American Resources reports Q2 EPS (9c), consensus (7c)

Reports Q2 revenue $4.1M, consensus $2.05M. Mark Jensen, Chairman and CEO of American Resources Corporation commented, “We continue to see tremendous success and momentum in establishing our strategic positioning within our addressable markets. Our strategic focus continues to be on positioning and preparing our businesses for growth as separate, standalone companies, and we have been putting the pieces in place and have begun executing on that plan as we have previously discussed, and which is consistent with our Strategic Committee’s plan of action to better unlock the value of American Resources. These steps include securing the appropriate growth capital to scale operations while also building word-class teams around each business. We recently updated the name of American Carbon to American Infrastructure Corporation to better reflect a more diversified resource mix to supply the global infrastructure markets such as our recent iron ore acquisition. Our growth capital for American Infrastructure is largely supported by the closing of the previously announced $45 million tax-exempt bond offering for Wyoming County Coal (WCC). Additionally, we recently executed a lease on our McCoy Elkhorn complex with a well proven operator to bring production back online this year. Both WCC and McCoy Elkhorn are first class facilities able to produce premium mid vol and high vol carbon for the global steel markets. Development of the WCC complex continues to progress and we are confident we will be producing from its first deep mine later this year as well. Nonetheless, advancing WCC’s development and bringing McCoy Elkhorn back online puts the entire carbon platform in a much stronger position as one of the last U.S.-based metallurgical carbon growth platforms as it prepares for its own public listing.”