Financial Performance - Natural Resource Partners L.P. reported a net income of $40.253 million for Q1 2025, down from the previous year's figures [2]. - Total revenues and other income for Q1 2025 were $60,538,000, a decrease of 20.9% from $76,414,000 in Q4 2024 [27]. - Net income for Q1 2025 was $40,253,000, down 28.4% from $56,213,000 in Q4 2024 [27]. - Net income attributable to common unitholders was $39,448,000, a decrease of 25.7% compared to $52,982,000 in Q4 2024 [27]. - Basic net income per common unit for Q1 2025 was $3.01, down from $4.13 in Q4 2024, representing a decline of 27.1% [27]. - The company reported a comprehensive income of $42,513,000 for Q1 2025, down from $57,058,000 in Q4 2024 [27]. - For the three months ended March 31, 2025, total revenues and other income were $60,538, a decrease of 20.8% compared to $76,414 for the same period in 2024 [35]. - Net income for the three months ended March 31, 2025, was $40,253, down from $56,213 in the same period of 2024, representing a decline of 28.4% [35]. - Adjusted EBITDA for the three months ended March 31, 2025, was $45,260, a decrease of 38.1% from $73,114 in the same period of 2024 [35]. - The company reported a gain on asset sales and disposals of $247 for the three months ended March 31, 2025, compared to $165 in the same period of 2024 [37]. - Net income for the three months ended March 31, 2025, was $40,253, compared to $56,213 in the same period of 2024, reflecting a decrease of approximately 28% [45]. Cash Flow and Liquidity - The company generated $35.1 million in free cash flow during Q1 2025, contributing to a total of $214 million over the last twelve months [4]. - Cash flows from operating activities in Q1 2025 were $34,424,000, a significant decrease of 51.8% from $71,499,000 in Q4 2024 [29]. - Cash flow provided by continuing operations for the three months ended March 31, 2025, was $34,424, compared to $71,499 in the same period of 2024, a decrease of 51.8% [35]. - Free cash flow for the three months ended March 31, 2025, was $35,124, down from $72,146 in the same period of 2024, representing a decline of 51.4% [35]. - The total cash flow from operating activities for the last twelve months was $211,418 [43]. - NRP's available liquidity was $120.5 million as of March 31, 2025, consisting of $30.9 million in cash and $89.6 million in borrowing capacity [13]. Distribution and Future Expectations - The board declared a cash distribution of $0.75 per common unit for Q1 2025, consistent with the previous quarter's distribution [5]. - Future distributions will be determined quarterly, considering factors such as profitability, cash flow, and market conditions [4]. - NRP expects continued weak pricing for metallurgical and thermal coal throughout 2025 due to soft global steel demand and high domestic thermal coal inventory levels [7]. Segment Performance - Mineral Rights segment net income decreased by $15.4 million compared to the prior year, primarily due to lower metallurgical coal sales prices and volumes [6]. - Soda Ash segment net income fell by $0.8 million in Q1 2025, attributed to an increased international sales mix [9]. - Total coal sales volumes for the three months ended March 31, 2025, increased to 8,221 tons, up 7.5% from 7,648 tons in the same period of 2024 [37]. - The combined average coal royalty revenue per ton for the three months ended March 31, 2025, was $4.36, a decrease of 28.7% from $6.12 in the same period of 2024 [37]. - Total coal royalty revenues for the three months ended March 31, 2025, were $35,498, down from $46,818 in the same period of 2024, reflecting a decline of 24.2% [37]. - The equity in earnings of Sisecam Wyoming for the three months ended March 31, 2025, was $4,610, down from $5,450 in the same period of 2024 [35]. Balance Sheet Highlights - Total assets as of March 31, 2025, were $772,473,000, slightly down from $772,907,000 at the end of 2024 [31]. - Total liabilities decreased to $208,116,000 from $221,799,000 at the end of 2024, reflecting a reduction of 6.2% [31]. - Cash and cash equivalents at the end of Q1 2025 were $30,876,000, up from $30,444,000 at the end of 2024 [31]. - The leverage ratio as of March 31, 2025, was 0.7x, an increase from 0.6x as of March 31, 2024 [45]. - Debt at March 31, 2025, was reported at $139,047 [45]. - The company recorded asset impairments totaling $107 for the last twelve months [45].
NPR(NRP) - 2025 Q1 - Quarterly Results