BRISTOL, Tenn., Oct. 15, 2024 /PRNewswire/ -- Alpha Metallurgical Resources, Inc. (NYSE: AMR) ("Alpha" or the "Company"), a leading U.S. supplier of metallurgical products for the steel industry, today announced preliminary sales volumes and realizations for the third quarter of 2024.
"Our preliminary third quarter results reflect the market softness of the last few months, with revenues and shipment volumes both lower than in first or second quarter," said Andy Eidson, Alpha's chief executive officer. "With a significant slowdown in spot activity during the quarter, we continued to fulfill our existing contracts, which resulted in 4.1 million tons shipped in Q3, and we believe we will end the year toward the higher end of our previously issued shipment guidance range. While the coal market indexes remain soft, we continue focusing on the controllable aspects of our business, including cost of coal sales, which we believe will end the year within the existing guidance range despite experiencing some additional adversity due to weather and mining conditions in the back half of the year. We look forward to providing additional information on the third quarter when we announce our definitive results on November 1st, at which time we will also share our thoughts about 2025."
Preliminary Financial Performance
Coal Revenues
(millions)
Three months ended
Sept. 30, 2024
Met Segment
$669.8
Met Segment (excl. freight & handling)(1)
$550.7
Tons Sold
(millions)
Three months ended
Sept. 30, 2024
Met Segment
4.1
1.
Represents Non-GAAP coal revenues which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."
Coal Sales Realization(1)
(per ton)
Three months ended
Sept. 30, 2024
Met Segment
$132.76
1.
Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."
Third quarter net realized pricing for the Met segment was $132.76 per ton.
The table below provides a breakdown of our Met segment coal sold in the third quarter by pricing mechanism.
(in millions, except per ton data)
Met Segment Sales
Three months ended Sept. 30, 2024
Tons Sold
Coal Revenues
Realization/ton(1)
% of Met TonsSold
Export - Other Pricing Mechanisms
1.9
$241.0
$129.31
48 %
Domestic
0.9
$145.9
$160.35
23 %
Export - Australian Indexed
1.1
$144.8
$128.61
29 %
Total Met Coal Revenues
3.9
$531.8
$136.35
100 %
Thermal Coal Revenues
0.2
$18.9
