Alpha Metallurgical Swings To Profit In Q4; Authorizes Up To $150 Mln Share Buyback

(RTTNews) - Alpha Metallurgical Resources, Inc. (AMR) reported on Monday a fourth-quarter net income of $257.45 million or $13.45 per share, compared to a net loss of $100.15 million or $5.47 per share in the prior-year quarter.

Net income from continuing operations was $254.5 million or $13.30 per share, compared to a net loss of $55.1 million or $3.00 per share in the year-ago quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $11.43 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter soared to $828.22 million from $323.85 million in the same quarter last year. Analysts expected revenue of $725.75 million for the quarter.

Looking ahead to fiscal 2022, the company expects total shipments be in the range of 15.4 million to 17.0 million tons.

Alpha also announced that its board of directors authorized a share repurchase program allowing for the expenditure of up to $150 million for the repurchase of the company's common stock. The share repurchase program is effective immediately and repurchases may begin as soon as March 9, 2022.