Business
Ramaco Resources, Inc. Reports Second Quarter 2020 Financial Results
LEXINGTON, Ky., Aug. 6, 2020 /PRNewswire/ -- Net income was $2.7 million (EPS of $0.06) and adjusted EBITDA was $10.8 million in the second quarter of 2020.
About this update from Ramaco Resources, Inc.
[{"type":"text","content":"LEXINGTON, Ky., Aug. 6, 2020 /PRNewswire/ --\nNet income was $2.7 million (EPS of $0.06) and adjusted EBITDA was $10.8 million in the second quarter of 2020. First half 2020 net income was $4.6 million (EPS of $0.11), and first half 2020 adjusted EBITDA was $19.2 million. As of June 30, liquidity was $31.8 million, despite a first half 2020 inventory build of $10.2 million. We expect this build to be a source of cash in the second half of 2020. Post June 30, Ramaco has boosted its international presence in two areas. First, we entered into an exclusive marketing arrangement with Australian-based Square Resources to market our metallurgical coal into the growing Asian steel markets. Second, we signed a deal to ship our first test cargo of metallurgical coal to Brazil.Ramaco Resources, Inc. (NASDAQ: METC) (\"Ramaco Resources\" or the \"Company\") today reported quarterly net income of $2.7 million, or $0.06 per diluted share for the three months ended June 30, 2020, as compared to $10.6 million or $0.26 per diluted share for the three months ended June 30, 2019. The Company's adjusted earnings before interest, taxes, depreciation, amortization and equity-based compensation expenses (\"Adjusted EBITDA\") was $10.8 million for the three months ended June 30, 2020, as compared with $19.1 million for the three months ended June 30, 2019. \nKey operational and financial metrics are presented below:\nKey Metrics\n2Q20\n1Q20\nChange\n2Q19\nChange\n1H20\n1H19\nChange\nSales of Company Produced Tons ('000)\n362\n416\n-13%\n499\n-27%\n778\n942\n-17%\nRevenue ($mm)\n$\n36.4\n$\n41.9\n-13%\n$\n65.8\n-45%\n$\n78.3\n$\n123.2\n-36%\nCost of Sales ($mm)\n$\n30.1\n$\n30.9\n-3%\n$\n43.2\n-30%\n$\n61.1\n$\n84.2\n-27%\nPricing of Company Produced ($/Ton)\n$\n91\n$\n93\n-2%\n$\n116\n-22%\n$\n92\n$\n110\n-16%\nCash Cost of Sales - Company Produced ($/Ton) \n$\n74\n$\n67\n10%\n$\n71\n4%\n$\n70\n$\n69\n1%\nCash Margins on Company Produced ($/Ton)\n$\n17\n$\n26\n-35%\n$\n45\n-62%\n$\n22\n$\n41\n-46%\nNet Income ($mm)\n$\n2.7\n$\n2.0\n35%\n$\n10.6\n-75%\n$\n4.6\n$\n17.5\n-74%\nAdjusted EBITDA ($mm)\n$\n10.8\n$\n8.4\n28%\n$\n19.1\n-43%\n$\n19.2\n$\n32.8\n-41%\nCapex ($mm)\n$\n9.1\n$\n8.9\n2%\n$\n11.5\n-21%\n$\n18.0\n$\n19.7\n-9%\nDiluted Earnings per Share\n$\n0.06\n$\n0.05\n20%\n$\n0.26\n-77%\n$\n0.11\n$\n0.43\n-74%\n \nSecond Quarter 2020 Summary\nYear ov...