Natural Resource Partners L.P. (NRP) reported significant financial changes for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues and other income for Q3 2024 were $60.3 million, a decrease of 30% from $86.4 million in Q3 2023. For the nine months ended September 30, 2024, revenues totaled $202.3 million, down 27% from $276.8 million in the prior year. This decline was primarily attributed to reduced revenues from both the Mineral Rights and Soda Ash segments, with Mineral Rights revenues decreasing by 29% in Q3 and 15% year-to-date, while Soda Ash revenues fell by 35% in Q3 and 71% year-to-date.
Net income for Q3 2024 was $38.6 million, a decrease of $25.3 million from $63.8 million in Q3 2023. For the nine-month period, net income was $140.9 million, down from $213.5 million in the previous year. The net income attributable to common unitholders also saw a decline, with Q3 2024 figures at $27.1 million compared to $43.8 million in Q3 2023.
The company’s cash and cash equivalents increased significantly to $30.9 million as of September 30, 2024, from $12.0 million at the end of 2023. Total current assets rose to $69.3 million, while total assets decreased slightly to $789.9 million. Current liabilities also saw a notable reduction, falling to $29.7 million from $49.8 million at the end of 2023.
In terms of strategic developments, NRP redeemed all remaining Class A Convertible Preferred Units, totaling 250,000 units for $71.7 million during the nine months ended September 30, 2024. The company also settled 1.54 million warrants during this period, with no warrants remaining outstanding as of September 30, 2024.
Operating cash flow for the nine months ended September 30, 2024, was $182.3 million, down from $233.2 million in the same period in 2023. Distributable Cash Flow (DCF) and Free Cash Flow (FCF) also decreased significantly, reflecting the overall decline in revenues and net income.
The company’s total debt increased to $197.7 million as of September 30, 2024, from $155.5 million at the end of 2023, with long-term debt net rising to $183.1 million. Despite these challenges, NRP maintained compliance with its financial covenants, reporting a leverage ratio of 0.8x and an interest coverage ratio of 14.2x.
About NATURAL RESOURCE PARTNERS LP
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