Alpha Metallurgical Resources, Inc. (NYSE:AMR) Q2 2024 Earnings Conference Call August 5, 2024 10:00 AM ET

Company Participants

Emily O'Quinn - Senior Vice President-Investor Relations and Communications
Andy Eidson - Chief Executive Officer
Jason Whitehead - President and Chief Operating Officer
Todd Munsey - Chief Financial Officer
Dan Horn - Chief Commercial Officer

Conference Call Participants

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

Operator

Greetings. And welcome to the Alpha Metallurgical Resources Second Quarter 2024 Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Please note this conference is being recorded.

I will now turn the conference over to your host, Emily O'Quinn, Senior Vice President, Investor Relations and Communications. You may now begin.

Emily O'Quinn

Thank you, Rob, and good morning, everyone. Before we get started, let me remind you that during our prepared remarks, our comments regarding anticipated business and financial performance contain forward-looking statements, and actual results may differ materially from those discussed. For more information regarding forward-looking statements and some of the factors that can affect them, please refer to the company's second quarter 2024 earnings release and the associated SEC filing. Please also see those documents for information about our use of non-GAAP measures and their reconciliation to GAAP measures. Participating on the call today are Alpha's Chief Executive Officer, Andy Eidson; and our President and Chief Operating Officer, Jason Whitehead. Also participating on the call are Todd Munsey, our Chief Financial Officer; and Dan Horn, our Chief Commercial Officer.

With that, I will turn the call over to Andy.

Andy Eidson

Thanks, Emily, and good morning everyone. This morning we issued earnings release detailing our second quarter 2024 financial results which included adjusted EBITDA of $116 million and 4.6 million ton shipped within the quarter. Inspite of the challenging market backdrop the Alpha team delivered another solid quarter performance. Both the operations and the sales teams executed very well within the areas taking control by hitting ambitious shipping targets, producing well and most of all operating safely throughout the period.

As we discussed in our most recent earnings call in May, weakening steel demand has negatively impacted metallurgical coal markets, and our second quarter realizations reflect that negative pressure. This is not a surprise, however, as waning demand and difficult uncertainty or significant uncertainty across the world brought about the difficult market we experienced in Q2. These conditions have intensified in the third quarter and persisted today. As is typical at this time of each year, the domestic negotiation process has begun with North American customers for next year's contracts.