Alliance Resource Partners reports Q2 EPS 44c, consensus 66c.
Reports Q2 revenue $517.1M, consensus $535.6M. "Mild temperatures, swollen rivers and declining natural gas prices led to lower coal demand in Q2. Flooding and high water continued to delay approximately 500,000 tons of planned export shipments in Q2, which we expect will be shipped in the second half of the year," said Joseph Craft III, Chairman, President and CEO. "Operating cost per ton sold for Q2 was impacted primarily by lower production due to two longwall moves, one at our Hamilton mine in the Illinois Basin and the other at our Tunnel Ridge mine in the Appalachia region, as well as our previously announced delay of ARLP's planned growth ramp for Illinois Basin production intended for sale in the export market. An unexpected $4.8 million non-cash accrual was also booked in Q2 as a result of a mid-year actuarial adjustment for workers' compensation expense." Craft added, "As expected, our oil and gas minerals segment delivered double digit Segment Adjusted EBITDA growth compared to both the 2018 Quarter and the Sequential Quarter. We are on track to close the previously announced $145 million Wing acquisition early next month which will increase our ownership position in the prolific liquids rich Midland Basin and add to our earnings in 2019 and beyond."
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|Article Type:||Financial report|
|Date:||Jul 26, 2019|
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