Financial Performance - The company reported a net income of $46.1 million for Q2 2024, compared to $231.1 million in the same period last year[1]. - Total revenues and other income for the three months ended June 30, 2024, were $65,540,000, a decrease of 28.1% compared to $91,260,000 for the same period in 2023[19]. - Net income for the three months ended June 30, 2024, was $46,064,000, down 34.5% from $70,334,000 in the same quarter of 2023[19]. - Net income attributable to common unitholders for the six months ended June 30, 2024, was $52,982,000, a decrease of 36.4% compared to $83,318,000 for the same period in 2023[19]. - Comprehensive income for the three months ended June 30, 2024, was $47,303,000, down from $71,245,000 in the same quarter of 2023, reflecting a decline of 33.7%[19]. - Net income for the three months ended June 30, 2024, was $46,064,000, compared to $70,334,000 for the same period in 2023, representing a decrease of approximately 34.5%[20]. - Net income for the six months ended June 30, 2024, was $102,277, down from $149,609 in the same period of 2023, representing a decline of approximately 32%[30]. Cash Flow and Liquidity - Natural Resource Partners L.P. generated $57.3 million of free cash flow in Q2 2024, totaling $287 million over the last twelve months[2]. - Operating cash flow for Q2 2024 was $56.6 million, down from $284.9 million year-over-year[1]. - Cash flows from operating activities provided $56,629,000 for the three months ended June 30, 2024, down from $81,350,000 in the previous year, a decline of about 30.4%[20]. - Free cash flow for the three months ended June 30, 2024, was $57,288, down from $81,952 in the same period of 2023, indicating a decrease of about 30%[28]. - The company reported a net cash used in financing activities of $40,581,000 for the three months ended June 30, 2024, compared to $88,882,000 in the previous year, a decrease of approximately 54.4%[20]. - The net cash provided by operating activities for the six months ended June 30, 2024, was $128,128, slightly lower than $154,250 for the same period in 2023[36]. - NRP's available liquidity was $64.7 million as of June 30, 2024, consisting of $32.3 million in cash and $32.3 million in borrowing capacity[8]. Revenue and Sales - Soda Ash net income decreased by $23.3 million in Q2 2024 due to lower sales prices driven by new supply from China[6]. - Transportation and processing services revenue for the three months ended June 30, 2024, was $2,661,000, a decrease of 18.6% from $3,270,000 in the same quarter of 2023[19]. - Total coal sales volumes for Appalachia reached 4,294 tons in June 2024, a slight decrease from 4,435 tons in March 2024[32]. - Coal royalty revenue per ton in the Northern Appalachia segment was $4.74 for June 2024, down from $6.87 in March 2024, indicating a 31% decline[32]. - Total coal royalty revenues amounted to $39,685,000 for June 2024, down from $47,960,000 in March 2024, representing a 17% decrease[32]. - Other revenues increased to $14,906,000 for June 2024, compared to $13,047,000 in March 2024, marking a 14% growth[32]. Expenses and Liabilities - Operating expenses for the three months ended June 30, 2024, totaled $15,127,000, a decrease of 13.2% from $17,434,000 in the same period of 2023[19]. - Long-term debt increased to $196,112,000 in 2024 from $124,273,000 in 2023, marking a significant rise of about 58%[21]. - The total liabilities increased to $270,304,000 in 2024 from $219,641,000 in 2023, representing an increase of about 23%[21]. - The company reported asset impairments totaling $4,464,000 for the last twelve months, with significant impairments recorded in the last quarter[40]. Strategic Initiatives - The company continues to explore carbon neutral revenue opportunities, including carbon sequestration and renewable energy generation[5]. - The company plans to continue focusing on market expansion and new product development to enhance revenue streams in the upcoming quarters[32].
NPR(NRP) - 2024 Q2 - Quarterly Results