Ramaco Resources Reports Solid Third Quarter 2024 Financial Results

by · The Cerbat Gem

Ramaco Resources, Inc., a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and future developer of rare earth and critical minerals in Wyoming, recently released its financial and operating results for the third quarter of 2024. The company reported adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, and equity-based compensation of $23.6 million for the quarter, compared to $28.8 million in the second quarter of 2024.

Net income for the quarter was reported at $(0.2) million, down from $5.5 million in the second quarter of 2024 and $19.5 million in the third quarter of 2023. Despite lower earnings, the company saw improvements in production and cost efficiencies. Non-GAAP cash cost per ton sold decreased to $102 in the third quarter, down from $108 in the previous quarter.

Key highlights for the third quarter of 2024 include record sales of 1,023,000 tons and production of 972,000 tons. Additionally, the company’s growth initiatives for the year remain on track and on budget, focusing on increasing production and reducing costs.

Sales commitments for 2024 are strong, with a total of 4.1 million tons committed as of September 30, covering more than 100% of the high end of production guidance. The company anticipates total sales commitments for 2025 to reach 2.7 million tons as of early November, with a focus on fixed-price contracts.

Looking ahead to 2025, Ramaco Resources remains optimistic about its growth potential, with a strategic focus on becoming a larger low-cost metallurgical coal producer. The company is also making progress on its rare earth and critical mineral development in Wyoming.

Ramaco Resources will hold a quarterly conference call on November 5, 2024, to discuss the results further. The company’s shares are listed on the NASDAQ Global Select Market under the trading symbols METC and METCB.

For more information about Ramaco Resources and its recent financial filing, interested parties can refer to the company’s website or contact investor relations at (859) 244-7455.

Please note that the aforementioned information is sourced from the recent 8-K filing of Ramaco Resources for the third quarter of 2024. Investors and stakeholders are encouraged to refer to the full filing for more details and disclosures.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ramaco Resources’s 8K filing here.

About Ramaco Resources

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Ramaco Resources, Inc engages in the development, operation, and sale of metallurgical coal. Its development portfolio includes the Elk Creek project that covers an area of approximately 20,200 acres located in southern West Virginia; the Berwind property covering an area of approximately 62,500 acres situated on the border of West Virginia and Virginia; the Knox Creek property, which covers an area of approximately 64,050 acres is located in Virginia; the Maben property covering an area of approximately 28,000 acres situated in southwestern Pennsylvania southern West Virginia; and the Brook Mine property that covers an area of approximately 16,000 acres located in northeastern Wyoming.

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