Armstrong Energy has announced results for 2Q15 and 1H15 with revenue from coal sales of US$93.1 million and US$189.5 million, respectively, down 19.9% and 16.6% from comparable periods of 2014.
Adjusted EBITDA for 2Q15 was 43.2% higher than comparable periods of last year, however, at US$23.5 million; adjusted EBITDA for 1H15 was 13.9% higher than comparable periods of last year at US$36.7 million.
Costs of coal sales for 2Q15 was 26.3% lower than comparable periods of last year, at US$70.2 million, and cost of coal sales for 1H15 was 19.6% lower than comparable periods in the previous year, at US$149 million.
Armstrong Energy’s short-term outlook predicts production to be lower than actual production during 2014, due to the closure of the Lewis Creek underground mine. Lower sales are anticipated due to lower utility demand. As of 31 July 2015, Armstrong has 8.4 million t priced and committed for 2015, averaging at US$46.32 per t.
New Underground Mine
Underground mine development is continuing at Armstrong’s Parkway mine complex in order to extract coal from the West Kentucky #8 seam. Completion is anticipated during 3Q15. Annual capacity at the mine is expected to be expanded to approximately 2.4 million t.
Edited from press release by Angharad Lock
Read the article online at: https://www.worldcoal.com/coal/18082015/armstrong-energy-earnings-up-over-40-in-2q15-2744/