Tuesday, coal properties owner and manager Natural Resource Partners L.P. (NRP), said its fourth-quarter profit increased from the same quarter a year ago, driven by a 32% increase in revenues as well as a decline in expenses.
The Huntington, West Virginia-based company's net income attributable for the limited partner for the fourth quarter rose to $36.012 million or $0.55 per share from $22.142 million or $0.35 per share in the same quarter a year ago.
On average, six analysts surveyed by Thomson Reuters anticipated fourth-quarter earnings of $0.47 per share. Analysts estimate typically exclude special items such as one-time charges or gains.
Fourth-quarter net income attributable to general partner increased to $8.433 million form $4.303 million in the corresponding quarter a year ago.
Net income for the fourth quarter was $48.463 million, up from $29.059 million in the same quarter last year.
The company's income form operations for the fourth quarter also increased to $55.252 million from $35.514 million in the same quarter a year ago, as expenses decreased.
Cost and expenses for the fourth quarter declined to $20.570 million from $21.801 million last year, helped by a decrease in depreciation, depletion and amortization expenses by $3.0 million, as well as a decline in general and administrative expenses due to reductions in accruals under the partnership's incentive compensation plan.
Total revenues for the fourth quarter increased to $75.822 million from $57.315 million in the comparable quarter a year ago, mainly helped by an increase in coal royalty revenues. Wall Street analysts expected revenues of $73.73 million for the quarter.
Coal processing and transportation fees for the fourth quarter more than doubled to $6.5 million from $3.1 million in the comparable quarter a year ago, due to an to additional transportation fees paid in the Illinois Basin, as well as a 6% increase in throughput and higher prices for production processed through the preparation plants in the fourth quarter.
For the full year, net income attributable to limited partners increased to $127.932 million or $1.97 per share from $80.968 million or $1.26 per share last year.
Net income attributable to general partner for the full year improved to $28.318 million from $14.315 million a year ago.
Net income for the full year increased to $170.006 million from $102.499 million last year.
Analysts' earnings estimate for the full year was $1.87 per share.
Total revenues for the full year increased to $291.665 million from $214.985 million in the same quarter a year ago, while analysts anticipated revenues of $289.46 million.
Looking forward to the full year, the company anticipates revenues to increase from revenues achieved this year.
NRP is currently trading at $24.52, up $1.22 or 5.25% on a volume of 123k shares on the NYSE.
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