Ramaco Resources climbs on surprise Q1 profit, higher production outlook
13/05/2021 15:58
** Shares of metallurgical coal miner METC.O rise 17.7% to
$4.91, their biggest daily pct gain since March 13 last year
** Co posts surprise Q1 adj EPS of 10 cents vs Refinitiv est
for loss of 1 cent/shr; however, rev of $43.46 mln misses
expectations of $46.36 mln
** Adj EBITDA of $11.54 mln also higher than Street est.
** Co's cash margins increase of 650% q-o-q was due to
higher revenue per ton sold, coupled with significantly lower
cash mine costs of $59/ton urn:newsml:reuters.com:*:nPn7td1Qja
** METC sold 422,000 tons, while it produced 577,000 tons of
coal for second quarter delivery to customers served by the
Great Lakes shipping routes, which are generally closed in Q1
due to weather
** Co raises its outlook on FY21 production to 2.1 mln-2.4
mln tons, from 1.9 mln to 2.4 mln tons
** Three of 5 brokerages rate the stock "buy" and 2 "hold";
their median PT is $4.75 - Refinitiv data
** Shares up 44.8% for the year
(Reporting by Devik Jain in Bengaluru)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))