Westmoreland Coal Company (Nasdaq:WLB) has reported financial results for the first quarter 2017 and reiterated its 2017 guidance.
- Revenues of US$339.7 million from 12.4 million short t sold.
- Net loss applicable to common shareholders of US$36.8 million, or US$1.98 per share.
- Adjusted EBITDA of US$88.2 million, including approximately US$47 million accelerated from the Capital Power payment.
- Cash flow used in operating activities of US$0.7 million.
- Free cash flow of US$42.6 million, which also includes the accelerated Capital Power payment.
“We remain on track to achieve our full year guidance, despite a challenging first quarter,” said Westmoreland Chief Executive Officer, Kevin Paprzycki. “Our adjusted EBITDA and cash flow were impacted during the quarter by low weather-related demand. We also performed dragline repairs and worked through some challenging parts of our mine plan. Our operators took proactive steps to minimise the impact of these headwinds, and I’m pleased that we now have these factors behind us. This quarter’s results demonstrate the resiliency of our model in that, despite an unusual set of challenges, we produced positive free cash flow.”
Read the article online at: https://www.worldcoal.com/mining/16052017/westmoreland-reports-1q17-results-and-reiterates-full-year-guidance/