AMR

On August 7, Alpha Metallurgical Resources (NYSE:AMR) held its second-quarter earnings call, and the numbers told a rougher story than investors likely wanted to hear. Adjusted EBITDA fell to $25.6 million from $30 million in the first quarter, while shipments slipped to 3.5 million tons from 3.6 million. Management also trimmed full-year shipment guidance and raised its cost outlook, all while dealing with storm damage at a key export terminal. Even with a softer quarter, Alpha kept its financial footing. Cash from operating activities rose to $39.9 million from $29 million in the first quarter, and the company ended June with $447.8 million in total liquidity. The Met segment's cost of coal sales actually dropped to $103.07 per ton from $107.98, and incidental thermal realizations climbed to $79.36 per ton from $69.41. Pricing commitments look solid too. Alpha has 70% of its 2026 met tonnage committed and priced at an average of $128.17 per ton, with another 30% committed but not yet priced, and its thermal byproduct is fully locked in at $75.94 per ton. Management also pointed to a narrowing gap between Australian and US coal pricing, with the Australian Premium Low-Vol index sitting roughly 14% above US East Coast Low-Vol, down from a 23% gap in May, a trend that could favor domestic producers like Alpha if it holds. The headwinds are hard to ignore. Full-year shipment guidance dropped to a range of 14.2 million to 15.4 million tons, a cut of about 1 million tons at the midpoint, driven by weak met markets and a damaged stacker reclaimer at the DTA export terminal. That machine was hit by winds over 80 miles per hour during a storm on June 14, and management has no definitive timeline for full repairs, though an insurance claim has been filed. Cost guidance rose to $103 to $107 per ton, up $7 at the midpoint, largely because of higher diesel and supply costs tied to the Iran war. Realizations also cooled across the board, with total weighted average met pricing falling to $124.30 per ton from $128.40, and total liquidity slipped to $447.8 million from $476.2 million at the end of March. Since the quarter closed, the Australian Premium Low-Vol index has dropped another 12% to $214.30 per metric ton as of August 6, while US indices have stayed mostly flat. Hedge fund ownership fell from 39 funds to 30, a drop that points to institutions pulling back rather than adding. Short interest sits at 19.15% of float, a level that signals heavy skepticism among traders betting against the stock. That combination suggests the market is watching closely for a catalyst in either direction. Alpha is navigating a stretch where cost discipline and pricing commitments are colliding with storm damage and a soft met coal market. The narrowing spread between Australian and US coal prices could work in the company's favor if global steel demand firms up. But for that thesis to hold, DTA's terminal capacity needs a clear repair timeline, and shipment volumes need to stabilize. While we acknowledge the potential of AMR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Future Stocks to Buy Under $10 and 12 Best Performing Semiconductor Stocks to Invest In. Disclosure: None. Follow Insider Monkey on Google News.

Image source: The Motley Fool. Friday, Aug. 7, 2026 at 10:00 a.m. ET Senior Vice President, Investor Relations and Communications - Emily O’Quinn Chief Executive Officer - Andy Eidson Chief Financial Officer - Todd Munsey President and Chief Operating Officer - Jason Whitehead Chief Commercial Officer - Dan Horn Operator: Greetings, and welcome to the Alpha Metallurgical Resources Second Quarter 2026 Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Emily O'Quinn, Senior Vice President, Investor Relations and Communications. You may now begin. Emily O'Quinn: Thank you, Rob, and good morning, everyone. Before we get started, let me remind you that during our prepared remarks, our comments regarding anticipated business and financial performance contain forward-looking statements, and actual results may differ materially from those discussed. For more information regarding forward-looking statements and some of the factors that can affect them, please refer to the company's second quarter 2026 earnings release and the associated SEC filing. Please also see those documents for information about our use of non-GAAP measures and their reconciliation to GAAP measures. On the call today, I'm joined by Alpha's Chief Executive Officer, Andy Eidson; and Chief Financial Officer, Todd Munsey, who will provide prepared remarks. Also participating on the call are our President and Chief Operating Officer, Jason Whitehead; and our Chief Commercial Officer, Dan Horn. Following our prepared remarks, we will be available to answer questions. With that, I'll turn the call over to Andy. Charles Eidson: Thanks, Emily. Good morning, everyone. Today, we released our definitive second quarter financial results, which included adjusted EBITDA of $25.6 million and 3.5 million tons shipped. We closed out the first half of 2026 with fewer tons shipped and higher costs than expected. Given our performance to date and our outlook for the rest of the year, we recently issued new guidance ranges for shipment volumes and cost of coal sales. Looking at the cost first, we increased our midpoint of guidance by $7 per ton as compared to our early estimations. This increase is largely due to higher costs on supplies and materials, including diesel. As we communicated last quarter, the impact of the Iran war has resulted in dramatic fluctuations and significant increases to our diesel spend. Other mining supplies have also increased in cost. We're projecting the need to spread these elevated costs across slightly fewer tons overall for the year, and all of these factors are incorporated in our new cost guidance range of $103 to $107 per ton. In terms of sales volumes, we brought down the midpoint of the guidance by 1 million tons for the year as compared to our initial expectations. Several factors informed our decision-making here, including continued met market weakness. The new range of 14.2 million to 15.4 million tons not only incorporates our lighter-than-usual shipment performance in the first half, but it also accounts for a reduced efficiency rate at DTA. As we previously announced, one of the 2 stacker reclaimer machines at DTA sustained significant damage during a storm on June 14. High winds reached over 80 miles per hour during the weather event, resulting in significant harm to the machine. The team at DTA has been exceptional working diligently to safely and resourcefully keep as much coal moving through the terminal as possible while simultaneously working through various processes with third-party equipment providers, structural engineers and the terminal's insurance carrier. DTA has also filed an insurance claim because of the storm damage. The plans for returning the terminal to full operational capacity hinge on many processes that are still underway, so we don't have a definitive time line to share just yet. We remain engaged in discussions with our partners at Core Natural Resources and DTA's leadership as appropriate to help advance those processes and gain clarity on the path ahead. In the meantime, we're very pleased with their efforts to keep the coal moving and expect to be able to mitigate isolated delays in coal handling that will normally been accomplished by the damaged stacker reclaimer. Our new shipment guidance range, for example, contemplates a continuation of the currently reduced operational capacity at DTA. It also reflects our ability to utilize throughput availability at other East Coast terminals. In summary, we're appreciative of DTA leadership and the way they have quickly established alternate workflows to maximize the terminal's capabilities under these unfortunate circumstances. We will provide updates as appropriate once longer-term plans are solidified. Our views on the met coal markets remain largely unchanged since last quarter as we continue to see weakness driven by sluggish global steel demand. The U.S. East Coast indexes have hardly moved. And in recent weeks, the Australian PLV has begun to retreat. With its latest movement, the spread between Aussie PLV and U.S. East Coast low-vol has tightened with the PLV roughly 14% higher than U.S. East Coast low-vol as compared to about 23% higher when we announced first quarter earnings in May. The further $32 drop from U.S. East Coast low-vol down to U.S. East Coast High-Vol A sits at about 20% as compared to 22% a quarter ago. We continue to believe that this is unsustainable. As I wrap up my prepared remarks, I want to congratulate several of our West Virginia operations on the recognition by the Holmes Safety Association. 13 of our mines, plants and docks were given awards for their outstanding performance in 2025. Additionally, our outstanding mine rescue teams have brought home top honors in numerous category competitions as well as overall championships at 2 mine rescue contests this summer. We're proud of your accomplishments and grateful for your commitment to this important work. I will now turn the call over to Todd for a review of our second quarter financial results. Todd Munsey: Thanks, Andy. Adjusted EBITDA for the second quarter was $25.6 million, down from $30 million in the first quarter. We sold 3.5 million tons in Q2, down from 3.6 million tons in Q1. Met segment realizations decreased quarter-over-quarter with an average realization of $118.71 in the second quarter compared to $124.39 in the first quarter. Export met tons priced against Atlantic indices and other pricing mechanisms in the second quarter realized $109.08 per ton, while export coal priced on the Australian indices realized $143.82 per ton. These results are compared to realizations of $110.32 per ton and $144.95, respectively, in the first quarter. Realization for our metallurgical sales in the second quarter was a total weighted average of $124.30 per ton, down from $128.40 per ton in Q1. Realizations in the incidental thermal portion of the Met segment increased to $79.36 per ton in the second quarter, up from $69.41 per ton in Q1. Cost of coal sales for our Met segment decreased to $103.07 per ton in Q2, down from $107.98 per ton in the first quarter. For the second quarter, SG&A, excluding noncash stock compensation and nonrecurring items increased to $13.7 million as compared to $13.5 million in the first quarter. Moving to the balance sheet and cash flows. As of June 30, we had $307.6 million in unrestricted cash and $30.9 million in short-term investments as compared to $317.2 million of unrestricted cash and $49.6 million in short-term investments as of March 31. We had $184.3 million in unused availability under our ABL at the end of the second quarter, partially offset by a minimum required liquidity of $75 million. As of the end of June, Alpha had total liquidity of $447.8 million, down from $476.2 million at the end of March. CapEx for the second quarter was $45.1 million, up from $40.7 million in Q1. Cash provided by operating activities was $39.9 million in the second quarter, up from $29 million in the first quarter. As of June 30, our ABL facility had no borrowings and $40.7 million of letters of credit outstanding. In terms of our committed position for 2026, at the midpoint of guidance, 70% of our metallurgical tonnage in the Met segment is committed and priced at an average price of $128.17. Another 30% of our met tonnage for the year is committed, but not yet priced. The thermal byproduct portion of the Met segment is fully committed and priced at the midpoint of guidance at an average price of $75.94. From a market perspective, metallurgical coal markets were subdued in the second quarter. Continued uncertainty and volatility resulting from the war in Iran and broader global economic conditions influenced markets alongside persistently weak steel demand. The Australian PLV index increased from $236.80 per metric ton on April 1 to $243.50 on June 30. The U.S. East Coast Low-Vol index dropped from $195 per metric ton in early April to $190 by the end of June. The U.S. East Coast High-Vol Index decreased from $159.50 per metric ton at the beginning of the quarter to $157 at the quarter's close. And the U.S. East Coast High-Vol B Index declined from $149.50 per metric ton to $147 at the end of the quarter. Since then, the Australian Premium Low-Vol Index has decreased to $214.30 per metric ton as of August 6, representing a drop of roughly 12% since quarter close. The U.S. East Coast indices are stagnant with Low-Vol at $188 per ton, virtually flat to the quarter end level. The U.S. East Coast High-Vol A and High-Vol B indices are also largely unchanged from quarter close at $156 and $146.50 per ton, respectively, as of August 6. In the seaborne thermal market, the API 2 index was $117.80 per metric ton at the beginning of April, decreased to $115.65 at the end of June. Since then, the API 2 index is roughly flat at $115.75 as of August 6. With that, operator, we are now ready to open the call for questions. Operator: [Operator Instructions] First question comes from Nick Giles with B. Riley Securities. Nick Giles: Maybe first, just on DTA. It sounds like there are still a fair few unknowns, but just curious how you might quantify the kind of optimization that you can achieve with just one stacker reclaimer? And how much of that optimization could we see show up in maybe 3Q versus further improvements in 4Q as kind of temporary fixes are installed, if you will? Charles Eidson: Nick, it's Andy. Yes, I think the folks at Core did a pretty good job answering this question yesterday. And we'll -- our view is exactly the same. There's a lot of moving parts here up to and including insurance settlements and really engineering work if you've ever been to DTA and you just see the scale and the size of these machines and the amount of damage that is sustained. It's a pretty big undertaking to figure this out and try to optimize. So I can't give you any specifics. But again, I think our revised guidance covers what we believe we can accomplish. Hopefully, there may be a little bit of upside to that, but a lot of it is going to depend on how quickly we can get just the logistics worked out and moving the damaged SR off of the current plot, moving it over to a yard where it can be disassembled and we can start to work on just clearing out the space so we can start moving pieces around. But the team down there has done a fantastic job handling the situation and keeping us as efficient as possible. But we are -- I mean, we are seeing some reduced efficiency and some throughput. But as I said, that's all reflected in our guidance for the rest of the year. Nick Giles: Understood. And sorry to stay on the topic. But just do you have any initial sense for if there was 100% utilization with both stacker reclaimers, kind of what utilization you could achieve with just one as we look out to 2027? Charles Eidson: No. I mean that's an unanswerable question, Nick. We don't have any plans to contemplate it that way. We're devising those as we go. So yes, really, it's going to be a while before I could tell you that. Nick Giles: Understood. No, fair enough. Maybe just switching gears on the cost side. Costs are obviously impacted from DTA and from the kind of higher diesel prices as well. But are there any areas where you're seeing relief or any kind of further efforts that you can do operationally just to drive costs lower? Charles Eidson: Yes, we are. I mean, right now, it's more just looking at the portfolio. And obviously, the guidance reduction was looking at whether it's something as simple as schedule changes versus surface mines are easier to ramp up or ramp down based on the situation. So we're continuing to look through that and see what tons are most at risk. And it's not always just about cost. It's about margin. That's the number that we're worried about. So if you've got a low-cost mine that is achieving a very low realization, and it needs to be at risk rather than something that's higher cost but achieves higher margins. So we continue to go through that and evaluate the portfolio to see what other actions that could be taken. And of course, Jason and his team always have a couple of tricks up their sleeve as far as identifying efficiencies or areas where costs can be taken out. So we'll just let that develop as the rest of the year moves on. Operator: [Operator Instructions] Our next question comes from Nathan Martin with The Benchmark Company. Nathan Martin: I was hoping we could get your thoughts on shipping cadence for the balance of the year. What gets you to the high or the low end of your new guidance? And then how long does the shipment guidance assume the damaged DTA stacker reclaimer remains out of commission? Charles Eidson: Well, by the way, I'll take those in reverse order. Obviously, our guidance runs through the end of the year. So that's the assumption. And as far as the cadence, I would -- I mean, if you take just the pro rata for the back half of the year and look at our typical seasonal trends between Q3 and Q4, I think that would probably apply. And there's been a little bit of back and forth that timing could get us. We are in concert with this market, we're seeing some of our customers pushing back on some cargoes. So that could flip a boat from one quarter into the next. But I think generally speaking, our seasonal trend will probably still apply just at a lower overall rate. Nathan Martin: Appreciate that, Andy. That's helpful. And then maybe a question for Dan. I noticed in your updated committed and priced table, the domestic tonnage declined, I think, to 3.8 million from 4.1 million previously. First, I was just hoping to get some color on that. Daniel Horn: Yes, Nate, this is Dan. The domestic piece, we had some customers that had some optionality built in there are some options they can declare or not declare. They were -- some of those were not declared. But generally speaking, we're shipping more or less what we thought. That happens most every year. There's some optionality built into our domestic contracts that as the year progresses, they either nominate them or don't nominate them. And this year, they didn't nominate them. So that's the main reason. Nathan Martin: Got it, Dan. That makes sense. Appreciate that. And then while I have you, it looks like you guys still have about 30% of your Met tons that are committed but still unpriced. How should we think about the quality mix of what you guys have left to sell for the year and which markets you expect those committed tons to move into? Daniel Horn: Well, Nate, it's all of the above, frankly. They're going to -- some are going to go to Aussie. I would apply the same percentages that we've already stated in there to those tons, too. They tend to be some to Europe, some to Asia and the domestic. That ratio doesn't -- I don't expect it would change a lot. There's not a lot of spot opportunities. We don't have a whole lot, as you can see from our committed and uncommitted, we don't have a whole lot of spot tons left anyway. So they're going to ship under the term contracts to the known markets. Operator: Our next question comes from Matthew Key with Texas Capital Securities. Matthew Key: I just have a quick one on the macro just regarding High-Vol A pricing. What do you think needs to happen to get some momentum there? Do you think this is mostly just a supply-driven story? I mean we just see some volume get taken offline? And also, is that something that you would be considering kind of as we get to 2027 if the market doesn't improve kind of from these levels? Charles Eidson: Yes. I'll let Dan throw in his thoughts on the gory details. But generally speaking, I don't know that this is -- yes, the supply has grown a bit. We have seen some tons coming off through the first half of the year from some of the smaller producers, particularly in Central Appalachia. But it still seems like this is a demand story until the global economy kicks into gear. That's going to be the point of inflection, I don't think anyone can cut enough production at this point to get pricing where it needs to be. So -- but that being said, we always look at our portfolio, the cuts that have been made, the schedule changes, those kinds of things have been focused on the lower rank coals, the High-Vol Bs particularly and some High-Vol As where appropriate. But Dan, your thoughts on the market. Daniel Horn: Yes. I mean, I think Andy nailed it pretty well. Everyone knew there was going to be High-Vol supply coming on. But at the same time, everybody expected the steel market globally to be stronger than it is today. And that a normal seaborne coal market would have absorbed those High-Vol tons. There's something like 500,000, maybe probably a little more of new High-Vol tons that are being produced each month that weren't being produced a year or 2 ago. And those 3 or 4 or 5 vessels per month are finding homes in the spot market at low realizations in Asia, largely by the -- being sold by the longwall mines. We've stayed away from most of those low-priced opportunities. We sell into our better markets. And frankly, some of our higher BTU High-Vol B tons we were moving into the thermal market at basically the same realizations. We're taking advantage of an improved thermal market to move some tons as well. So wasn't a surprise that the supply would be increasing. I guess a bit of a surprise is that the global economy is a little weaker and particularly due to the steel exports out of China, they continue to hurt our markets in South America and around the world with cheaper imported steel. We need our customers to produce more steel, frankly. Matthew Key: Got it. And just kind of a follow-up on that. Are there any kind of additional levers that you could pull to adjust your sales mix at all, like maybe to a slightly heavier weighting in Low-Vol versus High-Vol A or any other kind of adjustments you could do there? Daniel Horn: Yes, Matthew, I guess you're my straight man. We have a new mine coming online, Wildcat that is in production now and be ramping up over the course of Q3 and Q4. And absolutely, our mix will shift into more low vol. We've had that on our drawing board now for a couple of years, and it's finally rolling out. So short answer is yes. Operator: We have an additional question from Nick. Nick Giles: I just wanted to ask about domestic negotiations, which I assume are underway. I mean U.S. prices have been weaker year-on-year, but I imagine that we're kind of getting close enough to the cost curve that maybe there's some resilience there. So just curious if you had any comments on that thus far. Daniel Horn: Not particularly, Nick, at this point. I mean everything said is correct. We've -- the price -- the domestic prices have gone down in the last couple of years. So if you take a look at our customers, the years they're having, they're producing steel and selling it at some pretty high numbers this year. And we hope that we'll participate in some of that uplift in the market next year. Nick Giles: And maybe just on that point on the Low-Vol side, I mean, do you see any material change in mix that you would be willing to send domestic versus preserving the optionality for just kind of the better Low-Vol prices in the seaborne market? Daniel Horn: Not particularly. I think we'll -- as we wade into the negotiations, we'll see where the customers' interests are, where they align and where they don't. We really don't have a fixed number of all, let's sell this much high vol, this much low vol. We have a new mine that we're interested in shipping some of that to customers, obviously. But no, I don't -- I think we'll -- we have to hear from the customers and hear what their requirements are first. So it's really premature to get into what that mix will look like. Charles Eidson: I will add -- let me just add that -- I'll just add that the demand seems to be good with as many blast furnaces in North America are running, the demand for coke should be pretty good this year, and therefore, the demand for coking coal should be good. So we would expect probably in that kind of environment, they'll use more low vol in their mixes to produce higher quality coke in shorter coking times. That's typically what happens in these years. Operator: We have reached the end of the question-and-answer session. I will now turn the call over to Andy Eidson for closing remarks. Charles Eidson: Well, thank you all for your interest in Alpha and for joining our call this morning. We hope you all have a great weekend. Talk to you next quarter. Operator: This concludes today's conference. You may disconnect your lines at this time. And we thank you for your participation. Before you buy stock in Alpha Metallurgical Resources, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Alpha Metallurgical Resources wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Alpha Metallurgical Resources (AMR) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Alpha Metallurgical Resources Inc (NYSE:AMR) successfully reduced its Met segment cost of coal sales to $103.07 per ton in Q2, down from $107.98 per ton in Q1. The company maintains a strong liquidity position with $447.8 million in total liquidity, including $307.6 million in unrestricted cash and no borrowings on its ABL facility. Alpha Metallurgical Resources Inc (NYSE:AMR) has a high level of commercial commitment, with 70% of its 2026 metallurgical tonnage priced at an average of $128.17 per ton and the thermal byproduct portion fully committed and priced. The company is strategically shifting its sales mix toward higher-margin low-volatile coal with the new Wildcat mine ramping up production in Q3 and Q4. Alpha Metallurgical Resources Inc (NYSE:AMR) is actively managing its portfolio by prioritizing margin over cost, adjusting schedules, and leveraging improved thermal market realizations for some high-BTU coal. The DTA team has been effective in mitigating the impact of the damaged stacker reclaimer by establishing alternate workflows and filing an insurance claim for the storm damage. Alpha Metallurgical Resources Inc (NYSE:AMR) experienced a decline in adjusted EBITDA to $25.6 million in Q2, down from $30 million in Q1, due to lower shipments and higher costs. The company increased its cost of coal sales guidance midpoint by $7 per ton to $103-$107, driven by higher diesel prices from the Iran war and increased costs for other mining supplies. Shipment volume guidance was reduced by 1 million tons at the midpoint to 14.2-15.4 million tons due to continued market weakness and reduced operational capacity at DTA. The DTA stacker reclaimer damage from a June storm has created significant uncertainty, with no definitive timeline for full operational capacity restoration and reduced efficiency impacting throughput. Met coal markets remain weak with sluggish global steel demand, and the Australian PLV index has dropped 12% since quarter close, while US East Coast indices remain stagnant. Domestic customers declined to exercise optionality in contracts, reducing committed domestic tonnage from $4.1 million to $3.8 million. Warning! GuruFocus has detected 2 Warning Signs with AMR. Is AMR fairly valued? Test your thesis with our free DCF calculator. Q: Regarding the damaged stacker reclaimer at DTA, how might you quantify the optimization achievable with just one machine, and how much of that could show up in Q3 versus Q4 as temporary fixes are installed? A: Andy Edson (CEO): There are many moving parts, including insurance settlements and engineering work, given the scale of the machines. We can't provide specifics, but our revised guidance covers what we believe we can accomplish. There may be some upside, but it depends on how quickly we can move the damaged machine and clear space. The team has done a fantastic job, but we are seeing reduced efficiency, which is reflected in our guidance. Q: What is the shipping cadence for the balance of the year, and what gets you to the high or low end of your new guidance? How long does the guidance assume the DTA stacker reclaimer remains out of commission? A: Andy Edson (CEO): Our guidance runs through the end of the year, so that's the assumption. For the back half, typical seasonal trends between Q3 and Q4 should apply, just at a lower overall rate. We're seeing some customers push back on cargo, which could flip a boat from one quarter to the next, but generally, seasonal trends will hold. Q: Regarding high-vol pricing, what needs to happen to get momentum? Is this a supply-driven story, and would you consider taking volume offline for 2027 if the market doesn't improve? A: Andy Edson (CEO) and Dan Horn (Chief Commercial Officer): This is primarily a demand story until the global economy kicks into gear. Supply has grown, with new high-vol tons finding homes at low realizations in Asia. We've stayed away from those low-priced opportunities and moved some higher-BTU tons into the thermal market. The surprise is the weaker global economy and Chinese steel exports hurting our markets. We need customers to produce more steel. Q: Are there any additional levers to adjust your sales mix, such as shifting to a heavier weight in low-vol versus high-vol A? A: Dan Horn (Chief Commercial Officer): Yes, we have a new mine coming online, Wildcat, which is in production now and ramping up over Q3 and Q4. Our mix will shift into more low-vol, which we've had on the drawing board for a couple of years. Short answer is yes. Q: Can you provide thoughts on domestic negotiations, given weaker US prices year-on-year but being close to the cost curve? A: Dan Horn (Chief Commercial Officer): Domestic prices have gone down in the last couple of years, but our customers are producing steel and selling it at high numbers this year. We hope to participate in some of that uplift next year. It's premature to discuss mix, but with many blast furnaces running in North America, demand for coke and coal should be good, likely leading to more low-vol usage in their mixes. Q: On the cost side, are there any areas of relief or further operational efforts to drive costs lower? A: Andy Edson (CEO): We're looking at the portfolio and making schedule changes, particularly at surface mines which are easier to ramp up or down. It's not just about cost but marginlow-cost mines with low realizations are at risk. We continue to evaluate the portfolio and Jason's team is identifying efficiencies to take costs out as the year progresses. Q: The domestic tonnage in the committed and priced table declined to $3.8 million from $4.1 million. Can you provide color on that? A: Dan Horn (Chief Commercial Officer): Some domestic customers had optionality built into their contracts, which they could declare or not. This year, they didn't nominate those options. Generally, we're shipping more or less what we thought, and this happens most years as optionality is either nominated or not. Q: With about 30% of met tons committed but unpriced, how should we think about the quality mix left to sell and which markets those tons will move into? A: Dan Horn (Chief Commercial Officer): It's all of the abovesome will go to Aussie, Europe, Asia, and domestic, with the same percentages we've already stated. There's not a lot of spot opportunities, as we don't have many spot tons left. They'll ship under term contracts to known markets. Q: Do you see any material change in mix you'd be willing to send domestic versus preserving optionality for better low-vol prices in the seaborne market? A: Dan Horn (Chief Commercial Officer): Not particularly. As we enter negotiations, we'll see where customers' interests align. We don't have a fixed number for high-vol versus low-vol. We have a new mine we're interested in shipping to customers, but we need to hear their requirements first. Demand seems good with many blast furnaces running, so we'd expect more low-vol usage for higher quality coke. Q: With 100% utilization of both stacker reclaimers, what utilization could be achieved with just one looking out to 2027? A: Andy Edson (CEO): That's an unanswerable question at this point. We don't have any plans that contemplate it that way, and we're devising those as we go. It will be a while before we can provide that information. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Reports second quarter net loss of $12.3 million and Adjusted EBITDA of $25.6 million BRISTOL, Tenn., August 7, 2026 /PRNewswire/ -- Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today reported financial results for the second quarter ending June 30, 2026. "Due to several factors, we closed out the first half of 2026 with fewer tons shipped and higher costs than expected," said Andy Eidson, Alpha's chief executive officer. "Those realities are evident in our second quarter results, and they informed our decision to release adjusted guidance ranges for sales volumes and cost of coal sales. We continue to engage with terminal leaders at Dominion Terminal Associates (DTA) to address the high-wind storm damage that occurred in June. Our reduced sales volume guidance for the balance of the year incorporates our expectations of reduced efficiency at DTA, which we plan to mitigate in part by utilizing our throughput capacity at other East Coast terminals. Once the insurance claims process advances, alongside conversations with third party equipment providers, terminal leadership should gain additional clarity regarding the longer-term plan for replacing the stacker reclaimer. In the immediate term, however, we remain appreciative of the cooperation from DTA leaders in working through these challenges and their resourcefulness in keeping the terminal running as well as possible under the circumstances." Eidson continued: "With soft met market conditions persisting, our increased cost of coal sales guidance incorporates our expectation of fewer shipped tons for the year, together with the continuation of higher supply costs we've been experiencing." Financial Performance Alpha reported a net loss of $12.3 million, or $0.96 per diluted share, for the second quarter, as compared to net loss of $11.0 million, or $0.86 per diluted share, in the first quarter. Total Adjusted EBITDA was $25.6 million for the second quarter, compared to $30.0 million in the first quarter. Coal Revenues Coal Sales Realization(1) Second quarter net realized pricing for the Met segment was $118.71 per ton. The table below provides a breakdown of our Met segment coal sold in the second quarter by pricing mechanism. Cost of Coal Sales Alpha's Met segment cost of coal sales decreased to an average of $103.07 per ton in the second quarter, compared to $107.98 per ton in the first quarter. Liquidity and Capital Resources Cash provided by operating activities in the second quarter increased to $39.9 million as compared to $29.0 million in the first quarter. Capital expenditures for the second quarter were $45.1 million compared to $40.7 million for the first quarter. As of June 30, 2026, the company had total liquidity of $447.8 million, including cash and cash equivalents of $307.6 million, short-term investments of $30.9 million, and $184.3 million of unused availability under the asset-based revolving credit facility (ABL), partially offset by a minimum required liquidity of $75.0 million as required by the ABL. As of June 30, 2026, the company had no amounts borrowed and $40.7 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion of long-term debt as of June 30, 2026, was $11.4 million. Share Repurchase Program As previously announced, Alpha's board of directors authorized a share repurchase program allowing for the expenditure of up to $1.5 billion for the repurchase of the company's common stock. As of July 31, 2026, the company had acquired approximately 7.0 million shares of common stock at a cost of approximately $1.2 billion, or approximately $166.29 per share. The number of common stock shares outstanding as of July 31, 2026 was 12,679,045, not including the potential effect of unvested equity awards. The timing and amount of share repurchases will be based on various factors, including but not limited to market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the company's debt agreements, and other factors. 2026 Operational Performance Update As of July 30, 2026, Alpha has committed and priced approximately 70% of its metallurgical coal for 2026 at an average price of $128.17 per ton. At the midpoint of guidance, Alpha's thermal coal is fully committed for the year at an average price of $75.94 per ton. Conference Call The company plans to hold a conference call regarding its second quarter results on August 7, 2026, at 10:00 a.m. Eastern time. The conference call will be available live on the investor section of the company's website at https://alphametresources.com/investors. Analysts who would like to participate in the conference call should dial 877-407-0832 (domestic toll-free) or 201-689-8433 (international) approximately 15 minutes prior to start time. About Alpha Metallurgical Resources Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha reliably supplies metallurgical products to the steel industry. For more information, visit www.AlphaMetResources.com. Forward-Looking Statements This news release includes forward-looking statements. These forward-looking statements are based on Alpha's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha's control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect Alpha. Except as required by law, Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur. See Alpha's filings with the U.S. Securities and Exchange Commission for more information. FINANCIAL TABLES FOLLOW Non-GAAP Financial Measures The discussion below contains "non-GAAP financial measures." These are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP" or "GAAP"). Specifically, we make use of the non-GAAP financial measures "Adjusted EBITDA," "non-GAAP coal revenues," "non-GAAP coal sales realization per ton," "non-GAAP cost of coal sales," "non-GAAP cost of coal sales per ton," "non-GAAP coal margin," and "non-GAAP coal margin per ton." In addition to net income (loss), we use Adjusted EBITDA to measure the operating performance of our reportable segment. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is presented because management believes it is a useful indicator of the financial performance of our coal operations. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, and idled and closed mine costs. Non-GAAP cost of coal sales per ton is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin is calculated as non-GAAP coal revenues less non-GAAP cost of coal sales. Non-GAAP coal margin per ton is calculated as non-GAAP coal margin divided by tons sold. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate our operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments and other factors. Included below are reconciliations of non-GAAP financial measures to GAAP financial measures. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows. INVESTOR & MEDIA CONTACT: EMILY O'QUINNInvestorRelations@AlphaMetResources.comCorporateCommunications@AlphaMetResources.com(423) 573-0369 View original content to download multimedia:https://www.prnewswire.com/news-releases/alpha-announces-financial-results-for-second-quarter-2026-302843848.html

Interested in Alpha Metallurgical Resources, Inc.? Here are five stocks we like better. Alpha Metallurgical Resources lowered its 2026 shipment outlook to 14.2–15.4 million tons after weak first-half volumes and reduced capacity at the Dominion Terminal Associates export facility. Second-quarter adjusted EBITDA fell to $25.6 million from $30 million in the prior quarter, while metallurgical coal volumes and realizations also declined amid sluggish global steel demand. The company raised its full-year cost-of-coal-sales guidance to $103–$107 per ton, citing higher diesel and mining-material costs; a storm-damaged stacker-reclaimer at DTA is expected to constrain operations through the rest of 2026. NANO Nuclear Energy: Short-Squeeze or Rapid Meltdown Ahead Alpha Metallurgical Resources (NYSE:AMR) reported second-quarter adjusted EBITDA of $25.6 million as metallurgical coal shipment volumes and realizations declined from the prior quarter, while the company lowered its full-year shipment outlook and raised its expected cost of coal sales. Chief Executive Officer Andy Eidson said the company shipped 3.5 million tons during the second quarter and ended the first half of 2026 with lower volumes and higher costs than it had anticipated. Alpha now expects annual shipments of 14.2 million to 15.4 million tons, reducing the midpoint of its prior outlook by 1 million tons. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth The revised guidance reflects weak metallurgical coal markets, lighter shipment performance during the first half and reduced operating efficiency at the Dominion Terminal Associates, or DTA, export terminal, Eidson said. One of DTA's two stacker-reclaimer machines sustained significant damage during a June 14 storm, when winds exceeded 80 miles per hour. The terminal has continued moving coal through alternative workflows, but Eidson said its capacity has been reduced and a timeline for returning to full operations has not yet been established. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High “The plans for returning the terminal to full operational capacity hinge on many processes that are still underway,” Eidson said. Those processes include work with third-party equipment providers, structural engineers and the terminal's insurance carrier. DTA has filed an insurance claim related to the damage. Alpha's updated guidance assumes the terminal will remain at its currently reduced operating capacity through the remainder of 2026, according to Eidson. The company also expects to use available throughput at other East Coast terminals to mitigate delays. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling During the question-and-answer session, Eidson said Alpha could not yet quantify the eventual utilization level of DTA with one stacker reclaimer or offer a longer-term outlook for 2027. He said repairs and logistics, including moving the damaged equipment for disassembly, remain under development. Alpha raised its full-year cost-of-coal-sales guidance to a range of $103 to $107 per ton. Eidson said the midpoint represents a $7-per-ton increase from the company's early estimates, driven primarily by higher costs for diesel, supplies and other mining materials. He cited price volatility associated with the war in Iran as a contributor to increased diesel spending. For the second quarter, however, metallurgical segment cost of coal sales fell to $103.07 per ton from $107.98 per ton in the first quarter, Chief Financial Officer Todd Munsey said. The company expects elevated costs to be spread across fewer annual tons under the revised guidance. Eidson said management continues to evaluate its portfolio for operational changes, including schedule adjustments and potential production changes. The company is weighing margins rather than production costs alone when considering which tons may be at risk, he said. Adjusted EBITDA declined from $30 million in the first quarter to $25.6 million in the second quarter. Sales volumes declined to 3.5 million tons from 3.6 million tons in the prior quarter. Metallurgical segment realizations averaged $118.71 per ton, compared with $124.39 per ton in the first quarter. Total weighted-average metallurgical sales realizations were $124.30 per ton, down from $128.40 per ton. Export metallurgical tons priced against Atlantic indices and other mechanisms realized $109.08 per ton, versus $110.32 per ton in the first quarter. Export tons priced against Australian indices realized $143.82 per ton, compared with $144.95 per ton in the prior quarter. Incidental thermal sales realizations increased to $79.36 per ton from $69.41 per ton. As of June 30, Alpha had $307.6 million in unrestricted cash and $30.9 million in short-term investments. Total liquidity was $447.8 million, down from $476.2 million at the end of March. The company had no borrowings under its asset-based lending facility and had $40.7 million in letters of credit outstanding. Second-quarter capital expenditures were $45.1 million, up from $40.7 million in the first quarter, while cash provided by operating activities increased to $39.9 million from $29 million. Management said its view of metallurgical coal markets was largely unchanged from the first quarter, with sluggish global steel demand continuing to pressure pricing. Eidson noted that the Australian premium low-volatility, or PLV, benchmark had begun to retreat, narrowing its premium over U.S. East Coast low-volatility coal. Munsey said the Australian PLV index rose from $236.80 per metric ton on April 1 to $243.50 at June 30, before declining to $214.30 per metric ton as of Aug. 6. U.S. East Coast low-volatility coal was at $188 per ton as of Aug. 6, while high-volatility A and B indices stood at $156 and $146.50 per ton, respectively. Chief Commercial Officer Dan Horn said increased high-volatility supply has coincided with weaker-than-expected global steel demand. He said Alpha has generally avoided lower-priced spot opportunities and has directed some higher-BTU high-volatility B tons into thermal markets at comparable realizations. Horn also said Alpha's Wildcat mine is now in production and is expected to ramp during the third and fourth quarters, shifting the company's mix toward more low-volatility coal. At the midpoint of its 2026 guidance, Alpha said 70% of its metallurgical tonnage is committed and priced at an average of $128.17 per ton. Another 30% is committed but not priced. The thermal byproduct portion of the metallurgical segment is fully committed and priced at an average of $75.94 per ton. Alpha also recognized 13 West Virginia mines, plants and docks that received 2025 safety awards from the Joseph A. Holmes Safety Association, while its mine rescue teams earned category honors and two overall championships in summer competitions. Alpha Metallurgical Resources, Inc (NYSE: AMR) is a leading pure-play producer of high-grade metallurgical coal, primarily serving the global steelmaking industry. Headquartered in Bristol, Virginia, the company operates multiple underground and surface mining complexes across the central Appalachian and Illinois basins. Its production portfolio focuses on premium raw and semi-soft coking coal products tailored to meet the specifications of steel producers worldwide. Formed in July 2021 through the spin-out of Contura Energy's metallurgical coal business, Alpha Metallurgical Resources has built a reputation for operational excellence and cost-efficient mining. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Alpha Metallurgical Resources Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Lundin Mining (LUNMF) came out with quarterly earnings of $0.3 per share, missing the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -11.77%. A quarter ago, it was expected that this base metals mining company would post earnings of $0.29 per share when it actually produced earnings of $0.31, delivering a surprise of +6.9%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Lundin, which belongs to the Zacks Mining - Non Ferrous industry, posted revenues of $1.21 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.79%. This compares to year-ago revenues of $937.2 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Lundin shares have added about 24.2% since the beginning of the year versus the S&P 500's gain of 13%. While Lundin has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Lundin was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.35 on $1.21 billion in revenues for the coming quarter and $1.34 on $4.71 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Non Ferrous is currently in the bottom 25% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Alpha Metallurgical (AMR), another stock in the broader Zacks Basic Materials sector, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 7. This company is expected to post quarterly loss of $0.97 per share in its upcoming report, which represents a year-over-year change of -155.3%. The consensus EPS estimate for the quarter has been revised 96% lower over the last 30 days to the current level. Alpha Metallurgical's revenues are expected to be $491.5 million, down 10.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lundin Mining Corp. (LUNMF) : Free Stock Analysis Report Alpha Metallurgical Resources, Inc. (AMR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Silvercorp (SVM) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on August 10, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This mineral miner is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of +110%. Revenues are expected to be $138.7 million, up 70.5% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 51.85% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Silvercorp, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that Silvercorp will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Silvercorp would post earnings of $0.26 per share when it actually produced earnings of $0.27, delivering a surprise of +3.85%. Over the last four quarters, the company has beaten consensus EPS estimates four times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Silvercorp doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Alpha Metallurgical (AMR), another stock in the Zacks Mining - Miscellaneous industry, is expected to report loss per share of $0.97 for the quarter ended June 2026. This estimate points to a year-over-year change of -155.3%. Revenues for the quarter are expected to be $491.5 million, down 10.7% from the year-ago quarter. The consensus EPS estimate for Alpha Metallurgical has been revised 96% lower over the last 30 days to the current level. However, an equal Most Accurate Estimate has resulted in an Earnings ESP of 0.00%. This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Alpha Metallurgical will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Silvercorp Metals Inc. (SVM) : Free Stock Analysis Report Alpha Metallurgical Resources, Inc. (AMR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

The market expects Alpha Metallurgical (AMR) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 7. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This company is expected to post quarterly loss of $0.97 per share in its upcoming report, which represents a year-over-year change of -155.3%. Revenues are expected to be $491.5 million, down 10.7% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 95.97% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Alpha Metallurgical, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that Alpha Metallurgical will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Alpha Metallurgical would post a loss of$0.86 per share when it actually produced a loss of -$0.86, delivering no surprise. Over the last four quarters, the company has beaten consensus EPS estimates just once. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Alpha Metallurgical doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Wheaton Precious Metals Corp. (WPM), another stock in the Zacks Mining - Miscellaneous industry, is expected to report earnings per share of $1.11 for the quarter ended June 2026. This estimate points to a year-over-year change of +76.2%. Revenues for the quarter are expected to be $876.78 million, up 74.2% from the year-ago quarter. The consensus EPS estimate for Wheaton Precious Metals has been revised 10% lower over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +3.20%. This Earnings ESP, combined with its Zacks Rank #3 (Hold), suggests that Wheaton Precious Metals will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alpha Metallurgical Resources, Inc. (AMR) : Free Stock Analysis Report Wheaton Precious Metals Corp. (WPM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Company Reduces Shipment Guidance, Raises Cost Expectations BRISTOL, Tenn., July 27, 2026 /PRNewswire/ -- Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today announced preliminary financial results for the second quarter ending June 30, 2026. The company plans to release its definitive second quarter financial results on August 7, 2026. "Today we are providing an early look at our financial results for the second quarter, which included lighter-than-expected shipment volumes," said Andy Eidson, Alpha's chief executive officer. "Based on our first half performance, continued met coal market weakness, and the previously announced equipment damage at Dominion Terminal Associates (DTA), we are reducing our expected sales volumes for the year. As a result of lower tonnage and higher supplies and maintenance costs, we are raising our cost of coal sales guidance to reflect these challenges. While the wind-related equipment damage at DTA is unfortunate, we are grateful to the terminal leaders who have worked safely and resourcefully to keep the terminal operational at its best possible efficiency given the circumstances. We expect to provide more information about our plans at DTA when we announce our definitive Q2 financial results on August 7." Preliminary Financial Performance Alpha expects to report a net loss of $12.3 million, or $0.96 per diluted share, for the second quarter 2026. For the second quarter, total Adjusted EBITDA was $25.6 million. Coal Revenues Coal Sales Realization(1) Second quarter net realized pricing for the Met segment was $118.71 per ton. The table below provides a breakdown of our Met segment coal sold in the second quarter by pricing mechanism. Cost of Coal Sales Liquidity and Capital Resources As of June 30, 2026, the company had total liquidity of $447.8 million, including cash and cash equivalents of $307.6 million, short-term investments of $30.9 million, and $184.3 million of unused availability under the asset-based revolving credit facility (ABL), partially offset by a minimum required liquidity of $75.0 million as required by the ABL. As of June 30, 2026, the company had no borrowings and $40.7 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion of long-term debt as of June 30, 2026, was $11.4 million. Share Repurchase Program As previously announced, Alpha's board of directors authorized a share repurchase program allowing for the expenditure of up to $1.5 billion for the repurchase of the company's common stock. As of June 30, 2026, the company had acquired approximately 7.0 million shares of common stock at a cost of approximately $1.2 billion since the start of the program. During the second quarter of 2026, the company spent approximately $13.5 million for the repurchase of roughly 69,000 shares. The number of common stock shares outstanding as of June 30, 2026 was 12,685,495, not including the potential effect of unvested equity awards. The timing and amount of share repurchases will be based on various factors, including but not limited to market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the company's debt agreements, and other factors. 2026 Guidance Adjustments Alpha is lowering its 2026 metallurgical coal sales volume guidance to a range of 13.2 million to 14.0 million tons, down from the prior range of 14.4 million to 15.4 million tons. The company is increasing incidental thermal coal sales volume guidance to a range of 1.0 million to 1.4 million tons, up from the prior range of 0.7 million to 1.1 million tons. This brings total shipment expectations for the year to a range of 14.2 million to 15.4 million tons, down from 15.1 million to 16.5 million tons. The company is increasing its cost of coal sales guidance to $103.00 to $107.00, up from the prior range of $95.00 to $101.00 per ton. An update on operational performance and percentages of committed and priced tonnage at the midpoint of guidance will be announced alongside Alpha's definitive second quarter financial results on August 7, 2026. Note About Preliminary Results The financial results presented in this release are preliminary and may change. This preliminary financial information includes calculations or figures that have been prepared internally by management. There can be no assurance that the Company's actual results for the periods presented herein will not differ from the preliminary financial results presented herein, and such changes could be material. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and are not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of the Company's financial closing procedures, final adjustments, and other developments. Earnings Announcement and Conference Call The company plans to announce its definitive second quarter 2026 financial results before the market opens on Friday, August 7, 2026. The company also expects to hold a conference call regarding its second quarter 2026 results on August 7, 2026, at 10:00 a.m. Eastern time. The conference call will be available live on the investor section of the company's website at https://alphametresources.com/investors. Analysts who would like to participate in the conference call should dial 877-407-0832 (domestic toll-free) or 201-689-8433 (international) approximately 15 minutes prior to start time. About Alpha Metallurgical Resources Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha reliably supplies metallurgical products to the steel industry. For more information, visit www.AlphaMetResources.com. Forward-Looking Statements This news release includes forward-looking statements. These forward-looking statements are based on Alpha's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha's control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect Alpha. Except as required by law, Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur. See Alpha's filings with the U.S. Securities and Exchange Commission for more information. FINANCIAL TABLES FOLLOW Non-GAAP Financial Measures The discussion below contains "non-GAAP financial measures." These are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP" or "GAAP"). Specifically, we make use of the non-GAAP financial measures "Adjusted EBITDA," "non-GAAP coal revenues," "non-GAAP coal sales realization per ton," "non-GAAP cost of coal sales," "non-GAAP cost of coal sales per ton," "non-GAAP coal margin," and "non-GAAP coal margin per ton." In addition to net income (loss), we use Adjusted EBITDA to measure the operating performance of our reportable segment. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is presented because management believes it is a useful indicator of the financial performance of our coal operations. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, and idled and closed mine costs. Non-GAAP cost of coal sales per ton is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin is calculated as non-GAAP coal revenues less non-GAAP cost of coal sales. Non-GAAP coal margin per ton is calculated as non-GAAP coal margin divided by tons sold. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate our operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments and other factors. Included below are reconciliations of non-GAAP financial measures to GAAP financial measures. INVESTOR & MEDIA CONTACT: EMILY O'QUINNInvestorRelations@AlphaMetResources.comCorporateCommunications@AlphaMetResources.com(423) 573-0369 View original content to download multimedia:https://www.prnewswire.com/news-releases/alpha-announces-preliminary-financial-results-for-second-quarter-2026-302834461.html