Alpha Metallurgical Resources, a leading metallurgical coal supplier, reported preliminary sales figures for Q3 2024 as this edition was going to press. The company reported 3.9 million tons of met coal and revenues of $531.8 million and 200,000 tons of thermal coal and $18.9 million. This compares to 3.8 million tons of met coal and revenues of $605 million and 300,000 tons of thermal coal and revenues of $31.7 million in Q3 2023.
“Our preliminary third quarter results reflect the market softness of the last few months, with revenues and shipment volumes both lower than in first or second quarter,” said Andy Eidson, CEO, Alpha Metallurgical Resources. “With a significant slowdown in spot activity during the quarter, we continued to fulfill our existing contracts, which resulted in 4.1 million tons shipped in Q3 2024, and we believe we will end the year toward the higher end of our previously issued shipment guidance range.
Alpha Metallurgical Resources sales guidance for 2024 remains unchanged: 15.5-16.5 million tons of metallurgical coal and 0.9-1.3 million tons of thermal coal.
“While the coal market indexes remain soft, we continue focusing on the controllable aspects of our business, including cost of coal sales, which we believe will end the year within the existing guidance range despite experiencing some additional adversity due to weather and mining conditions in the back half of the year,” Eidson said.
The company said it will provide additional information when it reports the definitive Q3 2024 results on November 1.
