Maintains positive cash flow despite difficult
pricing environment and reduced demand
Maintains strong balance sheet and
liquidity
Warrior Met Coal, Inc. (NYSE:HCC) (“Warrior” or the “Company”)
today announced results for the second quarter of 2020. Warrior is
the leading dedicated U.S. based producer and exporter of high
quality metallurgical (“met”) coal for the global steel
industry.
Warrior reported a second quarter 2020 net loss of $9.2 million,
or $0.18 per diluted share, compared to net income of $125.5
million, or $2.43 per diluted share, in the second quarter of 2019.
Adjusted net loss per share for the second quarter of 2020 was
$0.18 per diluted share compared to adjusted net income per share
of $2.16 per diluted share in the second quarter of 2019. The
Company reported Adjusted EBITDA of $19.5 million in the second
quarter of 2020, compared to Adjusted EBITDA of $175.9 million in
the second quarter of 2019. The lower results reflect a challenging
market environment this year as a result of the COVID-19
pandemic.
“As a result of the ongoing global health crisis, the met coal
industry experienced a substantial reduction in customer demand and
significantly lower pricing than we have seen in past quarters,”
commented Walt Scheller, CEO of Warrior. “Despite these challenges,
we have worked hard to successfully manage our costs, working
capital, and capex spending to preserve our financial flexibility
and emerge from this period stronger than ever. Notably, this work
has enabled us to be free cash flow positive, despite the declining
price environment and lower sales volumes.”
Mr. Scheller continued, “We continue to maintain our strong
balance sheet and adequate liquidity, which will benefit Warrior
when the global economic situation improves. Moreover, while the
timing of the recovery is still unknown, our long-term growth
drivers remain compelling.”
“We are currently continuing to operate our mines, in accordance
with the Centers for Disease Control and Prevention and state
regulators and have taken additional precautions to protect the
health and safety of our employees,” Mr. Scheller concluded.
Operating Results
The Company produced 2.1 million short tons of met coal in the
second quarter of 2020 compared to 2.2 million short tons in the
second quarter of 2019. Sales volume in the second quarter of 2020
was 1.5 million short tons compared to 2.2 million short tons in
the second quarter of 2019, which was a record high quarter.
Inventory levels rose to 1.6 million short tons at the end of the
second quarter of 2020 from 978 thousand short tons at the end of
the first quarter of 2020.
Additional Financial Results
Total revenues were $163.7 million for the second quarter of
2020, including $159.0 million in mining revenues, which consisted
of met coal sales of 1.5 million short tons at an average net
selling price of $108.05 per short ton, net of demurrage and other
charges. This compares to total revenues of $397.6 million in the
second quarter of 2019. The average net selling price of the
Company's met coal declined 38% from $172.96 per short ton in the
second quarter of 2019 to $108.05 per short ton in the second
quarter of 2020. The Company sold its met coal in the second
quarter of 2020 at 100% of the quarterly Australian premium
low-volatility hard coking coal (“HCC”) Platts Premium LV FOB
Australian Index (the "Platts Index”) price. The year over year
decline in revenues and profits is primarily attributed to weaker
met coal demand and pricing in challenging market conditions
associated with the impact of COVID-19.
Cash cost of sales (including mining, transportation and royalty
costs) for the second quarter of 2020 were $129.9 million, or 81.7%
of mining revenues, compared to $204.5 million, or 52.8% of mining
revenues in the same period of 2019. Cash cost of sales
(free-on-board port) per short ton decreased to $88.27 in the
second quarter of 2020 from $91.30 in the second quarter of 2019,
reflecting Warrior's low and variable cost structure and focus on
cost control during periods of depressed met coal prices.
Selling, general and administrative expenses for the second
quarter of 2020 were $8.5 million, or 5.2% of total revenues, and
were 22% lower than in the same period last year. Depreciation and
depletion costs for the second quarter of 2020 were $22.2 million,
or 13.5% of total revenues, and were 14% lower than in the same
period last year. Warrior incurred net interest expense of $8.3
million during the second quarter of 2020 which was higher than the
prior year comparable quarter due to incremental borrowings on the
ABL Facility and lower returns on cash balances.
Income tax benefit was $4.4 million in the second quarter of
2020 due to a loss before income taxes of $13.6 million. This
compares to income tax expense of $33.1 million in the second
quarter of 2019.
Cash Flow and Liquidity
The Company generated positive cash flows from operating
activities in the second quarter of 2020 of $32.0 million, compared
to $231.4 million in the second quarter of 2019. Capital
expenditures and mine development costs for the second quarter of
2020 were $31.0 million. Free cash flow was positive at $0.9
million in the second quarter of 2020 reflecting our conscious
management of expenses and spending.
Net working capital, excluding cash, for the second quarter of
2020 decreased by $17.0 million from the first quarter of 2020.
This decrease primarily reflects a decrease in accounts receivables
on a decrease in sales volumes and the average net selling price
per short ton sold and partially offset by an increase in
inventory.
Cash flows used in financing activities for the second quarter
of 2020 were $37.0 million, primarily due to the repayment of $30.0
million under our Amended and Restated Asset-Based Revolving Credit
Agreement (the "ABL Facility") combined with principal repayments
of capital lease obligations of $4.2 million, and the payment of
dividends of $2.6 million.
The Company’s total liquidity as of June 30, 2020 was $267.8
million, consisting of cash and cash equivalents of $220.7 million
and available liquidity under its ABL Facility of $47.1 million,
net of outstanding letters of credit of $9.4 million.
Capital Allocation
On July 28, 2020, the board of directors declared a regular
quarterly cash dividend of $0.05 per share, totaling approximately
$2.6 million, which will be paid on August 13, 2020 to stockholders
of record as of the close of business on August 7, 2020.
Company Outlook
On April 29, 2020, Warrior withdrew its full year 2020 guidance
in light of the uncertainties regarding the duration of the
COVID-19 pandemic and its overall impact on the global economy and
the Company's operations. The Company is also continuing to
appropriately adjust its operational needs, including managing its
expenses, capital expenditures, working capital, liquidity and cash
flows. The Company initially delayed the budgeted $25.0 million
development of the Blue Creek project until at least July 1, 2020
and has now further delayed that project until at least the early
part of 2021. The Company has also temporarily suspended its Stock
Repurchase Program. The Company will continue to evaluate the
impact of the COVID-19 pandemic on its business for the remainder
of the fiscal year, although the Company believes that it is
premature to forecast when the economies of the countries in which
its customers are located will reopen on a sustained basis and lead
to a return to more normalized demand for met coal.
Use of Non-GAAP Financial Measures
This release contains the use of certain non-GAAP financial
measures. These non-GAAP financial measures are provided as
supplemental information for financial measures prepared in
accordance with GAAP. Management believes that these non-GAAP
financial measures provide additional insights into the performance
of the Company, and they reflect how management analyzes Company
performance and compares that performance against other companies.
These non-GAAP financial measures may not be comparable to other
similarly titled measures used by other entities. The definition of
these non-GAAP financial measures and a reconciliation of non-GAAP
to GAAP financial measures is provided in the financial tables
section of this release.
Conference Call
The Company will hold a conference call to discuss its second
quarter 2020 results today, August 5, 2020, at 4:30 p.m. ET. To
listen to the event, live or access an archived recording, please
visit http://investors.warriormetcoal.com/. Analysts and
investors who would like to participate in the conference call
should dial 1-844-340-9047 (domestic) or 1-412-858-5206
(international) 10 minutes prior to the start time and reference
the Warrior Met Coal conference call. Telephone playback will also
be available from 6:30 p.m. ET August 5, 2020 until 6:30 p.m. ET on
September 4, 2020. The replay will be available by calling:
1-877-344-7529 (domestic) or 1-412-317-0088 (international) and
entering passcode 10144359.
About Warrior
Warrior is a U.S.-based, environmentally and socially minded
supplier to the global steel industry. It is dedicated entirely to
mining non-thermal met coal used as a critical component of steel
production by metal manufacturers in Europe, South America and
Asia. Warrior is a large-scale, low-cost producer and exporter of
premium met coal, also known as hard-coking coal (HCC), operating
highly efficient longwall operations in its underground mines based
in Alabama. The HCC that Warrior produces from the Blue Creek coal
seam contains very low sulfur, has strong coking properties and is
of a similar quality to coal referred to as the premium HCC
produced in Australia. The premium nature of Warrior’s HCC makes it
ideally suited as a base feed coal for steel makers and results in
price realizations near the Platts Index price. For more
information, please visit www.warriormetcoal.com.
Forward-Looking Statements
This press release contains, and the Company’s officers and
representatives may from time to time make, forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that the Company expects,
believes or anticipates will or may occur in the future are
forward-looking statements, including statements regarding 2020
guidance, the impact of COVID-19 on its business and that of its
customers, sales and production growth, ability to maintain cost
structure, demand, the future direction of prices, expected capital
expenditures, future effective income tax rates and payment of cash
taxes, if any. The words “believe,” “expect,” “anticipate,” “plan,”
“intend,” “estimate,” “project,” “target,” “foresee,” “should,”
“would,” “could,” “potential,” or “outlook,” “guidance” or other
similar expressions are intended to identify forward-looking
statements. However, the absence of these words does not mean that
the statements are not forward-looking. These forward-looking
statements represent management’s good faith expectations,
projections, guidance or beliefs concerning future events, and it
is possible that the results described in this press release will
not be achieved. These forward-looking statements are subject to
risks, uncertainties and other factors, many of which are outside
of the Company’s control, that could cause actual results to differ
materially from the results discussed in the forward-looking
statements, including, without limitation, fluctuations or changes
in the pricing or demand for the Company’s coal (or met coal
generally) by the global steel industry; the impact of COVID-19 on
its business and that of its customers, including the risk of a
decline in demand for the Company's met coal due to the impact of
COVID-19 on steel manufacturers, the inability of the Company to
effectively operate its mines and the resulting decrease in
production, the inability of the Company to ship its products to
customers in the case of a partial or complete shut-down of the
Port of Mobile; federal and state tax legislation; changes in
interpretation or assumptions and/or updated regulatory guidance
regarding the Tax Cuts and Jobs Act of 2017; legislation and
regulations relating to the Clean Air Act and other environmental
initiatives; regulatory requirements associated with federal, state
and local regulatory agencies, and such agencies’ authority to
order temporary or permanent closure of the Company’s mines;
operational, logistical, geological, permit, license, labor and
weather-related factors, including equipment, permitting, site
access, operational risks and new technologies related to mining;
the timing and impact of planned longwall moves; the Company’s
obligations surrounding reclamation and mine closure; inaccuracies
in the Company’s estimates of its met coal reserves; any
projections or estimates regarding Blue Creek, including the
expected returns from this project, if any, and the ability of Blue
Creek to enhance the Company's portfolio of assets, the Company's
expectations regarding its future tax rate as well as its ability
to effectively utilize its NOLs to reduce or eliminate its cash
taxes; the Company's ability to develop Blue Creek; the Company’s
ability to develop or acquire met coal reserves in an economically
feasible manner; significant cost increases and fluctuations, and
delay in the delivery of raw materials, mining equipment and
purchased components; competition and foreign currency
fluctuations; fluctuations in the amount of cash the Company
generates from operations, including cash necessary to pay any
special or quarterly dividend; the Company’s ability to comply with
covenants in its ABL Facility or indenture relating to its senior
secured notes; integration of businesses that the Company may
acquire in the future; adequate liquidity and the cost,
availability and access to capital and financial markets; failure
to obtain or renew surety bonds on acceptable terms, which could
affect the Company’s ability to secure reclamation and coal lease
obligations; costs associated with litigation, including claims not
yet asserted; and other factors described in the Company’s Form
10-K for the year ended December 31, 2019 and other reports filed
from time to time with the Securities and Exchange Commission (the
“SEC”), which could cause the Company’s actual results to differ
materially from those contained in any forward-looking statement.
The Company’s filings with the SEC are available on its website at
www.warriormetcoal.com and on the SEC's website at www.sec.gov.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, the Company 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 the Company to predict all such
factors.
WARRIOR MET COAL, INC.
CONDENSED STATEMENTS OF OPERATIONS ($ in thousands, except per
share) (Unaudited)
For the three months ended
June 30,
For the six months ended
June 30,
2020
2019
2020
2019
Revenues:
Sales
$
159,043
$
387,429
$
380,381
$
757,110
Other revenues
4,658
10,184
10,040
18,793
Total revenues
163,701
397,613
390,421
775,903
Costs and expenses:
Cost of sales (exclusive of items shown
separately below)
130,777
205,188
282,291
387,816
Cost of other revenues (exclusive of items
shown separately below)
7,642
8,019
15,203
15,764
Depreciation and depletion
22,156
25,678
50,848
47,911
Selling, general and administrative
8,457
10,783
16,913
19,688
Total costs and expenses
169,032
249,668
365,255
471,179
Operating income (loss)
(5,331
)
147,945
25,166
304,724
Interest expense, net
(8,255
)
(6,951
)
(15,788
)
(15,543
)
Loss on early extinguishment of debt
—
—
—
(9,756
)
Other income
—
17,543
1,822
17,543
Income (loss) before income tax expense
(benefit)
(13,586
)
158,537
11,200
296,968
Income tax expense (benefit)
(4,425
)
33,056
(1,184
)
61,040
Net income (loss)
$
(9,161
)
$
125,481
$
12,384
$
235,928
Basic and diluted net income (loss) per
share:
Net income (loss) per share—basic
$
(0.18
)
$
2.43
$
0.24
$
4.58
Net income (loss) per share—diluted
$
(0.18
)
$
2.43
$
0.24
$
4.57
Weighted average number of shares
outstanding—basic
51,187
51,553
51,147
51,532
Weighted average number of shares
outstanding—diluted
51,288
51,681
51,255
51,641
Dividends per share:
$
0.05
$
4.46
$
0.10
$
4.51
WARRIOR MET COAL, INC.
QUARTERLY SUPPLEMENTAL FINANCIAL DATA AND RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES (Unaudited)
QUARTERLY SUPPLEMENTAL FINANCIAL
DATA:
For the three months ended
June 30,
For the six months ended June
30,
(short tons in thousands)(1)
2020
2019
2020
2019
Tons sold
1,472
2,240
3,286
4,335
Tons produced
2,116
2,195
4,215
4,494
Gross price realization (2)
100
%
97
%
94
%
97
%
Average net selling price
$
108.05
$
172.96
$
115.76
$
174.65
Cash cost of sales (free on board port)
per short ton (3)
$
88.27
$
91.30
$
85.40
$
89.14
(1)1 short ton is equivalent to
0.907185 metric tons.
(2)For the three and six months
ended June 30, 2020 and 2019, our gross price realization
represents a volume weighted-average calculation of our daily
realized price per ton based on gross sales, which excludes
demurrage and other charges, as a percentage of the Platts
Index.
RECONCILIATION OF CASH COST OF SALES
(FREE-ON-BOARD PORT) TO COST OF SALES REPORTED UNDER U.S.
GAAP:
(in thousands)
For the three months ended
June 30,
For the six months ended June
30,
2020
2019
2020
2019
Cost of sales
130,777
$
205,188
$
282,291
$
387,816
Asset retirement obligation
(369
)
(373
)
(738
)
(746
)
Stock compensation expense
(478
)
(308
)
(927
)
(627
)
Cash cost of sales (free-on-board
port)(3)
$
129,930
$
204,507
$
280,626
$
386,443
(3)Cash cost of sales
(free-on-board port) is based on reported cost of sales and
includes items such as freight, royalties, labor, fuel and other
similar production and sales cost items, and may be adjusted for
other items that, pursuant to GAAP, are classified in the Condensed
Statements of Operations as costs other than cost of sales, but
relate directly to the costs incurred to produce met coal. Our cash
cost of sales per short ton is calculated as cash cost of sales
divided by the short tons sold. Cash cost of sales per short ton is
a non-GAAP financial measure which is not calculated in conformity
with U.S. GAAP and should be considered supplemental to, and not as
a substitute or superior to financial measures calculated in
conformity with GAAP. We believe cash cost of sales per ton is a
useful measure of performance and we believe it aids some investors
and analysts in comparing us against other companies to help
analyze our current and future potential performance. Cash cost of
sales per ton may not be comparable to similarly titled measures
used by other companies.
WARRIOR MET COAL, INC.
QUARTERLY SUPPLEMENTAL FINANCIAL DATA AND RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES (CONTINUED) (Unaudited)
RECONCILIATION OF ADJUSTED EBITDA TO
AMOUNTS REPORTED UNDER U.S. GAAP:
For the three months ended
June 30,
For the six months ended June
30,
(in thousands)
2020
2019
2020
2019
Net income (loss)
$
(9,161
)
$
125,481
$
12,384
$
235,928
Interest expense, net
8,255
6,951
15,788
15,543
Income tax expense (benefit)
(4,425
)
33,056
(1,184
)
61,040
Depreciation and depletion
22,156
25,678
50,848
47,911
Asset retirement obligation accretion
733
812
1,466
1,624
Stock compensation expense
1,991
1,455
3,724
2,649
Loss on early extinguishment of debt
—
—
—
9,756
Other income
—
(17,543
)
(1,822
)
(17,543
)
Adjusted EBITDA (4)
$
19,549
$
175,890
$
81,204
$
356,908
Adjusted EBITDA margin (5)
11.9
%
44.2
%
20.8
%
46.0
%
(4)Adjusted EBITDA is defined as
net income (loss) before net interest expense, income tax expense
(benefit), depreciation and depletion, non-cash asset retirement
obligation accretion, non-cash stock compensation expense, loss on
early extinguishment of debt and other income. Adjusted EBITDA is
not a measure of financial performance in accordance with GAAP, and
we believe items excluded from Adjusted EBITDA are significant to a
reader in understanding and assessing our financial condition.
Therefore, Adjusted EBITDA should not be considered in isolation,
nor as an alternative to net income (loss), income (loss) from
operations, cash flows from operations or as a measure of our
profitability, liquidity or performance under GAAP. We believe that
Adjusted EBITDA presents a useful measure of our ability to incur
and service debt based on ongoing operations. Furthermore,
analogous measures are used by industry analysts to evaluate our
operating performance. Investors should be aware that our
presentation of Adjusted EBITDA may not be comparable to similarly
titled measures used by other companies.
(5)Adjusted EBITDA margin is
defined as Adjusted EBITDA divided by total revenues.
RECONCILIATION OF ADJUSTED NET INCOME
(LOSS) TO AMOUNTS REPORTED UNDER U.S. GAAP:
(in thousands, except per share
amounts)
For the three months ended
June 30,
For the six months ended June
30,
2020
2019
2020
2019
Net income (loss)
$
(9,161
)
$
125,481
$
12,384
$
235,928
Loss on early extinguishment of debt, net
of tax
—
—
—
9,756
Other income, net of tax
—
(13,885
)
(1,584
)
(13,937
)
Adjusted net income (loss)(6)
$
(9,161
)
$
111,596
$
10,800
$
231,747
Weighted average number of basic shares
outstanding
51,187
51,553
51,147
51,532
Weighted average number of diluted shares
outstanding
51,288
51,681
51,255
51,641
Adjusted basic net income (loss) per
share:
$
(0.18
)
$
2.16
$
0.21
$
4.50
Adjusted diluted net income (loss) per
share:
$
(0.18
)
$
2.16
$
0.21
$
4.49
(6)Adjusted net income (loss) is
defined as net income (loss) net of loss on early extinguishment of
debt, net of tax and other income, net of tax (based on each
respective period's effective tax rate). Adjusted net income (loss)
is not a measure of financial performance in accordance with GAAP,
and we believe items excluded from adjusted net income (loss) are
significant to the reader in understanding and assessing our
results of operations. Therefore, adjusted net income (loss) should
not be considered in isolation, nor as an alternative to net income
(loss) under GAAP. We believe adjusted net income (loss) is a
useful measure of performance and we believe it aids some investors
and analysts in comparing us against other companies to help
analyze our current and future potential performance. Adjusted net
income (loss) may not be comparable to similarly titled measures
used by other companies.
WARRIOR MET COAL, INC.
CONDENSED STATEMENTS OF CASH
FLOWS
($ in thousands)
(Unaudited)
For the three months ended
June 30,
For the six months ended June
30,
2020
2019
2020
2019
OPERATING ACTIVITIES:
Net income (loss)
$
(9,161
)
$
125,481
$
12,384
$
235,928
Non-cash adjustments to reconcile net
income to net cash provided by operating activities
20,807
61,230
55,592
123,590
Changes in operating assets and
liabilities:
Trade accounts receivable
54,517
21,894
22,462
(22,435
)
Income tax receivable
—
21,310
—
21,607
Inventories
(28,268
)
190
(45,594
)
(10,633
)
Prepaid expenses and other receivables
(5,458
)
(1,657
)
(5,693
)
8,510
Accounts payable
1,765
(4,821
)
17,379
5,819
Accrued expenses and other current
liabilities
(5,549
)
2,165
(9,087
)
(12,968
)
Other
3,311
5,638
5,543
8,420
Net cash provided by operating
activities
31,964
231,430
52,986
357,838
INVESTING ACTIVITIES:
Purchases of property, plant, and
equipment, and other
(25,979
)
(27,705
)
(48,754
)
(52,100
)
Mine development costs
(5,054
)
(6,491
)
(8,731
)
(12,069
)
Proceeds from sale of property, plant and
equipment and other
—
2,829
—
3,063
Other
—
3,251
6,233
3,251
Net cash used in investing activities
(31,033
)
(28,116
)
(51,252
)
(57,855
)
FINANCING ACTIVITIES:
Net cash provided by (used in) financing
activities
(37,011
)
(238,911
)
25,546
(386,243
)
Net increase (decrease) in cash and cash
equivalents and restricted cash
(36,080
)
(35,597
)
27,280
(86,260
)
Cash and cash equivalents and restricted
cash at beginning of period
256,743
155,742
193,383
206,405
Cash and cash equivalents and restricted
cash at end of period
$
220,663
$
120,145
$
220,663
$
120,145
RECONCILIATION OF FREE CASH FLOW TO
AMOUNTS REPORTED UNDER U.S. GAAP:
(in thousands)
For the three months ended
June 30,
For the six months ended June
30,
2020
2019
2020
2019
Net cash provided by operating
activities
$
31,964
$
231,430
$
52,986
$
357,838
Purchases of property, plant and equipment
and mine development costs
(31,033
)
(34,196
)
(57,485
)
(64,169
)
Free cash flow (7)
$
931
$
197,234
$
(4,499
)
$
293,669
Free cash flow conversion (8)
4.8
%
112.1
%
(5.5)
%
82.3
%
(7)Free cash flow is defined as
net cash provided by operating activities less purchases of
property, plant and equipment and mine development costs. Free cash
flow is not a measure of financial performance in accordance with
GAAP, and we believe items excluded from net cash provided by
operating activities are significant to the reader in understanding
and assessing our results of operations. Therefore, free cash flow
should not be considered in isolation, nor as an alternative to net
cash provided by operating activities under GAAP. We believe free
cash flow is a useful measure of performance and we believe it aids
some investors and analysts in comparing us against other companies
to help analyze our current and future potential performance. Free
cash flow may not be comparable to similarly titled measures used
by other companies.
(8)Free cash flow conversion is
defined as free cash flow divided by Adjusted EBITDA.
WARRIOR MET COAL, INC.
CONDENSED BALANCE SHEETS ($ in thousands)
June 30, 2020
(Unaudited)
December 31,
2019
ASSETS
Current assets:
Cash and cash equivalents
$
220,663
$
193,383
Short-term investments
8,502
14,675
Trade accounts receivable
77,009
99,471
Income tax receivable
24,274
12,925
Inventories, net
153,905
97,901
Prepaid expenses and other receivables
34,967
25,691
Total current assets
519,320
444,046
Mineral interests, net
105,120
110,130
Property, plant and equipment, net
601,955
606,200
Non-current income tax receivable
—
11,349
Deferred income taxes
155,451
154,297
Other long-term assets
15,343
18,242
Total assets
$
1,397,189
$
1,344,264
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
55,805
$
46,436
Accrued expenses
60,343
65,755
Short term financing lease liabilities
7,726
10,146
Other current liabilities
7,273
6,615
Total current liabilities
131,147
128,952
Long-term debt
379,541
339,189
Asset retirement obligations
54,986
53,583
Long term financing lease liabilities
24,731
25,528
Other long-term liabilities
31,821
31,430
Total liabilities
622,226
578,682
Stockholders’ Equity:
Common stock, $0.01 par value per share
(Authorized -140,000,000 shares as of June 30, 2020 and December
31, 2019, 53,406,023 issued and 51,184,182 outstanding as of June
30, 2020 and 53,293,449 issued and 51,071,608 outstanding as of
December 31, 2019)
533
533
Preferred stock, $0.01 par value per share
(10,000,000 shares authorized, no shares issued and
outstanding)
—
—
Treasury stock, at cost (2,221,841 shares
as of June 30, 2020 and December 31, 2019)
(50,576
)
(50,576
)
Additional paid in capital
246,126
243,932
Retained earnings
578,880
571,693
Total stockholders’ equity
774,963
765,582
Total liabilities and stockholders’
equity
$
1,397,189
$
1,344,264
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200805005140/en/
For Investors: Dale W. Boyles, 205-554-6129
dale.boyles@warriormetcoal.com For Media: D'Andre Wright,
205-554-6131 dandre.wright@warriormetcoal.com
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