alpha Metallurgical Resources, Inc. Reports Q2 2024 Financial Results
Alpha Metallurgical Resources, Inc. (NYSE: AMR) announced its financial results for the second quarter of 2024, ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2023 (Actual) | Q2 2024 (Actual) | YoY Change (%) | Consensus Estimate (Q2 2024) | Q2 2024 vs Consensus (%) |
|---|---|---|---|---|---|
| Total Revenue | $854.70M | $801.00M | -6.3% | $733.05M | +9.3% |
| Earnings Per Share (EPS) | $4.90 | $4.10 | -16.3% | $4.45 | -7.9% |
Despite a year-over-year decline of 6.3% in total revenue and a 16.3% dip in EPS, Alpha's performance surpassed the Wall Street consensus estimates by 9.3% for revenue and fell short for EPS by 7.9%. The performance was notably impacted by softened metallurgical coal market conditions and geopolitical uncertainties.
Segment Revenue Breakdown
| Segment | Q2 2023 Revenue | Q2 2024 Revenue | Change (%) |
|---|---|---|---|
| Met Coal | $737.04M | $703.24M | -4.6% |
| Thermal Coal | $100.41M | $55.88M | -44.3% |
| Total | $837.45M | $759.12M | -9.4% |
The Met Coal segment saw revenues decline by 4.6% year-over-year, while the Thermal Coal segment's revenue plummeted by 44.3%. The decrease in thermal coal revenue was significantly influenced by the cessation of production at the company's last thermal mine in August 2023.
Dividends and Share Repurchase Program
The report did not mention any newly announced dividends. However, the company has an active share repurchase program under which it has repurchased shares.
Stock Price Movement
Post-earnings release, Alpha Metallurgical Resources' stock saw a slight increase of 0.18%.
Alpha Metallurgical Resources exhibited a mixed performance for the second quarter of 2024. While the company managed to outperform revenue expectations, its earnings per share fell below market forecasts. Segmental analysis indicates a substantial drop in thermal coal revenue, attributable to strategic operational changes. The company continues to navigate macroeconomic pressures and market conditions.
