Wednesday, Natural Resource Partners LP (NRP), provided its earnings and revenue targets for fiscal year 2009, guiding both below current Street estimates. Additionally, the company declared a fourth quarter 2008 distribution of $0.535 per unit for NRP, representing a rise of $0.01 in its quarterly distribution.
For full year 2009, the company expects earnings to be in the range of $170 million to $202 million with net income per unit between $1.67 and $2.12. On average, 7 analysts polled by First Call/Thomson Financial currently expect the company to earn $2.41 per unit for 2009. Analysts' estimates typically exclude special items such as one-time gain or expense.
Revenues for 2009 are expected to range between $294 million and $338 million, up around 11% from the recently projected 2008 guidance. Analysts currently anticipate revenues of $352.73 million for 2009.
Commenting on the provided guidance, Nick Carter, President and Chief Operating Officer of the company stated, "These are uncertain times in the coal markets and the economy. In light of this uncertainty we have diligently worked with our 68 lessees in arriving at what we believe are realistic ranges in the guidance for 2009."
The company noted that it would generate between $207 million and $244 million of distributable cash flow during 2009, up 12% from the midpoint of the most recent 2008 NRP guidance. NRP is reserving $24.7 million in 2009 for principal repayment versus $17.2 million reserved in 2008.
Additionally, the Huntington, West Virginia-based company announced that its Board of Directors has approved a fourth quarter distribution of $0.535 per unit for NRP, to be paid on February 13, 2009 to shareholders as of record on February 5, 2009.
NRP ended Wednesday's regular trading at $20.67, up 1.32% or $0.27, on a volume of 139,894 shares on the NYSE. In after-hours session, the stock lost 0.68% or $0.14, trading at $20.53.
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