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Ramaco Resources, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $167.4 million from $186.9 million in the same quarter the previous year. This decrease is attributed to a decline in metallurgical coal prices.
Cost of sales for the quarter was $134.7 million, representing 81% of sales, compared to 77% in the same quarter of the previous year. This increase in cost ratio is due to the decrease in coal prices.
The company reported a net loss of $239,000 for the quarter, compared to a net income of $19.5 million in the previous year.
Adjusted EBITDA for the quarter was $23.6 million, down from $45.4 million in the previous year. The decline is attributed to lower coal prices and reduced operating income.
Ramaco had cash and cash equivalents of $22.9 million as of September 30, 2024. The company maintains a revolving credit facility with $57.9 million of remaining availability.
The filing also details various financial agreements, including an amended revolving credit facility with a maturity date of May 3, 2029, and an increased aggregate revolving commitment of $200 million.
Ramaco does not anticipate any changes to its dividend policy, with total cash dividends paid for the nine months ended September 30, 2024, amounting to $24.5 million.
The company identified a material weakness in its internal controls over financial reporting related to insufficient documentation of accounting policies and procedures.
Ramaco continues to focus on developing its metallurgical coal properties and exploring potential opportunities in rare earth elements and critical minerals in Wyoming.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ramaco Resources Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.