Alliance Resource Partners 3Q Revenue Declines

Dow Jones10-28

By Denny Jacob

Alliance Resource Partners logged a decline in revenue in its latest quarter due in part to lower coal sale prices and shipping deferrals.

The natural resource company recorded net income of $86.3 million, or 66 cents a share, for the third quarter, down from $153.7 million, or $1.18 a share, a year earlier.

Revenue declined to $613.6 million from $636.5 million. Analysts polled by FactSet expected $641.7 million.

Alliance attributed the decline in revenue to reduced coal sales prices and lower transportation revenues. Chief Executive Joseph W. Craft added that shipping deferrals on some of the company's higher priced domestic contracted commitments also affected the top line.

"We are also in active discussions with other customers to add to future commitments, that if secured, will lift our 2025 domestic sales order book to a level near our historical contracted position heading into the new calendar year," Craft said .

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

October 28, 2024 07:25 ET (11:25 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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