Business
Ramaco Resources, Inc. Reports First Quarter 2020 Financial Results
- Net income was $2.0 million and adjusted EBITDA was $8.4 million in the first quarter of 2020. - First quarter revenue was $41.9 million and revenue per ton
About this update from Ramaco Resources, Inc.
[{"type":"text","content":"- Net income was $2.0 million and adjusted EBITDA was $8.4 million in the first quarter of 2020.\n - First quarter revenue was $41.9 million and revenue per ton on Company produced coal was $93 per ton, which was in excess of 15% of the Platts Index at our quality levels as of this release.\n - First quarter cost of sales was $30.9 million and cash costs per ton sold at Elk Creek came in at $61 per ton, which was well below our prior guidance of $63-$67 per ton, and fourth quarter 2019 results of $66 per ton.\n - Ramaco has meaningfully strengthened its liquidity position by undertaking a series of proactive cost reduction initiatives. In addition, the Company selectively borrowed $13.2 million in additional low coupon promissory notes in April, after having amended and extended its revolving credit facility in February, all while still maintaining industry-leading net debt and liability metrics.\n\n\nLEXINGTON, Ky., May 12, 2020 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC) (\"Ramaco Resources\" or the \"Company\") today reported quarterly net income of $2.0 million, or $0.05 per diluted share for the three months ended March 31, 2020, as compared to $6.9 million or $0.17 per diluted share for the three months ended March 31, 2019. The Company's adjusted earnings before interest, taxes, depreciation, amortization and equity-based compensation expenses (\"Adjusted EBITDA\") was $8.4 million for the three months ended March 31, 2020, as compared with $13.7 million for the three months ended March 31, 2019. For reference, the average sales price of coal that Ramaco has contracted for thus far in 2020 is close to $93.50 per ton, roughly 17% less as compared to the $113 per ton average fixed price contract in 2019.\nKey operational and financial metrics are presented below:\nKey Metrics\n1Q20\n4Q19\nChange\n1Q19\nChange\nSales of Company Produced Tons ('000)\n416\n420\n-1%\n443\n-6%\nRevenue ($mm)\n$\n41.9\n$\n45.6\n-8%\n$\n57.5\n-27%\nCost of Sales ($mm)\n$\n30.9\n$\n33.3\n-7%\n$\n41.0\n-25%\nPricing of Company Produced ($/Ton)\n$\n93\n$\n104\n-11%\n$\n103\n-10%\nCash Cost of Sales - Company Produced ($/Ton) \n$\n67\n$\n74\n-9%\n$\n68\n-1%\nCash Margins on Company Produced ($/Ton)\n$\n26\n$\n30\n-13%\n$\n35\n-26%\nNet Income ($mm)\n$\n2.0\n$\n1.9\n4%\n$\n6.9\n-71%\nAdjusted EBITDA ($mm)\n$\n8.4\n$\n9.0\n-6%\n$\n13.7\n-38%\n...