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Third
Quarter 2019 Results Include:
-Cash
distribution of $0.5125 per unit;
-Net
income of $7.0 million;
-Adjusted
EBITDA1 of $20.0 million;
-Distribution
coverage ratio1 of 0.6x;
-Net
leverage ratio1 of 1.6x;
-Strongest
third quarter production in the history of the Pennsylvania Mining Complex
(PAMC);
-Maintaining
full-year 2019 guidance.
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Three
Months Ended
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September
30, 2019
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September
30, 2018
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Coal Production
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thousand
tons
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1,623
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1,593
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Coal Sales
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thousand
tons
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1,618
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1,561
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Average Revenue
Per Ton
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per
ton
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$46.59
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$47.21
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Average Cash Cost
of Coal Sold1
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per
ton
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$32.78
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$30.88
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Average Cash
Margin Per Ton Sold1
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per
ton
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$13.81
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$16.33
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Operations
Summary
CCR
achieved a record-high third quarter production of 1.62 million tons,
which compares to 1.59 million tons in the third quarter of 2018. The
slight increase in coal production was due to the impact of one fewer
longwall move in third quarter of 2019 versus the prior year period.
During
the third quarter of 2019, our operations team overcame several
non-typical challenges including a roof fall and equipment breakdowns.
These geological and equipment-related issues resulted in higher mine
maintenance and project expenses. Accordingly, we saw slight cost
increases compared to year-ago levels. Total costs during the third
quarter were $70.4 million compared to $66.7 million in
the year-ago quarter. Average cash cost of coal sold per ton1 was $32.78 compared
to $30.88 in the year-ago quarter.
2019
Guidance and Outlook
Based
on our year-to-date results, current contracted position, estimated prices
and production plans, we are maintaining our previously announced guidance
ranges for 2019:
-Coal
sales volumes - 6.70-6.95 million tons
-Average
revenue per ton - $47.00-$48.00
-Average
cash cost of coal sold per ton2 - $30.40-$31.40
-Adjusted
EBITDA2 - $95-$103 million
-Capital
expenditures - $34-$38 million
Related Link: Official Document
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