Alpha Metallurgical reports Q3 EPS $6.65 vs. $14.27 last year

Reports Q3 revenue $741.82M, consensus $745.21M. “As we recently disclosed, our Q3 results were impacted by some challenging events that resulted in lowered shipment guidance for the year,” said CEO Andy Eidson. “…Despite the challenges of Q3, our team continues to operate safely, perform well, and advance our long-term goals. The share buyback program is a significant example of our ability to execute, with nearly $940M in repurchases completed since the start of the program and approximately $560M left on the board’s newly-increased authorization. Following the dividend payment for this quarter, we will consolidate our capital return efforts to focus on share repurchases and expect to continue with that approach as long as buybacks make sense from a market, trading price, and valuation perspective. Additionally, we have successfully refinanced our ABL, achieving superior terms to the previous facility thanks to the company’s improved financial position, the most important of which was achieving a four-year term on the facility. On the operational side, our years-long transition to a pure-play metallurgical coal producer is now complete following the closure of Slabcamp, our final remaining thermal mine. Our outlook for 2024 is bright, with a solid base of committed tonnage to domestic customers and the balance of our output available for export.”