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Corsa Coal, releases Q1 financial results indicating total revenue from continuing operations grew 54 percent year over year, reaching US$80.4 million.
Corsa Coal (TSXV:CSO), a premium quality metallurgical coal producer, releases financial results for the three months ended March 31, 2018. According to the release, Corsa’s total revenue from continuing operations grew 54 percent year over year, reaching US$80.4 million.
As quoted from the press release:
First Quarter Highlights
- Corsa reported net and comprehensive income from continuing operations of US$2.0 million, or US$0.01 per share, for the first quarter 2018, compared US$11.9 million, or US$0.08 per share, for the first quarter 2017.
- Operating cash flows from continuing operations for the first quarter 2018 were US$7.8 million compared to US$14.9 million for the first quarter 2017.
- Total revenue from continuing operations was US$80.4 million for the first quarter 2018, an improvement of 54 percent as compared to the first quarter 2017.
- Corsa’s adjusted EBITDA was US$12.2 million and US$10.9 million at its Northern Appalachia (“NAPP”) Division and on a consolidated basis, respectively, for the first quarter 2018. Corsa’s EBITDA was US$11.1 million and US$9.1 million at its NAPP Division and on a consolidated basis, respectively.
- Corsa sold a total of 557,721 tons of metallurgical coal in the first quarter 2018, up 89 percent compared to the first quarter 2017.
- Corsa achieved an average realized price per ton of low volatile metallurgical coal sold (totaling 388,367 tons) at its NAPP Division of US$133.92 in the first quarter 2018, this average realized price is the approximate equivalent of US$181 to US$186 on a free-on-board vessel basis.
- Corsa divested its thermal and industrial coal division in March 2018, becoming a pure-play metallurgical coal producer.
“In the first quarter, Corsa made significant progress on its aggressive growth strategy. The first quarter was an outstanding quarter for export shipments and price realizations, as we grew our sales market share in both the international and domestic markets. Before adjusting for the sale of the Central Appalachia division, Corsa achieved record metallurgical coal sales volume levels in the quarter. We experienced strong growth in the quarter as compared to the first quarter of 2017 in each of our three business lines. Year over year, company produced tons increased by 23 percent, value added services purchased coal tons increased 128 percent and sales and trading tons increased 390 percent from its launch in the first quarter of 2017″ saidGeorge Dethlefsen, CEO at Corsa.