Westmoreland Resource Partners, LP Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Revised Earning Guidance for the Year 2017
For the six months, the company has posted revenues of $662,762,000 against $713,451,000 a year ago. Operating loss was $32,154,000 against income of $6,736,000 a year ago. Adjusted EBITDA was $120,784,000 against $109,206,000 a year ago. Loss before income taxes was $88,786,000 against $50,523,000 a year ago. Net loss applicable to common shareholders was $87,184,000 or $4.68 basic and diluted per share against $1,182,000 or $0.06 basic and diluted per share a year ago. Net cash provided by operating activities was $10,154,000 against $41,899,000 a year ago. Additions to property, plant and equipment was $13,104,000 against $12,231,000 a year ago. EBITDA was $66,621,000 against $96,877,000 a year ago. Adjusted EBITDA was $120,784,000 against $109,206,000 a year ago. Adjusted EBITDA for the first six months was influenced by the many of the same factors as the three month period: the contract expirations at Jewett and Beulah, operational challenges at Coal Valley, weather-related demand and volume mix issues, offset by cost reductions, increased volume from San Juan, and Jewett reclamation revenue. In addition, the first half of 2017 was impacted by increased costs associated with unexpected dragline maintenance as well as lower revenue and increased costs resulting from record precipitation at the Westmoreland Resource Partners LP's ("WMLP") Kemmerer mine, each of which occurred in the first quarter.
The company has revised its 2017 guidance. It revised Coal tons sold from 40 million - 50 million tons to 40 million - 50 million tons. Adjusted EBITDA is revised from $280 million - $310 million to $250 million - $270 million. Free cash flow is revised from $115 million - $140 million to $90 million - $115 million and capital expenditures is revised from $40 million - $45 million to $40 million - $45 million.