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RAMACO RESOURCES REPORTS SECOND QUARTER 2024 RESULTS
LEXINGTON, Ky., Aug. 7, 2024 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company"), is a leading operator and developer of
About this update from Ramaco Resources, Inc.
[{"type":"text","content":"LEXINGTON, Ky., Aug. 7, 2024 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, \"Ramaco\" or the \"Company\"), is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and future developer of rare earth and critical minerals in Wyoming. Today it reported financial results for the three months and six months ended June 30, 2024.\n\nSECOND QUARTER 2024 HIGHLIGHTS\nFor the quarter ended June 30, 2024, 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 $28.8 million, compared to $24.2 million in the first quarter of 2024. (See \"Reconciliation of Non-GAAP Measures\" below.)For the quarter ended June 30, 2024, the Company had net income of $5.5 million, compared to $2.0 million in the first quarter of 2024. Class A diluted EPS was $0.08 for the quarter ended June 30, 2024, compared to $0.00 for the quarter ended March 31, 2024. Adjusted EBITDA grew 19% and net income grew 173% versus the first quarter of 2024. This was despite the negative pricing impact of lower US coal indices, which fell quarterly roughly 15% on average in the second quarter and year to date by roughly 25%.Non-GAAP cash cost per ton sold declined quarterly by $10 per ton in the second quarter of 2024 to $108 per ton, as production increased by 7% to more than 900,000 tons sequentially. (See \"Reconciliation of Non-GAAP Measures\" below.) The Board declared the quarterly Class A common stock cash dividend of $0.1375 per share for the third quarter of 2024. The Board also declared the quarterly Class B stock cash dividend of $0.2246 per share. The third quarter dividends are payable on September 13, 2024, to shareholders of record on August 30, 2024.In July, the Company repaid the remaining $7 million in acquisition debt related to the $30 million purchase of Maben Coal LLC in 2022. The Company has now retired all $75 million of acquisition debt related to its 2022 Maben and Ramaco Coal acquisitions. Today, the $35 million 9% Unsecured Notes due in 2026 is the only remaining term debt excluding amounts drawn on the Revolving Line of Credit. MARKET COMMENTARY / 2024 OUTLOOK\nTotal 2024 sales commitments are 4.0 million tons which equates to more than 100% of the low-end ...