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Alpha Metallurgical Resources, a leading U.S. metallurgical coal producer, has lowered its full-year met coal shipment guidance for 2023 to 14.8-15.2 million short tons from the previous 15-16 million short tons, the company said on its website.
The company's total shipment guidance for 2023 was adjusted down from 16.3-18.0 million short tons to 16.3-17.3 million short tons.
"In light of the logistics challenges we have experienced throughout the year, we lowered our overall shipment volume guidance and tightened the ranges to reflect our expectations for the balance of the year," said Financial Officer Todd Munsey.
Ahead of announcement of its official earning results on November 2, the company said its third-quarter results were negatively impacted by a number of factors, including some weather-related problems and mechanical issues at Dominion Terminal Associates (DTA) facility that hampered the ability to load and ship coal.
Alpha sold 4.23 million short tons of coal during the third quarter of the year, including 4.12 million short tons of met coal. It sold 4.3 million short tons of coal during the previous quarter.
Along with lower-than-expected shipment volumes in the third quarter, Alpha sold some lower-priced volumes from the development areas at new mines during the pricing trough early in the quarter, which negatively impacted its average performance for the period.
Its consolidated coal revenues are forecast at $738.998 million for met segment during the three months ended September 30, compared with $834.0 million in the previous quarter, data showed.
Alpha has committed to approximately 4.0 million short tons of met coal at an average price of $160.91/t to domestic customers for the shipment in the calendar year 2024, including committed carryover tons from 2023 to 2024.
Alpha Metallurgical Resources was formerly known as Contura Energy and renamed in February 2021 to better reflect the company's strategic focus on the production of met coal as a critical feedstock for steel production. It is based in Tennessee, with affiliate mining operations across Virginia and West Virginia.
(Writing by Emma Yang Editing by Harry Huo)
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