Maintains positive cash flow despite difficult
pricing environment
Achieves lowest cost per short ton since going
public
Maintains strong balance sheet and
liquidity
Warrior Met Coal, Inc. (NYSE:HCC) (“Warrior” or the “Company”)
today announced results for the third 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 third quarter 2020 net loss of $14.4 million,
or $0.28 per diluted share, compared to net income of $45.0
million, or $0.87 per diluted share, in the third quarter of 2019.
Adjusted net loss per share for the third quarter of 2020 was $0.28
per diluted share compared to adjusted net income per share of
$0.79 per diluted share in the third quarter of 2019. The Company
reported Adjusted EBITDA of $16.1 million in the third quarter of
2020, compared to Adjusted EBITDA of $82.7 million in the third
quarter of 2019. The lower results reflect a challenging market
environment this year as a result of the COVID-19 pandemic.
“During the third quarter, we saw the continued impact of
COVID-19 on pricing and demand across the met coal industry,
including our lowest-ever realized met coal price per ton since
Warrior became a publicly-traded company,” commented Walt Scheller,
CEO of Warrior. “However, we started to see better sales volumes in
the third quarter compared to the second quarter as customers in
our key markets began to restart their operations. In addition,
despite challenging headwinds, we were pleased once again to be
free cash flow positive. We remained focused on managing the
aspects of our business that we can control, achieving our lowest
cash cost per short ton. At the same time, we carefully balanced
our spending on longer term capex investments in our mines to keep
us uniquely well-positioned to benefit from the eventual recovery
in steel production, met coal demand, and pricing.”
“We continue 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 1.9 million short
tons of met coal in the third quarter of 2020 compared to 2.2
million short tons in the third quarter of 2019. Sales volume in
the third quarter of 2020 was 1.9 million short tons compared to
2.0 million short tons in the third quarter of 2019. Inventory
levels remained relatively consistent at 1.5 million short tons at
the end of the third quarter of 2020 compared to 1.6 million short
tons at the end of the second quarter of 2020.
Additional Financial Results Total revenues were $180.1
million for the third quarter of 2020, including $175.2 million in
mining revenues, which consisted of met coal sales of 1.9 million
short tons at an average net selling price of $90.65 per short ton,
net of demurrage and other charges. This compares to total revenues
of $287.5 million in the third quarter of 2019. The average net
selling price of the Company's met coal declined 36% from $141.13
per short ton in the third quarter of 2019 to $90.65 per short ton
in the third quarter of 2020. The Company sold its met coal in the
third quarter of 2020 at 90% 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 third quarter of 2020 were $150.6 million, or 86.0%
of mining revenues, compared to $189.5 million, or 67.5% of mining
revenues in the same period of 2019. Cash cost of sales
(free-on-board port) per short ton decreased to $77.92 in the third
quarter of 2020 from $95.21 in the third 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 third
quarter of 2020 were $8.2 million, or 4.5% of total revenues, and
were 12.5% lower than in the same period last year. Depreciation
and depletion costs for the third quarter of 2020 were $28.0
million, or 15.5% of total revenues, and were 8.6% higher than in
the same period last year. Warrior incurred net interest expense of
$8.1 million during the third quarter of 2020, which was higher
than the same quarter last year due to interest on our ABL draw and
lower interest income recognized on our cash balances.
Income tax benefit was $8.2 million in the third quarter of 2020
due to a loss before income taxes of $22.6 million and additional
marginal gas well credits. This compares to income tax expense of
$7.6 million in the third quarter of 2019.
Cash Flow and Liquidity The Company generated positive
cash flows from operating activities in the third quarter of 2020
of $29.2 million, compared to $150.4 million in the third quarter
of 2019. Capital expenditures and mine development costs for the
third quarter of 2020 were $27.8 million. Free cash flow was
positive at $1.3 million in the third quarter of 2020 reflecting
our conscious management of expenses and spending while balancing
longer term capital investments.
Net working capital, excluding cash, for the third quarter of
2020 decreased by $19.5 million from the second quarter of 2020.
This decrease primarily reflects a decrease in income tax
receivable due to an alternative minimum tax ("AMT") credit refund
received during the current quarter.
Cash flows used in financing activities for the third quarter of
2020 were $5.6 million, primarily due to principal repayments of
capital lease obligations of $3.0 million and the payment of
dividends of $2.6 million.
The Company’s total liquidity as of September 30, 2020 was
$280.4 million, consisting of cash and cash equivalents of $216.4
million and available liquidity under its ABL Facility of $64.0
million, net of outstanding letters of credit of $9.4 million.
Capital Allocation On October 22, 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
November 9, 2020 to stockholders of record as of the close of
business on November 2, 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 third quarter 2020 results today, October 28, 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 October 28, 2020 until 6:30 p.m. ET
on November 4, 2020. The replay will be available by calling:
1-877-344-7529 (domestic) or 1-412-317-0088 (international) and
entering passcode 10147478.
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
September 30,
For the nine months ended
September 30,
2020
2019
2020
2019
Revenues:
Sales
$
175,229
$
280,841
$
555,610
$
1,037,950
Other revenues
4,835
6,665
14,875
25,458
Total revenues
180,064
287,506
570,484
1,063,408
Costs and expenses:
Cost of sales (exclusive of items shown
separately below)
151,370
190,221
433,661
578,038
Cost of other revenues (exclusive of items
shown separately below)
7,064
7,583
22,267
23,346
Depreciation and depletion
27,965
25,741
78,813
73,652
Selling, general and administrative
8,192
9,362
25,105
29,050
Total costs and expenses
194,591
232,907
559,846
704,086
Operating income (loss)
(14,527)
54,599
10,639
359,322
Interest expense, net
(8,059)
(7,250)
(23,847)
(22,793)
Loss on early extinguishment of debt
—
—
—
(9,756)
Other income
—
5,272
1,822
22,815
Income (loss) before income tax expense
(benefit)
(22,586)
52,621
(11,386)
349,588
Income tax expense (benefit)
(8,152)
7,599
(9,336)
68,639
Net income (loss)
$
(14,434)
$
45,022
$
(2,050)
$
280,949
Basic and diluted net income (loss) per
share:
Net income (loss) per share—basic
$
(0.28)
$
0.88
$
(0.04)
$
5.46
Net income (loss) per share—diluted
$
(0.28)
$
0.87
$
(0.04)
$
5.44
Weighted average number of shares
outstanding—basic
51,190
51,348
51,161
51,469
Weighted average number of shares
outstanding—diluted
51,356
51,482
51,275
51,599
Dividends per share:
$
0.05
$
0.05
$
0.15
$
4.56
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
September 30,
For the nine months ended
September 30,
(short tons in thousands)(1)
2020
2019
2020
2019
Tons sold
1,933
1,990
5,219
6,325
Tons produced
1,887
2,164
6,102
6,657
Gross price realization (2)
90
%
102
%
92
%
99
%
Average net selling price
$
90.65
$
141.13
$
106.46
$
164.10
Cash cost of sales (free on board port)
per short ton (3)
$
77.92
$
95.21
$
82.63
$
91.05
(1) 1 short ton is equivalent to 0.907185
metric tons.
(2) For the three and nine months ended
September 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
September 30,
For the nine months ended
September 30,
2020
2019
2020
2019
Cost of sales
151,370
$
190,221
$
433,661
$
578,038
Asset retirement obligation
(368)
(373)
(1,106)
(1,120)
Stock compensation expense
(385)
(372)
(1,312)
(999)
Cash cost of sales (free-on-board
port)(3)
$
150,617
$
189,476
$
431,243
$
575,919
(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
September 30,
For the nine months ended
September 30,
(in thousands)
2020
2019
2020
2019
Net income (loss)
$
(14,434)
$
45,022
$
(2,050)
$
280,949
Interest expense, net
8,059
7,250
23,847
22,793
Income tax expense (benefit)
(8,152)
7,599
(9,336)
68,639
Depreciation and depletion
27,965
25,741
78,813
73,652
Asset retirement obligation accretion
732
812
2,198
2,436
Stock compensation expense
1,910
1,568
5,634
4,218
Loss on early extinguishment of debt
—
—
—
9,756
Other income
—
(5,272)
(1,822)
(22,815)
Adjusted EBITDA (4)
$
16,080
$
82,720
$
97,284
$
439,628
Adjusted EBITDA margin (5)
8.9
%
28.8
%
17.1
%
41.3
%
(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
September 30,
For the nine months ended
September 30,
2020
2019
2020
2019
Net income (loss)
$
(14,434)
$
45,022
$
(2,050)
$
280,949
Loss on early extinguishment of debt, net
of tax
—
—
—
9,756
Other income, net of tax
—
(4,394)
(1,584)
(18,331)
Adjusted net income (loss)(6)
$
(14,434)
$
40,628
$
(3,634)
$
272,374
Weighted average number of basic shares
outstanding
51,190
51,348
51,161
51,469
Weighted average number of diluted shares
outstanding
51,356
51,482
51,275
51,599
Adjusted basic net income (loss) per
share:
$
(0.28)
$
0.79
$
(0.07)
$
5.29
Adjusted diluted net income (loss) per
share:
$
(0.28)
$
0.79
$
(0.07)
$
5.28
(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
September 30,
For the nine months ended
September 30,
2020
2019
2020
2019
OPERATING ACTIVITIES:
Net income (loss)
$
(14,434)
$
45,022
$
(2,050)
$
280,949
Non-cash adjustments to reconcile net
income to net cash provided by operating activities
22,910
36,049
78,502
159,639
Changes in operating assets and
liabilities:
Trade accounts receivable
(4,408)
51,589
18,054
29,154
Income tax receivable
24,274
(187)
24,274
21,420
Inventories
1,707
(9,655)
(43,887)
(20,288)
Prepaid expenses and other receivables
(213)
(1,430)
(5,906)
7,080
Accounts payable
(6,210)
12,930
11,169
18,749
Accrued expenses and other current
liabilities
4,388
13,613
(4,699)
645
Other
1,153
2,495
6,696
10,917
Net cash provided by operating
activities
29,167
150,426
82,153
508,265
INVESTING ACTIVITIES:
Purchases of property, plant, and
equipment, and other
(23,305)
(26,266)
(72,059)
(78,366)
Mine development costs
(4,526)
(6,329)
(13,257)
(18,398)
Proceeds from sale of property, plant and
equipment and other
—
61
—
3,124
Other
—
(9,921)
6,233
(6,670)
Net cash used in investing activities
(27,831)
(42,455)
(79,083)
(100,310)
FINANCING ACTIVITIES:
Net cash provided by (used in) financing
activities
(5,586)
(18,614)
19,960
(404,857)
Net increase (decrease) in cash and cash
equivalents and restricted cash
(4,250)
89,357
23,030
3,098
Cash and cash equivalents and restricted
cash at beginning of period
220,663
120,146
193,383
206,405
Cash and cash equivalents and restricted
cash at end of period
$
216,413
$
209,503
$
216,413
$
209,503
RECONCILIATION OF FREE CASH FLOW TO AMOUNTS REPORTED UNDER
U.S. GAAP:
(in thousands)
For the three months ended
September 30,
For the nine months ended
September 30,
2020
2019
2020
2019
Net cash provided by operating
activities
$
29,167
$
150,426
$
82,153
$
508,265
Purchases of property, plant and equipment
and mine development costs
(27,831)
(32,595)
(85,316)
(96,764)
Free cash flow (7)
$
1,336
$
117,831
$
(3,163)
$
411,501
Free cash flow conversion (8)
8.3
%
142.4
%
(3.3)
%
93.6
%
(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)
September 30, 2020
(Unaudited)
December 31,
2019
ASSETS
Current assets:
Cash and cash equivalents
$
216,413
$
193,383
Short-term investments
8,504
14,675
Trade accounts receivable
81,417
99,471
Income tax receivable
—
12,925
Inventories, net
155,667
97,901
Prepaid expenses and other receivables
40,017
25,691
Total current assets
502,018
444,046
Mineral interests, net
102,879
110,130
Property, plant and equipment, net
607,406
606,200
Non-current income tax receivable
—
11,349
Deferred income taxes
163,565
154,297
Other long-term assets
15,145
18,242
Total assets
$
1,391,013
$
1,344,264
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
50,002
$
46,436
Accrued expenses
67,515
65,755
Short term financing lease liabilities
11,874
10,146
Other current liabilities
9,886
6,615
Total current liabilities
139,277
128,952
Long-term debt
379,722
339,189
Asset retirement obligations
55,551
53,583
Long term financing lease liabilities
24,476
25,528
Other long-term liabilities
32,276
31,430
Total liabilities
631,302
578,682
Stockholders’ Equity:
Common stock, $0.01 par value per share
(Authorized -140,000,000 shares as of September 30, 2020 and
December 31, 2019, 53,408,040 issued and 51,186,199 outstanding as
of September 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 September 30, 2020 and December 31, 2019)
(50,576)
(50,576)
Additional paid in capital
247,907
243,932
Retained earnings
561,847
571,693
Total stockholders’ equity
759,711
765,582
Total liabilities and stockholders’
equity
$
1,391,013
$
1,344,264
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201028005080/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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