For the three months ended September 30, 2024, Warrior Met Coal, Inc. reported total revenues of $327.7 million, a significant decrease from $423.5 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues were $1.23 billion, down from $1.31 billion in 2023. The decline in revenue was primarily attributed to lower sales volumes and average selling prices of steelmaking coal, with sales for Q3 2024 at $319.9 million compared to $416.9 million in Q3 2023.
Operating income for Q3 2024 was $39.1 million, down from $107.8 million in Q3 2023, while for the nine-month period, operating income decreased to $259.1 million from $407.9 million. Net income for Q3 2024 was $41.8 million, a decline from $85.4 million in Q3 2023, and for the nine months, net income fell to $249.5 million from $349.8 million. Basic and diluted net income per share for Q3 2024 was $0.80, down from $1.64 in Q3 2023, and for the nine months, it decreased to $4.78 from $6.73.
The company’s cash and cash equivalents as of September 30, 2024, were $583.2 million, down from $738.2 million at the end of 2023. Trade accounts receivable increased to $152.6 million from $98.2 million, while total current assets decreased to $972.1 million from $1.07 billion. Total liabilities rose slightly to $493.6 million from $482.6 million, and total stockholders’ equity increased to $2.09 billion from $1.87 billion.
Warrior Met Coal's capital expenditures for the nine months ended September 30, 2024, were $326.5 million, compared to $310.8 million in 2023. The company is heavily investing in the Blue Creek project, with $246.4 million allocated for its development in 2024. The project aims to produce High Vol A steelmaking coal, with a projected total cost of $995 million to $1.075 billion.
The company experienced a decrease in business interruption expenses, which were $0.4 million for the nine months ended September 30, 2024, down from $8.1 million in 2023, following the resolution of a labor strike. Interest expenses also decreased to $3.5 million from $16.3 million in the previous year. The company continues to maintain a strong liquidity position, with $746.4 million available as of September 30, 2024, including cash, long-term investments, and availability under its ABL Facility.
About WARRIOR MET COAL, INC.
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