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Warrior Met Coal Announces Third Quarter 2019 Results

Coal News - Published on Mon, 04 Nov 2019

Image Source: warriormetcoal.com
Leading US based producer and exporter of high quality metallurgical coal Warrior Met Coal Inc last week announced results for the third quarter of 2019. Mr Walt Scheller, CEO of Warrior, said “We are pleased with our performance this quarter, even in the face of challenging market conditions impacting revenue and EBITDA. Even with the seasonal steel slowdown in the third quarter, as well as additional macro issues in the global economy significantly impacting pricing we were still able to execute another quarter of strong sales volume along with a significant increase in production volume. Further, we were able to complete two longwall moves during this quarter, which gives us confidence in reiterating our full year sales and production guidance. Warrior continues to have exceptional production, cost, and balance sheet flexibility to thrive in a range of market conditions.”

Warrior reported third quarter 2019 net income of USD 45.0 million compared to net income of USD 52.6 million in the third quarter of 2018. The company reported Adjusted EBITDA of USD 82.7 million in the third quarter of 2019, compared to Adjusted EBITDA of USD 94.1 million in the third quarter of 2018. Total revenues were USD 287.5 million for the third quarter of 2019, including USD 280.8 million in mining revenues, which consisted of met coal sales of 2.0 million short tons at an average net selling price of USD 141.13 per short ton, net of demurrage and other charges. Total revenues increased 5.2% from USD 273.3 million in the third quarter of 2018.

The Company produced 2.2 million short tons of met coal in the third quarter of 2019, 19.0% more than the amount produced in the third quarter of 2018. Sales volume in the third quarter of 2019 was 2.0 million short tons, a 19.3% increase over the amount sold in the third quarter of 2018.

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Posted By : Rabi Wangkhem on Mon, 04 Nov 2019
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