Alpha Metallurgical Resources sold 4.4 million tons during Q1 2024 and generated $861 million in revenue, compared to 4.6 million tons and $954 million in revenue during Q4 2023. The net realized pricing for the company’s met segment was $166.68/ton. The cost of coal sales decreased to an average of $115.65/ton in the Q1 2024, compared to $119/ton in the Q4 2023. The company sold 100,000 tons of thermal coal in Q4 2023. Alpha reported net income of $127 million for Q1 2024, compared to net income of $176 million for Q4 2023.
“Despite challenges and softening coal market conditions toward the end of Q1, we are reporting another solid quarter of performance thanks to the diligence of our teams throughout the organization,” said Andy Eidson, CEO, Alpha Metallurgical Resources. “While further market deterioration has occurred in the weeks since quarter-close, Alpha remains well positioned to continue adapting to and weathering these market realities and the resulting volatility.”
Alpha’s guidance for 2024 remains the same, 15.5 – 16.5 million tons of met coal and 900,000 – 1.3 million tons of thermal coal. As of April 24, 2024, the company said it has committed and priced approximately 49% of its metallurgical coal for the year at an average price of $168.26/ton and 100% of thermal coal for the year at an average expected price of $76.10/ton.
