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Ramaco Resources announces Q2 2018 financial results

Coal News - Published on Mon, 13 Aug 2018

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Ramaco Resources, Inc reported that net income of USD 10.2 million, or USD 0.25 per diluted share for the Q2 of 2018, compared with a net income of USD5.3 million, or USD0.13 per diluted share for the first quarter of 2018. The Company’s adjusted earnings before interest, taxes, depreciation, amortization and non-operating expenses was USD 14.9 million for the second quarter of 2018, as compared with adjusted EBITDA of USD 9.2 million for the first quarter of 2018.

Mr Randall Atkins, Ramaco Resources' Executive Chairman and Chief Financial Officer remarked, “We are very pleased to report strong, across the board and continued financial growth for both the second quarter and the first six months of 2018. Quarter over quarter, net income rose 94%, revenues rose 17% and our coal production was up 31%.”

Mr Atkins said that "From a sales standpoint, for calendar 2018 we have now sold, or have forward sales commitments for approximately 2.2 million tons of coal, of which 1.8 million tons is company mined and roughly 460 thousand tons is purchased coal. For the first six months of 2018, we both sold and delivered over 1.1 million tons of both company mined and purchased coal.”

He said that "From a production standpoint, after encountering some unfavorable geological conditions at the Elk Creek surface mine in the first quarter, we recovered substantially during our second quarter. Cash mining costs fell over USD 9 per ton to roughly USD 56 per ton and brought costs back in line with our annual guidance. Similarly, our cash margins bounced back to almost USD 36 per ton for the quarter. For the balance of 2018, we continue to expect earnings and cash flows to remain strong. We are also looking ahead to 2019 and have begun preliminary sales discussions with many of our existing domestic customers."

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Posted By : Rabi Wangkhem on Mon, 13 Aug 2018
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