Alpha Metallurgical reports mixed Q1 results; updates FY24 outlook

Alpha Metallurgical press release (NYSE:AMR): Q1 GAAP EPS of $9.59 misses by $1.23.
Revenue of $864.07M (-5.2% Y/Y) beats by $18.72M.
Total Adjusted EBITDA was $189.6 million for the first quarter, compared to $266.3 million in the fourth quarter 2023.
2024 Guidance Adjustments and Performance Update

Alpha is increasing its full-year guidance for idle operations expense to between $25 million and $33 million, up from the previously announced range of $18 million to $28 million. Additionally, the company is reducing its 2024 tax rate guidance to a range of 10% to 15%, down from the prior range of 12% to 17%.

In millions (except taxes)	Low	High
SG&A	$60	$66
Idle Operations Expense	$25	$33
Net Cash Interest Income	$2	$8
DD&A	$140	$160
Capital Expenditures	$210	$240
Capital Contributions to Equity Affiliates⁶	$40	$50
Tax Rate	10 %	15 %

Tags: AMR