Units of coal miner Alliance Resource Partners (NASDAQ: ARLP) were lower by as much as 10.5% today. That said, by roughly 3:30 p.m. EDT the master limited partnership (MLP) had pared the loss to just 7% or so. The main driver here was earnings, but the news wasn't all bad -- just more bad than good.
Revenues in the first quarter of 2021 were lower by roughly 9% year over year, driven by a nearly 6% volume decline and a 3% drop in pricing. On the smaller, but growing, royalties side of the business, revenues were off about 1%, with a notable drop in its oil and natural gas results. In other words, not much was working for Alliance Resource Partners in the first quarter. However, one-time charges in the year-ago period allowed the partnership to shift from a unit loss of $1.14 in the first quarter of 2020 to a profit of $0.19 per unit in the first quarter of 2021.
Image source: Getty Images.
For further details see:
Why Alliance Resource Partners Fell as Much as 10.5% Today