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 %

More on Alpha Metallurgical

• Alpha Metallurgical Resources: China Should Drive Steel And Metallurgical Coal Prices Higher
• Alpha Metallurgical Resources: Getting Ready For The Next Rally
• Alpha Metallurgical Resources runs to record high after big Q4 beat