Thu, Aug 1, 8:50 PM (88 days ago)
Warrior Met Coal, Inc.'s Q2 2024 results indicate a mixed performance. Revenues increased to $396.5 million from $379.7 million in Q2 2023, driven by a 13% rise in production to 1.97 million metric tons and an 18% increase in sales volume. However, the average net selling price per metric ton dropped to $205.05 from $230.03. Cost of sales rose to $261.3 million, mainly due to higher production and transportation costs. Net income decreased to $70.7 million from $82.1 million in Q2 2023, impacted by higher operating costs and a lower selling price. Cash and cash equivalents stood at $709.0 million, with $107.4 million available under the ABL Facility. The company continues to invest heavily in its Blue Creek development project, with $152.6 million spent in the first half of 2024. Despite inflationary pressures, Warrior Met Coal maintains a strong liquidity position to support ongoing operations and strategic investments.