Alpha Metallurgical Swings To Profit In Q2; Promotes CFO Andy Eidson To CEO

Alpha Metallurgical Resources, Inc. (AMR) reported on Monday a second-quarter net income of $575.16 million or $29.97 per share, compared to a net loss of $18.99 million or $1.03 per share in the prior-year quarter.

Net income from continuing operations was $575.43 million or $30.03 per share, compared to a net loss of $18.59 million or $1.01 per share in the year-ago quarter.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $30.80 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter soared to $1.34 billion from $395.28 million in the same quarter last year. Analysts expected revenue of $1.24 billion for the quarter.

Looking ahead to fiscal 2022, the company expects total shipments be in the range of 15.6 million to 17.2 million tons.

Alpha also announced that its chair and chief executive officer, David Stetson, will retire as chief executive officer effective December 31, 2022. Alpha's board of directors has unanimously appointed Stetson as executive chairman of the board, effective at year end.

The board has unanimously appointed president and chief financial officer Andy Eidson to succeed Stetson as chief executive officer and as a member of the board of directors, effective January 1, 2023 following Stetson's retirement as CEO at year end.

Effective August 9, 2022, Alpha's senior vice president and controller, Todd Munsey, will be promoted to executive vice president and chief financial officer. Eidson's service as chief financial officer will end at the time of Munsey's appointment, allowing him to focus as president on his transition to the role of chief executive officer.

Further, current executive vice president and chief operating officer Jason Whitehead will become Alpha's president and chief operating officer, effective January 1, 2023.

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