Ramaco Resources, Inc. (NASDAQ:METC) Q1 2024 Earnings Conference Call May 9, 2024 9:00 AM ET

Company Participants

Jeremy Sussman - EVP & Chief Financial Officer
Randall Atkins - Founder, Chairman, Chief Executive Officer
Christopher Blanchard - EVP & Chief Operating Officer
David Dyer - VP of Marketing and Analysis

Conference Call Participants

Lucas Pipes - B. Riley
Nathan Martin - The Benchmark Company

Operator

Good morning, and welcome to the Ramaco Resources First Quarter 2024 Results Conference Call. All participants will be in listen-only mode. [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to Jeremy Sussman, Chief Financial Officer. Please go ahead.

Jeremy Sussman

Thank you, operator. On behalf of Ramaco Resources, I'd like to welcome all of you to our first quarter 2024 earnings conference call. With me this morning is Randy Atkins, our Chairman and CEO; Chris Blanchard, our Chief Operating Officer and also in the room is our new VP of Marketing and Analysis, David Dyer.

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. They're subject to risks, uncertainties, and other factors, many of which are outside of our control, which could cause actual results to differ materially from the results discussed in these forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made 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, www.ramacoresources.com.

Lastly, I'd of course encourage everyone on this call to go on to our website and download today's investor presentation.

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. Our first quarter results were of course below our expectations. We printed $24 million of EBITDA in Q1 against twice that amount in Q4. Jeremy will go into detail on the financial metrics, but a main driver was lower realized prices. They dropped by over $55 a ton or almost 20%, since Q4. This particularly hit us in March when we shipped almost 50% of our Q1 export business which was export, which was index priced.