2024-07-25 15:33:01 ET
Arch Resources, Inc. (ARCH)
Q2 2024 Earnings Conference Call
July 25, 2024 10:00 AM ET
Company Participants
Deck Slone - SVP, Strategy
Paul Lang - CEO
John Drexler - President
Matthew Giljum - CFO
Conference Call Participants
Lucas Pipes - B. Riley
Chris LaFemina - Jefferies
Nathan Martin - The Benchmark Company
Katja Jancic - BMO Capital Markets
Michael Dudas - Vertical Research
Alex Hacking - Citi
Presentation
Operator
Good morning, and welcome to the Arch Resources Inc. Second Quarter 2024 Earnings Call 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 Deck Slone. Please go ahead.
Deck Slone
Good morning from St. Louis and thanks for joining us today. Before we begin, let me remind you that certain statements made during this call, including statements relating to our expected future business and financial performance, may be considered forward-looking statements according to the Private Securities Litigation Reform Act.
Forward-looking statements, by their nature, address matters that are to different degrees, uncertain. These uncertainties, which are described in more detail in the annual and quarterly reports that we filed with the SEC, may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law.
I'd also like to remind you that you can find a reconciliation of the non-GAAP financial measures that we plan to discuss this morning at the end of our press release, a copy of which we've posted in the Investors section of our website at archrsc.com.
Also participating on this morning's call will be Paul Lang, our CEO; John Drexler, our President; and Matt Giljum, our CFO. After our formal remarks, we'll be happy to take questions.
With that, I'll now turn the call over to Paul. Paul?
Paul Lang
Thanks Deck and good morning everyone. We appreciate your interest in Arch and are glad you could join us on the call this morning.
I'm pleased to report that during the second quarter, Arch continues to drive forward with our clear and consistent plan for long-term value creation growth. During the quarter, the team achieved adjusted EBITDA of $60 million, set a quarterly production record in our core metallurgical segment, while driving ahead with the development of our second longwall distributor itself, where we expect substantially more favorable considerations.
Shipped 2 million tons of coking coal despite significant logistical challenges, stemming from the tragic collapse of the Francis Scott Key Bridge, paid down an incremental $13 million of debt, giving us a net cash positive position of $26 million.
And worked to right-size the operating activities in our thermal segment, setting the stage for cash generation at these operations in the back last year. In addition, in a particular note, we deployed an incremental $19.6 million in our capital return program during the second quarter, even in the face that we just discussed logistical challenges and a subdued near-term market environment....
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Arch Resources, Inc. (ARCH) Q2 2024 Earnings Call Transcript