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Alliance Resource reports surprise Q3 profit, sees 10% sales volume growth

  • Alliance Resource Partners (ARLP +5.8%) pops higher at the open after easily beating Q3 earnings expectations even as revenues fell; Q3 EBITDA of $118.8M topped $86.6M consensus estimate.
  • ARLP reports Q3 coal sales volumes of 7.7M tons fell from 9.3M tons in the year-ago quarter, while forecasting FY 2020 total coal sales of ~28M tons, seeing further strength in Q4 coal burn based on a higher natural gas forward price curve ahead of heating season.
  • ARLP says it is targeting total sales volumes growth of ~10% in 2021, with priced contract commitments for ~20M tons in 2021 and expected higher natural gas prices and improved energy demand, also noting several utilities are seeking major coal supply commitments for multi-year terms.
  • In a bullish analysis recently posted on Seeking Alpha, Harrison Schwartz notes "ARLP is at a record low valuation at a time when its fundamental outlook is improving."

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Alliance Resource Partners, L.P. Common Units