Business
Alliance Resource Partners, L.P. Reports Increased Financial and Operating Results; Declares Quarterly Cash Distribution of $0.70 Per Unit; and Updates 2023 Guidance
2023 Quarter Highlights Revenue of $641.8 million, up 3.5% year-over-year Net income of $169.8 million, or $1.30 per unit, a 3.8% increase compared to $163.5
About this update from Alliance Resource Partners, L.p.
[{"type":"text","content":"\n2023 Quarter Highlights\n\n\n\nRevenue of $641.8 million, up 3.5% year-over-year\n\n\n\nNet income of $169.8 million, or $1.30 per unit, a 3.8% increase compared to $163.5 million, or $1.23 per unit for the 2022 Quarter\n\n\n\nEBITDA of $249.2 million, up 1.0% year-over-year\n\n\n\nRepurchased $34.2 million of outstanding senior notes during the 2023 Quarter and redeemed an additional $50.0 million of senior notes in July 2023\n\n\n\nDeclared a quarterly cash distribution in July 2023 of $0.70 per unit, or $2.80 per unit annualized, up 75.0% year-over-year\n\n\n\n TULSA, Okla.--(BUSINESS WIRE)--\nAlliance Resource Partners, L.P. (NASDAQ: ARLP) (\"ARLP\" or the \"Partnership\") today reported increased financial and operating results for the quarter ended June 30, 2023 (the \"2023 Quarter\") compared to the quarter ended June 30, 2022 (the \"2022 Quarter\"). Total revenues in the 2023 Quarter increased 3.5% to $641.8 million compared to $619.9 million for the 2022 Quarter driven primarily by higher coal sales price per ton, which rose by 5.7%, partially offset by lower oil & gas royalty prices. Increased revenues, partially offset by higher total operating expenses, led to net income for the 2023 Quarter of $169.8 million, or $1.30 per basic and diluted limited partner unit, compared to $163.5 million, or $1.23 per basic and diluted limited partner unit, for the 2022 Quarter. (Unless otherwise noted, all references in the text of this release to \"net income\" refer to \"net income attributable to ARLP.\")\n\n\nCompared to the quarter ended March 31, 2023 (the \"Sequential Quarter\"), total revenues in the 2023 Quarter decreased by 3.2% primarily as a result of lower average coal sales prices of $62.93 per ton sold compared to $68.34 per ton sold in the Sequential Quarter, partially offset by higher coal sales volumes, which rose 5.1% to 8.9 million tons sold in the 2023 Quarter. Lower revenues contributed to a reduction in net income and EBITDA of 11.2% and 8.0%, respectively, compared to the Sequential Quarter. (For a definition of EBITDA and related reconciliation to its comparable GAAP financial measure, please see the end of this release.)\n\n\nFinancial and operating results for the six months ended June 30, 2023 (the \"2023 Period\") increased compared to the six months ended June 30, 2022 (the \"2022 Period\"). Coal sal...