Alpha Metallurgical Heads for Second Quarter Earnings; Promotes CFO Andy Eidson to CEO

(RTTNews) – Alpha Metallurgical Resources, Inc. (AMR) on Monday reported second-quarter net profit 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 prior year quarter .

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

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

Looking ahead to fiscal 2022, the company expects total shipments to be between 15.6 million and 17.2 million tonnes.

Alpha also announced that its President and CEO, David Stetson, will retire as CEO effective December 31, 2022. Alpha’s Board of Directors unanimously named Stetson to the position. as Executive Chairman of the Board, effective at the end of the year.

The board of directors has unanimously named chairman and chief financial officer Andy Eidson to succeed Stetson as chief executive and as a member of the board of directors, effective January 1, 2023 after retirement of Stetson as CEO at the end of the year.

Effective August 9, 2022, Alpha 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 upon Munsey’s appointment, allowing him to focus as chairman on his transition to the role of chief executive.

Additionally, 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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