Business
Ramaco Resources, Inc. Reports Fourth Quarter and Full Year 2019 Financial Results
- Adjusted EBITDA was $9.0 million in the fourth quarter of 2019, which was 28% above the same period in 2018. Full year 2019 adjusted EBITDA was $55.4
About this update from Ramaco Resources, Inc.
[{"type":"text","content":"- Adjusted EBITDA was $9.0 million in the fourth quarter of 2019, which was 28% above the same period in 2018. Full year 2019 adjusted EBITDA was $55.4 million, which was 31% above that for 2018, and a new annual record for the Company.\n - Fourth quarter realized pricing of $104/ton on Company produced coal was in excess of 110% of the Platts Index at our quality levels as of this release.\n - Ramaco's strong balance sheet, low liabilities, and low-cost mine profile position us well versus our peers. We ended 2019 with an industry-leading net debt position of just $7.4 million.\n - 2020 guidance reflects a meaningful expected reduction in cash costs, capital expenditures, and SG&A relative to 2019 levels as Ramaco continues to take a prudent approach to growth from cash flows.\n\n\nLEXINGTON, Ky., Feb. 20, 2020 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC) (\"Ramaco Resources\" or the \"Company\") today reported annual net income of $24.9 million, or $0.61 per diluted share for the year ended December 31, 2019, as compared to $25.1 million or $0.62 per diluted share for 2018. The Company's adjusted earnings before interest, taxes, depreciation, amortization and equity-based compensation expenses (\"Adjusted EBITDA\") was $55.4 million for the year ended December 31, 2019, as compared with $42.2 million in 2018.\nFor the fourth quarter of 2019, Ramaco reported net income of $1.9 million, or $0.05 per diluted share, as compared to $3.4 million, or $0.08 per diluted share for the same period of 2018. The Company's Adjusted EBITDA for the fourth quarter was $9.0 million compared with Adjusted EBITDA of $7.0 million for the fourth quarter of 2018. Fourth quarter 2019 adjusted EBITDA was negatively affected by $2.7 million of volume carrying over into 2020.\nKey operational and financial metrics are presented below:\nKey Metrics\n4Q19\n3Q19\nChange\n4Q18\nChange\n2019\n2018\nChange\nSales of Company Produced Tons ('000)\n420\n510\n-18%\n315\n33%\n1,872\n1,721\n9%\nRevenue ($mm)\n$\n45.6\n$\n61.4\n-26%\n$\n44.2\n3%\n$\n230.2\n$\n227.6\n1%\nCost of Sales ($mm)\n$\n33.3\n$\n45.0\n-26%\n$\n35.0\n-5%\n$\n162.5\n$\n176.6\n-8%\nPricing of Company Produced ($/Ton)\n$\n104\n$\n111\n-6%\n$\n96\n8%\n$\n109\n$\n92\n19%\nCash Cost of Sales - Company Produced ($/Ton) \n$\n74\n$\n80\n-8%\n$\n68\n9%\n$\n73\n$\n63\n16%\nCash Margins on Compan...