2024-05-06 14:06:03 ET
Alpha Metallurgical Resources, Inc. (AMR)
Q1 2024 Earnings Conference Call
May 06, 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
Presentation
Operator
Greetings. Welcome to the Alpha Metallurgical Resources First 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 first 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. Today, we announced financial results for first quarter 2024 with adjusted EBITDA of $190 million. This was another solid quarter of work from the Alpha team, despite some challenging circumstances and the significant softening of met coal markets starting in March. Since the quarter closed, we witnessed further deterioration in market fundamentals, which sets up a challenging backdrop for the second quarter. Although our Q2 performance will obviously reflect the market environment in which we're operating, I remain confident in Alpha's strength and ability to weather volatility. For more than a few years now, we've used the word nimble to describe how we prefer to operate, constantly evaluating lots of data to find areas that can be optimized or to plug cost leaks. We believe that this approach is valuable in all market conditions, but especially in down cycles, when quickly adapting to economic reality becomes a true necessity.
In response to the sharp market decline that has occurred so far in 2024, we've made small adjustments to safely reduce costs where possible by optimizing production and logistics. Given our size and scale, the magnitude of these changes doesn't impact our previously announced volume expectations for the year, but these adjustments are allowing us to respond appropriately to deterioration in the market. We will continue monitoring external market drivers while also maintaining a close eye on controllable costs within our business and will take further action as necessary....
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Alpha Metallurgical Resources, Inc. (AMR) Q1 2024 Earnings Call Transcript