Ramaco Resources, Inc. (NASDAQ:METC) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET

Company Participants

Jeremy Sussman - Chief Financial Officer

Randall Atkins - Chairman and Chief Executive Officer

Chris Blanchard - Chief Operating Officer

Conference Call Participants

Lucas Pipes - B. Riley Securities

Nathan Martin - The Benchmark Company

Curtis Woodworth - Credit Suisse

Operator

Welcome to the Ramaco Resources First Quarter 2023 Earnings Conference Call. At this time, our participants have been placed in a listen-only-mode, and the floor will be open for your questions following the presentation. [Operator Instructions]

I would now like to turn the call over to Jeremy Sussman, Chief Financial Officer. Sir, please go ahead.

Jeremy Sussman

Thank you. On behalf of Ramaco Resources, I'd like to welcome all of you to our first quarter 2023 earnings conference call. With me this morning is Randy Atkins, our Chairman and CEO; and Chris Blanchard, our Chief Operating Officer. Before we start, I'd like to share our normal cautionary statement. Certain items discussed on today's call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco's expectations concerning future events. These statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statements speaks only as of the date on which it is made, and except as required by law, Ramaco does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. I'd also like to remind you that you can find a reconciliation of the non-GAAP financial measures that we plan to discuss today in our press release, which can be viewed on our website, ramacoresources.com, Lastly, I'd encourage everyone on this call to go on to our website and download today's investor presentation under the Events Calendar.

With that said, let me introduce our Chairman and CEO, Randy Atkins.

Randall Atkins

Thanks, Jeremy. Good morning to everyone, and thanks for joining the call. We have a lot to unpack this morning. First off, we executed well in Q1. Fortunately, we had a strong quarter and ended up a bit ahead of what was expected. Also yesterday, we filed a separate press release and shareholder letter related to the significant news on our railroad deposits in Wyoming. I will discuss the independent confirmation on this discovery may lead to a unique new direction for us. Start, in terms of our quarterly performance, I'm happy to note that with some help from the rails, we managed to ship coal in Q1 with much better results. We told our investors that our goal in '23 is to execute. Thus far, this year, we are steadily working to reverse the operational setbacks we incurred in '22. Last quarter, adjusted EBITDA jumped 50% to $48 million from year-end, and earnings per share jumped 75% to $0.57 per share. In Q1, we also achieved both record production and sales. As a result of our better-than-expected performance, we are increasing our full year production and sales guidance, which Jeremy will talk about in more detail in a moment.