Tue, May 6, 4:44 PM (5 days ago)
**Natural Resource Partners L.P. (NRP) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** Total revenues decreased by 21% to $60.5 million, primarily due to lower metallurgical coal sales prices and volumes. - **Profit Margins:** Net income decreased by 28% to $40.3 million, reflecting lower revenues and increased operating expenses. - **Cash Flow:** Operating cash flow decreased by 52% to $34.4 million, mainly due to lower cash flow from the Mineral Rights and Soda Ash segments. - **Earnings Changes:** Adjusted EBITDA decreased by 38% to $45.3 million, driven by lower revenues and increased operating expenses. **Segment Performance:** - **Mineral Rights:** Revenues decreased by 21% to $55.9 million due to lower coal sales prices and volumes. Coal royalty revenues decreased by 24% to $35.5 million. - **Soda Ash:** Revenues decreased by 15% to $4.6 million due to increased international sales mix. Cash distribution from Sisecam Wyoming decreased, impacting cash flow. **Trends and Uncertainties:** - **Coal Market:** Pricing is expected to remain muted due to soft global steel demand and high inventory levels at power plants. - **Soda Ash Market:** Weak pricing environment is expected to continue due to increased global capacity and weaker demand for flat glass. - **Carbon Neutral Opportunities:** NRP is exploring opportunities in carbon sequestration, lithium production, and renewable energy generation. **Future Operations Impact:** - **Distributions:** Future distributions will be determined quarterly, considering profitability, cash flow, debt service obligations, and market conditions. - **Liquidity:** As of March 31, 2025, NRP had $120.5 million in liquidity, with a leverage ratio of 0.7x. - **Debt:** NRP remains in compliance with debt covenants and has $89.6 million in available borrowing capacity under the Opco Credit Facility. **Ticker:** NRP **Note:** Amounts are in thousands, 000s.