Coal producer Alliance Resource Partners LP (ARLP), Wednesday reported a higher profit for the third quarter, as an increase in coal prices helped the company earn greater revenues for the period. Looking ahead for the full year, the company anticipates results near the lower end of its previous guidance range.
Tulsa, Oklahoma-based Alliance reported that its third-quarter limited partners' interest in its net income rose to $21.25 million or $0.57 per share from $17.62 million or $0.47 per share in the same quarter last year.
On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share. Analysts' estimates typically exclude special items.
Total revenues for the third quarter were 4.8% higher at $299.64 million, compared with $285.79 million in the prior year quarter. Three analysts estimated revenues of $293.91 million for the quarter.
Coal production volumes declined 3.9% year-on-year to 6.3 million tons, as sales volumes dropped 6.4% to 6.2 million tons on lower spot-demands and contract hiccups. The company's Illinois based operations contributed minimally to sales decline at 2%, while Central and Northern Appalachia regions slumped 25% in sales compared to last year.
However, coal revenues increased to $281.63 million from $269.32 million as average coal sales prices increased 11.7% to $45.58 per ton sold, compared to $40.79 in the prior year quarter. Operating income improved to $44.52 million from $35.16 million.
For the nine months, limited partners' interest in net income was $105.60 million or $2.85 per share, compared with $76.67 million or $2.08 per share last .Total revenues increased to $932.85 million from $845.6 million in the same nine month period last year.
Looking ahead to the full year 2009, the company anticipates to report results near the lower end of its previous guidance range that anticipated net income between $185.0 million to $215.0 million, revenues, excluding transportation revenues, between $1.20 billion and $1.30 billion, coal sales and production between 25.9 million and 26.4 million tons.
Analysts expect the company to report revenues of $1.27 billion for fiscal 2009.
ARLP continues to expect total capital expenditures for 2009 in a range of $350.0 million to $400.0 million.
ARLP also announced that the board of its managing general partner increased the quarterly cash distribution to unit holders to $0.76 per unit, or an annualized rate of $3.04 per unit, payable on November 13, 2009 to all unit holders of record as of the close of trading on November 6, 2009.
ARLP lost $1.18 or 3.12% in Mid-day trading, and is currently at $36.70 on the Nasdaq.
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