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Arch Resources Inc. (ARCH - Free Report) reported third-quarter 2023 operating earnings per share (EPS) of $3.91, which surpassed the Zacks Consensus Estimate of $3.26 by 19.9%. The bottom line, however, declined 54.9% from the year-ago quarter’s $8.68.
Revenues
Total revenues were $744.6 million, which beat the Zacks Consensus Estimate of $608 million by 22.5%. The top line, however, decreased 13.8% from $863.8 million in the year-ago quarter.
Arch Resources Inc. Price, Consensus and EPS Surprise
In the Metallurgical segment, ARCH sold 2.3 million tons of coal, up 21.1% from the prior-year quarter’s figure of 1.9 million tons. Cash margins were $54.7 per ton compared with $81.07 in the year-ago quarter.
In the Thermal segment, the company sold 16.8 million tons of coal, down 8.7% from the prior-year quarter’s figure of 18.4 million tons. Cash margins were $1.34 per ton compared with $5.18 in the prior-year period.
Arch Resources used $28.2 million in the reported quarter to repurchase 215,551 shares at an average price of $130.83 per share. As of Sep 30, 2023, ARCH had $220.7 million of remaining authorization under its existing $500-million share repurchase program.
Financial Highlights
Cash and cash equivalents were $183.1 million as of Sep 30, 2023, compared with $236.1 million as of Dec 31, 2022.
Long-term debt was $107.5 million as of Sep 30, 2023, compared with $116.3 million as of Dec 31, 2022.
Cash provided by operating activities for the nine months ended September 2023 was $453.8 million compared with $1,015.2 million in the year-ago period.
Guidance
Arch Resources lowered its coking coal segment’s guidance for 2023. It expects coking coal sales of 8.6-8.9 million tons for 2023. The company projects total thermal coal sales volume of 62-68 million tons.
ARCH expects corporate capital expenditure to be at $160-$170 million for 2023, up from the prior guidance of $150-$160 million.
Zacks Rank
Arch Resources currently has a Zacks Rank #2 (Buy).
CONSOL Energy Inc. (CEIX - Free Report) is scheduled to report third-quarter results on Oct 31, before market open. The Zacks Consensus Estimate for earnings is pegged at $4.52 per share, indicating a year-over-year increase of 77.3%.
The same for 2023 EPS stands at $20.63, implying a year-over-year improvement of 57.8%. CEIX delivered an average earnings surprise of 8.01% in the last four quarters.
Alliance Resource Partners LP (ARLP - Free Report) is scheduled to report third-quarter results on Oct 27, before market open. The Zacks Consensus Estimate for third-quarter earnings is pegged at $1.34 per unit, indicating a year-over-year increase of 7.2%.
The same for 2023 is pinned at $5.50 per unit, implying a year-over-year improvement of 25.3%. ARLP delivered an average earnings surprise of 4.14% in the last four quarters.
ONEOK Inc. (OKE - Free Report) is scheduled to report third-quarter results on Oct 31, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.04 per share, indicating a year-over-year increase of 8.3%.
The same for 2023 EPS stands at $5.63, implying a year-over-year improvement of 46.6%. OKE delivered an average earnings surprise of 6.54% in the last four quarters.
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Arch Resources (ARCH) Q3 Earnings & Sales Beat Estimates
Arch Resources Inc. (ARCH - Free Report) reported third-quarter 2023 operating earnings per share (EPS) of $3.91, which surpassed the Zacks Consensus Estimate of $3.26 by 19.9%. The bottom line, however, declined 54.9% from the year-ago quarter’s $8.68.
Revenues
Total revenues were $744.6 million, which beat the Zacks Consensus Estimate of $608 million by 22.5%. The top line, however, decreased 13.8% from $863.8 million in the year-ago quarter.
Arch Resources Inc. Price, Consensus and EPS Surprise
Arch Resources Inc. price-consensus-eps-surprise-chart | Arch Resources Inc. Quote
Highlights of the Release
In the Metallurgical segment, ARCH sold 2.3 million tons of coal, up 21.1% from the prior-year quarter’s figure of 1.9 million tons. Cash margins were $54.7 per ton compared with $81.07 in the year-ago quarter.
In the Thermal segment, the company sold 16.8 million tons of coal, down 8.7% from the prior-year quarter’s figure of 18.4 million tons. Cash margins were $1.34 per ton compared with $5.18 in the prior-year period.
Arch Resources used $28.2 million in the reported quarter to repurchase 215,551 shares at an average price of $130.83 per share. As of Sep 30, 2023, ARCH had $220.7 million of remaining authorization under its existing $500-million share repurchase program.
Financial Highlights
Cash and cash equivalents were $183.1 million as of Sep 30, 2023, compared with $236.1 million as of Dec 31, 2022.
Long-term debt was $107.5 million as of Sep 30, 2023, compared with $116.3 million as of Dec 31, 2022.
Cash provided by operating activities for the nine months ended September 2023 was $453.8 million compared with $1,015.2 million in the year-ago period.
Guidance
Arch Resources lowered its coking coal segment’s guidance for 2023. It expects coking coal sales of 8.6-8.9 million tons for 2023. The company projects total thermal coal sales volume of 62-68 million tons.
ARCH expects corporate capital expenditure to be at $160-$170 million for 2023, up from the prior guidance of $150-$160 million.
Zacks Rank
Arch Resources currently has a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
CONSOL Energy Inc. (CEIX - Free Report) is scheduled to report third-quarter results on Oct 31, before market open. The Zacks Consensus Estimate for earnings is pegged at $4.52 per share, indicating a year-over-year increase of 77.3%.
The same for 2023 EPS stands at $20.63, implying a year-over-year improvement of 57.8%. CEIX delivered an average earnings surprise of 8.01% in the last four quarters.
Alliance Resource Partners LP (ARLP - Free Report) is scheduled to report third-quarter results on Oct 27, before market open. The Zacks Consensus Estimate for third-quarter earnings is pegged at $1.34 per unit, indicating a year-over-year increase of 7.2%.
The same for 2023 is pinned at $5.50 per unit, implying a year-over-year improvement of 25.3%. ARLP delivered an average earnings surprise of 4.14% in the last four quarters.
ONEOK Inc. (OKE - Free Report) is scheduled to report third-quarter results on Oct 31, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.04 per share, indicating a year-over-year increase of 8.3%.
The same for 2023 EPS stands at $5.63, implying a year-over-year improvement of 46.6%. OKE delivered an average earnings surprise of 6.54% in the last four quarters.