Warrior Met Coal(US:HCC)2025-04-30 20:44Financial Performance - Total revenues for Q1 2025 were $299,943, a decrease of 40.4% compared to $503,512 in Q1 2024[14] - Net loss for Q1 2025 was $8,168, compared to a net income of $136,989 in Q1 2024, representing a significant decline[14] - Basic and diluted net loss per share for Q1 2025 was $0.16, down from $2.63 in Q1 2024[14] - Segment profit for Q1 2025 was $49,198,000, down 76.8% from $212,411,000 in Q1 2024[76] - Segment Adjusted EBITDA for Q1 2025 was $49,198,000, a decline of 76.8% compared to $212,411,000 in Q1 2024[80] - Interest income for Q1 2025 was $3,186,000, a decrease of 54.7% from $7,033,000 in Q1 2024[80] Cash and Assets - Cash and cash equivalents at the end of Q1 2025 were $454,933, a decrease from $491,547 at the end of Q4 2024[17] - Total assets increased to $2,623,894 as of March 31, 2025, compared to $2,591,516 at the end of 2024[17] - The company's total inventories, net, decreased to $197.645 million as of March 31, 2025, from $207.590 million as of December 31, 2024[37] - Total assets increased to $2,623,894,000 in Q1 2025 from $2,478,591,000 in Q1 2024, reflecting a growth of 5.9%[76] Liabilities and Debt - Total liabilities rose to $547,128 as of March 31, 2025, compared to $500,699 at the end of 2024[17] - The company's total long-term debt as of March 31, 2025, was $153.767 million, slightly up from $153.612 million as of December 31, 2024[41] - The estimated fair value of the company's outstanding debt was approximately $159.8 million as of March 31, 2025[72] Expenses - Dividends paid in Q1 2025 were $5,184, down from $30,638 in Q1 2024[19] - The company reported a depreciation and depletion expense of $45,277 in Q1 2025, compared to $40,023 in Q1 2024[19] - Coal royalty expenses for the three months ended March 31, 2025, were $22.3 million, down from $42.9 million in the same period of 2024[57] - Cash cost of sales for mining in Q1 2025 was $244,028,000, a decrease of 14.1% from $284,172,000 in Q1 2024[76] - Capital expenditures for Q1 2025 were $68,510,000, down 31.3% from $99,703,000 in Q1 2024[76] Investments and Financial Position - As of March 31, 2025, short-term investments totaled $33.1 million, an increase from $14.6 million as of December 31, 2024[31] - The company had $113.5 million of availability under the ABL Facility as of March 31, 2025, with no loans outstanding[46] - The company had finance lease payments totaling $19.464 million, with a present value of lease liabilities amounting to $18.525 million as of March 31, 2025[50] - Finance lease right-of-use assets, net, were valued at $53.972 million as of March 31, 2025, down from $56.702 million as of December 31, 2024[48] Operational Focus and Risks - Warrior Met Coal is focused on mining non-thermal steelmaking coal, primarily for the global steel industry, with operations based in Alabama[23] - The company continues to face risks including substantial indebtedness, compliance with covenants, and geopolitical events impacting operations[11] - The company is exposed to commodity price risk due to fluctuations in market pricing for steelmaking coal[162] - The estimated allowance for credit losses was immaterial as of March 31, 2025, indicating a stable credit risk profile[166] Labor Relations - The company continues to engage in negotiations with the labor union to reach a new Collective Bargaining Agreement, which expired on April 1, 2021[25] Shareholder Actions - The company repurchased 500,000 shares under its stock repurchase program for approximately $10.6 million, leaving $59.4 million available for future repurchases as of March 31, 2025[61] Environmental Compliance - The company believes it is in compliance with environmental laws and has no accruals for environmental matters other than asset retirement obligations as of March 31, 2025[53] - The company has no recorded liabilities for minimum throughput requirements as of March 31, 2025[56]