Business
Ramaco Resources, Inc. Reports Third Quarter 2020 Financial Results
- Net loss was $4.8 million (EPS loss of $0.11), while adjusted EBITDA was $0.6 million in the third quarter of 2020. Adjusted EBITDA was negatively affected
About this update from Ramaco Resources, Inc.
[{"type":"text","content":"- Net loss was $4.8 million (EPS loss of $0.11), while adjusted EBITDA was $0.6 million in the third quarter of 2020. Adjusted EBITDA was negatively affected by $2.6 million, primarily due to the force majeure of nearly 90,000 tons scheduled to be shipped domestically and subsequently resold into a lower priced spot market. Net loss was $0.2 million for the first nine months of 2020, and adjusted EBITDA for the first nine months of 2020 was $19.9 million.\n - Export coal sales (including to Canada) of almost 300,000 tons were a quarterly record for the Company. Based upon contracted tons, we expect another record export sales figure in the fourth quarter.\n - Based on a large accounts receivable balance as of September 30, 2020, as well as strong anticipated fourth quarter 2020 shipments, year-end 2020 liquidity is anticipated to be above $30 million, as compared to $21.8 million at year-end 2019.\n\n\nLEXINGTON, Ky., Nov. 3, 2020 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC) (\"Ramaco Resources\" or the \"Company\") today reported quarterly net loss of $4.8 million, or $0.11 per diluted share for the three months ended September 30, 2020, as compared to net income of $5.5 million or $0.14 per diluted share for the three months ended September 30, 2019. The Company's adjusted earnings before interest, taxes, depreciation, amortization and equity-based compensation expenses (\"Adjusted EBITDA\") was $0.6 million for the three months ended September 30, 2020, as compared with $13.6 million for the three months ended September 30, 2019. Net loss for the Company for the first nine months of 2020 was $0.2 million, and adjusted EBITDA for the Company for the first nine months of 2020 was $19.9 million.\nKey operational and financial metrics are presented below:\nKey Metrics\n3Q20\n2Q20\nChange\n3Q19\nChange\n3Q20 YTD\n3Q19 YTD\nChange\nSales of Company Produced Tons ('000)\n430\n362\n19%\n510\n-16%\n1,208\n1,452\n-17%\nRevenue ($mm)\n$\n39.5\n$\n36.4\n8%\n$\n61.4\n-36%\n$\n117.8\n$\n184.6\n-36%\nCost of Sales ($mm)\n$\n35.7\n$\n30.1\n18%\n$\n45.0\n-21%\n$\n96.8\n$\n129.2\n-25%\nPricing of Company Produced ($/Ton)\n$\n78\n$\n91\n-14%\n$\n111\n-30%\n$\n87\n$\n110\n-21%\nCash Cost of Sales - Company Produced ($/Ton) \n$\n69\n$\n74\n-7%\n$\n80\n-14%\n$\n70\n$\n73\n-4%\nCash Margins on Company Produced ($/Ton)\n$\n9\n$\n17\n-47%\n$...