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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ramaco Resources Inc | NASDAQ:METCB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.40 | 3.94% | 10.54 | 10.12 | 12.66 | 10.62 | 10.14 | 10.23 | 18,854 | 05:00:03 |
Increases Full-Year 2024 Guidance
Announces Purchase of Prep Plant for Maben Mine Complex
LEXINGTON, Ky., Feb. 12, 2024 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company"), a leading operator and developer of high-quality, low-cost metallurgical coal, today provided an update on several operational and financial matters.
FOURTH QUARTER 2023 HIGHLIGHTS
ANNUAL 2023 HIGHLIGHTS
2024 COAL SALES AND PRODUCTION GUIDANCE INCREASE
SALES COMMITMENTS IN 2024 ARE NOW 3.8 MILLION TONS OR ALMOST 90% ABOVE PRIOR GUIDANCE
RAMACO ANNOUNCES PURCHASE OF PREPARATION PLANT FOR MABEN COMPLEX
RECONCILIATION OF NON-GAAP MEASURES
Adjusted EBITDA
Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance.
We define Adjusted EBITDA as net income plus net interest expense; equity-based compensation; depreciation, depletion, and amortization expenses; income taxes; certain non-operating expenses (charitable contributions), and accretion of asset retirement obligations. Its most comparable GAAP measure is net income. A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as a substitute for GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.
Q3 | |||||||||||||||
(In thousands) | 2023 | ||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA | |||||||||||||||
Net income | $ | 19,462 | |||||||||||||
Depreciation, depletion, and amortization | 14,443 | ||||||||||||||
Interest expense, net | 2,447 | ||||||||||||||
Income tax expense | 5,505 | ||||||||||||||
EBITDA | 41,857 | ||||||||||||||
Stock-based compensation | 3,201 | ||||||||||||||
Other non-operating expenses | — | ||||||||||||||
Accretion of asset retirement obligations | 349 | ||||||||||||||
Adjusted EBITDA | $ | 45,407 |
Non-GAAP Earnings Per Share
Non-GAAP earnings per share (Adjusted EPS) is calculated as the total net income divided by the weighted average Class A shares outstanding. We believe Adjusted EPS provides useful information to investors as it enables investors to compare earnings per share for the Company to historical periods before the dual-class structure under the dividend distribution of the Class B shares. The adjustments made to arrive at these measures are significant in understanding and assessing the Company's financial performance. Adjusted EPS are not measures of financial performance in accordance with GAAP and therefore should not be considered as a substitute to basic and diluted earnings per share under GAAP. The tables below show how we calculate non-GAAP Adjusted EPS:
Q3 | ||||||||||||||
2023 | ||||||||||||||
Earnings per common share: | ||||||||||||||
Basic | ||||||||||||||
Basic EPS (single class structure) | $ | - | ||||||||||||
Class A Basic EPS (dual-class structure) | 0.41 | |||||||||||||
Add: Restricted stock earnings attribution | 0.02 | |||||||||||||
Add: Class B earnings attribution | 0.03 | |||||||||||||
Adjusted EPS - Basic | $ | 0.46 | ||||||||||||
Diluted | ||||||||||||||
Diluted EPS (single class structure) | $ | - | ||||||||||||
Class A Diluted EPS (dual-class structure) | 0.40 | |||||||||||||
Add: Restricted stock earnings attribution | 0.02 | |||||||||||||
Add: Class B earnings attribution | 0.03 | |||||||||||||
Adjusted EPS - Diluted | $ | 0.45 |
About Ramaco Resources, Inc.
Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. The Company currently has three active metallurgical coal mining complexes in Central Appalachia and one development rare earth and coal mine near Sheridan, Wyoming in the initial stages of production. In May 2023, the Company announced that a major rare earth deposit of primary magnetic rare earth elements was discovered at its mine near Sheridan, Wyoming. Contiguous to the Wyoming mine, the Company operates a carbon research and pilot facility related to the production of advanced carbon products and materials from coal. In connection with these activities, it holds a body of roughly 50 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks. News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at http://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These factors include, without limitation, risks related to the impact of the COVID-19 global pandemic, unexpected delays in our current mine development activities, the ability to successfully ramp up production at the Berwind and Knox Creek complexes, the timing of the Elk Creek preparation plant to come online, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, the further decline of demand for coal in export markets and underperformance of the railroads, the expected benefits of the Ramaco Coal and Maben acquisitions to the Company's shareholders, the anticipated benefits and impacts of the Ramaco Coal and Maben acquisitions, the timely relocation and expansion of a coal preparation plant to the Company's Maben Complex, and the Company's ability to successfully develop the Brook Mine, including whether the increase in the Company's exploration target and estimates for such mine are realized. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.
Point of Contact:
INVESTOR RELATIONS: info@ramacometc.com or 859-244-7455
MEDIA: press@ramacometc.com
View original content:https://www.prnewswire.com/news-releases/ramaco-resources-inc-provides-guidance-update-on-fourth-quarter-and-full-year-2023-results-302059775.html
SOURCE Ramaco Resources, Inc.
Copyright 2024 PR Newswire
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