Ramaco Resources, Inc. (NASDAQ:METC) Q3 2022 Earnings Conference Call November 8, 2022 9:00 AM ET

Corporate Participants

Jeremy Sussman - Chief Financial Officer

Randy Atkins - Chairman and Chief Executive Officer

Chris Blanchard - Chief Operating Officer

Jason Fannin - Chief Commercial Officer

Conference Call Participants

Curt Woodworth - Credit Suisse

Lucas Pipes - B. Riley Securities

Nathan Martin - The Benchmark Company

Operator

Good day, and welcome to the Ramaco Resources Incorporated Third Quarter 2022 Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Mr. Jeremy Sussman. Please go-ahead sir.

Jeremy Sussman

Thank you. On behalf of Ramaco Resources, I'd like to welcome all of you to our third quarter 2022 earnings conference call. With me this morning is Randy Atkins, our Chairman and CEO; Chris Blanchard, our Chief Operating Officer; and Jason Fannin, our Chief Commercial 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 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 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. Lastly, I'd encourage everyone on this call to go onto our website ramacoresources.com and download today's investor presentation under the events calendar.

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

Randy Atkins

Thanks, Jeremy, and good morning to all.

Q3 was another record quarter for us. In fact, the first three quarters of '22, we generated almost as much adjusted EBITDA as we did in the previous five years combined. With that said, our Q3 results came in below what we hoped. Headwinds were due to the Berwind Ignition event in July, a 45% decline in seaboard coal pricing in the past few quarters and continued logistical rail and trucking challenges in shipping our coal.