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Contura Energy Announces Q2 2019 Results

Coal News - Published on Tue, 20 Aug 2019

Image Source: PR Newswire
Contura Energy Inc, a leading US coal supplier, reported results for the Q2 ending June 30, 2019. Mr David Stetson, chairman and chief executive officer, said that our strong second quarter performance reflects Contura’s upside potential as the nation’s leading metallurgical coal producer, and I believe that we are well positioned for continued future success. While our operations made great strides in bringing costs down across the board over the past quarter, we still have work to do and remain acutely focused on continued cost improvement.”

Highlights include:

1. Net Income from continuing operations of USD 24 million for the Q2 2019 compared with USD 8 million in the Q1 and USD 75 million in the same period last year

2. Adjusted EBITDA of USD 141 million for the quarter compared with USD 83 million in the Q1 and USD 86 million in the same period last year

3. Significant operational cost improvements in each operating segment compared to the Q1 2019

4. Experienced coal executive David Stetson appointed as the company’s CEO and member of the board on July 29; elected chairman on August 12

5. Updating 2019 guidance

Three months ended

HeadingJune 30, 2019March 31, 2019June 30, 2018
Net income(2)24.3874.6
Net income(2) per diluted share1.250.417.24
Adjusted EBITDA(3)140.883.486.1
Operating cash flow(4)102.514.6145.9
Capital expenditures42.841.118.9
Tons of coal sold6.45.94.4

(In '000 Millions, except per share)

Coal revenues in the second quarter for Central Appalachia – Met coal were USD 372.9 million, CAPP – Thermal revenues totaled USD 73.5 million, and Northern Appalachia coal revenues totaled USD 76.2 million. Comparatively, in the Q1 2019, CAPP – Met revenues were USD 345.8 million, CAPP – Thermal revenues were USD 57.3 million, and NAPP revenues were USD 70.9 million.

CAPP – Met coal shipments for the second quarter 2019 were 3.1 million tons at an average per-ton realization of USD 121.85, compared to 2.8 million tons at $123.68 per ton in the Q1. CAPP – Thermal coal shipments totaled 1.2 million tons in the second quarter, at an average price of $61.83 per ton, up from 1.0 million tons at $57.78 per ton in the Q1. Contura shipped 1.7 million tons of NAPP coal during the second quarter at an average per-ton realization of $43.64, an increase of 0.1 million tons with an average price of $42.89 from the Q1 2019.

Source :

Posted By : Sanju Moirangthem on Tue, 20 Aug 2019
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