Alliance Resource Partners, L.P. Q1 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: $651.7 million, down 1.7% YoY from $662.9 million, but up 4.2% sequentially.
  • Net Income: $158.1 million ($1.21 per unit), down 17.3% YoY from $191.2 million ($1.45 per unit), but up 36.9% sequentially.
  • EBITDA: $235 million, down 13.3% YoY from $270.9 million, but up 28.6% sequentially.
  • Coal Sales Volume: 8.7 million tons, up 2.4% YoY; production was 9.1 million tons, down 1.4% YoY.
  • Coal Sales Price per Ton: $64.78, down 5.2% YoY, but up 6.9% sequentially.
  • Segment Adjusted EBITDA Expense per Ton: $40.85, up 3% YoY; down 4.8% sequentially due to operational normalization.
  • Oil & Gas Royalties: Volume reached a record 898,000 barrels of oil equivalent, up 18.3% YoY. Realized sales prices were down 9.3% YoY and 7.6% sequentially.
  • Coal Royalty Segment: Royalty tons and revenue per ton rose 9% and 10.4% YoY, respectively; royalty tons up 9.8% sequentially.
  • Balance Sheet: $209.7 million in operating cash flow; $123.8 million in capex; $0.70 per unit quarterly distribution maintained. Liquidity at $551 million, including $134 million in cash. Leverage ratios: Total = 0.49x, Net = 0.34x.

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Operator: Greetings, and welcome to the Alliance Resource Partners First Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Cary Marshall, Senior Vice President and Chief Financial Officer. Thank you, sir. You may begin. Cary Marshall: Thank you, operator, and welcome, everyone. Earlier this morning, Alliance Resource Partners released its first quarter 2024 financial and operating results, and we will now discuss those results as well as our perspective on current market conditions and reiterated outlook for 2024. Following our prepared remarks, we will open the call to answer your questions. Before beginning, a reminder that some of our remarks today may include forward-looking statements subject to a variety of risks, uncertainties and assumptions contained in our filings from time to time with the Securities and Exchange Commission and are also reflected in this morning's press release. While these forward-looking statements are based on information currently available to us, if one or more of these risks or uncertainties materialize or if our underlying assumptions prove incorrect, actual results may vary materially from those we projected or expected. In providing these remarks, the partnership has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by l

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