Ramaco Resources(US:METC)2022-08-09 16:51Financial Performance & Growth - Ramaco achieved record net income and Adjusted EBITDA in 2021, and surpassed those annual figures in the first half of 2022 alone[6] - In 1H22, Ramaco's net income reached $75 million and Adjusted EBITDA was $122 million, exceeding full-year 2021 results by 88% and 56% respectively[7, 9] - Based on the midpoint of 2022 production and cost guidance, approximately 95% of sales are already committed, translating to over $230 million of net income and $340 million of Adjusted EBITDA[7, 8] - The company anticipates reaching 6.5 million tons of production by 2025, increased from the previous target of 5 million tons[14] Production & Operations - Ramaco expects to produce at least 43 million tons in 2023[7] - 2022 production guidance is between 28 million and 31 million tons, compared to 22 million tons in 2021, representing an increase of approximately 1/3 YoY at the midpoint[18] - The company is increasing its 2022 growth capital expectation by $25 million, in addition to the previously committed $45 million, and anticipates an additional $95 million of growth capital in 2023-24 to achieve full production build-out[14] Market & Strategy - Ramaco is a low-cost, "pure play" metallurgical coal company, primarily supplying the North American and international steel industry[5] - U S High Vol A met coal spot prices are $245 per metric ton FOB port as of August 4, 2022, up over 20% YoY[7, 26] - Ramaco has minimal AROs, net debt, and legacy liabilities, along with strong free cash flow generation[6, 7]