Business
RAMACO RESOURCES REPORTS FOURTH QUARTER AND FULL-YEAR 2023 RESULTS
LEXINGTON, Ky., March 7, 2024 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company"), a leading operator and developer of
About this update from Ramaco Resources, Inc.
[{"type":"text","content":"LEXINGTON, Ky., March 7, 2024 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, \"Ramaco\" or the \"Company\"), a leading operator and developer of high-quality, low-cost metallurgical coal, today reported financial results for the three months and twelve months ended December 31, 2023.\n\nFOURTH QUARTER AND FULL-YEAR 2023 HIGHLIGHTS \nFor the three months ended December 31, 2023, the Company had adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation (\"Adjusted EBITDA\", a non-GAAP measure), of $58.5 million, compared to $45.4 million in the third quarter of 2023. For the twelve months ended December 31, 2023, the Company had Adjusted EBITDA of $182.1 million compared to $204.6 million in 2022. (See \"Reconciliations of Non-GAAP Measure\" below.)For the three months ended December 31, 2023, the Company had net income of $30.0 million, compared to $19.5 million in the third quarter of 2023. For the twelve months ended December 31, 2023, the Company had net income of $82.3 million, compared to $116.0 million in 2022. While EPS is a complicated comparative measure due to the mid-year 2023 issuance of the Class B shares, we would note that there were 43.9 million fully diluted Class A shares outstanding in the fourth quarter of 2023.The fourth quarter of 2023 was easily the Company's strongest financial quarter of the year. While U.S. metallurgical coal indices rose in the fourth quarter of 2023 compared to the prior two quarters, indices were still more than 10% below first quarter of 2023 levels. The Company's strong fourth quarter was due to the execution on its growth strategy. Specifically, in the second half of 2023 the Company shipped at a 4 million ton per annum run rate in both the third and fourth quarters, compared to a roughly 3 million ton per annum run rate in the first half of the year.During the fourth quarter, the Company repaid the final $10 million of debt related to the 2022 Ramaco Coal acquisition. Excluding amounts drawn on the Revolving Credit Facility, the Company reduced term debt by $55 million in 2023. The Company ended 2023 with $48 million of term debt outstanding, excluding the Revolving Credit Facility, and $42 million of cash. Lastly, the Company ended 2023 with a record level of liquidity of $91 million, compared...