Alpha Metallurgical Q3 Results Miss Estimates; Boosts Dividend, Share Buyback Authorization
(RTTNews) - Alpha Metallurgical Resources, Inc. (AMR) reported on Monday a third-quarter net income of $252.82 million or $14.27 per share, sharply higher than $83.26 million or $4.40 per share in the prior-year quarter.
Net income from continuing operations soared to $251.84 million or $14.21 per share from $83.26 million or $4.43 per share in the year-ago quarter.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $16.81 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter surged to $869.77 million from $648.84 million in the same quarter last year. Analysts expected revenue of $931.23 million for the quarter.
Looking ahead to fiscal 2022, the company continues to expect total shipments be in the range of 15.6 million to 17.2 million tons.
On November 4, 2022, Alpha's board of directors declared a quarterly cash dividend payment of $0.418 per share, increased from the prior level of $0.392 per share, which will become payable on January 3, 2023 for holders of record as of December 15, 2022.
Alpha's board also declared a one-time, special dividend of $5.00 per share, also payable on January 3, 2023 for holders of record as of December 15, 2022.
Further on November 4, Alpha's board increased its previous $600 billion share buyback authorization by $400 million, bringing the total authorization to $1 billion.
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