Warrior Metcoal отчет за 2-й квартал 2018

19.08.2018, 04:38

Отчет еще одного американского угольщика, популярного у алёнковцев. Относительно популярного.

Любят ее за подозрительно большие и частые промежуточные дивиденды, плюс байбэки.

Кредиторы ставшие акционерами очень хотя вернуть свои деньги.

Special Dividend and Secondary Equity Offerings

On April 3, 2018, the Company used the net proceeds of its offering of $125 million 8.00% Senior Secured Notes due 2024, together with cash on hand, to declare a special cash dividend of approximately $6.53 per share of Warrior’s common stock, par value $0.01per share, totaling an aggregate payment of $350 million, which was paid on April 20, 2018, to stockholders of record as of the close of business on April 13, 2018.

On May 10, 2018, an underwritten secondary offering of 8,000,000 shares of the Company’s common stock by certain of the Company’s existing stockholders, of which the Company repurchased from the underwriter 500,000 shares of common stock totaling $12.1 million, was consummated. In addition, on June 14, 2018, an underwritten secondary offering of 5,000,000 shares of the Company’s common stock by certain of the Company’s existing stockholders was consummated. The Company did not receive any proceeds from either secondary offering during the second quarter.

Regular Quarterly Dividend

On July 24, 2018, the board of directors of the Company declared a regular quarterly cash dividend of $0.05 per share, totaling approximately $2.7 million, which will be paid on August 10, 2018 to stockholders of record as of the close of business on August 3, 2018.

Тут все как у нас, даже перемонтажи лавы.

Key factors that may affect the Company’s outlook include:

  • HCC index pricing
  • Planned longwall moves - 2 in Q3 and 1 in Q4
  • Exclusion of other non-recurring costs

Добыча меньше, чем у Распадской. Две шахты.

Operating Results

The Company produced 1.9 million short tons of met coal in the second quarter of 2018, roughly equivalent to the amount produced in the second quarter of 2017. The actual production volume was better than expected as the Company entered the second quarter with a scheduled shut down for a week of maintenance at one of its mines. The Company continues to make good progress toward its nameplate annual capacity of eight million short tons. Halfway through the year, the Company produced and sold 4.0 million short tons of met coal without any longwall moves.

Комментарий Уолта Шеллера, главы компании.

“The market for high quality premium met coal continued to be robust in the second quarter, though moderated somewhat from the exceptional strength we have seen over the past year,” commented Walt Scheller, CEO of Warrior. “Given the strength of our financial and operating results in the first and second quarters, performance at our mines, ongoing global GDP growth, and strong demand for steel production, we are raising our guidance for the balance of the year. Warrior’s performance clearly demonstrates the unique value of our highly focused business strategy as a premium ‘pure-play’ met coal producer.”

А вот его коммент на конференц-колле, ничего нового, примерно как коммент Сергея Степанова или Олега Коржова.

Walter Scheller

Thanks, operator. Hello, everyone, and thank you for taking the time to join us today to discuss our second quarter results. After my remarks, Dale will review our results and additional detail, and then you will have the opportunity to ask any questions you may have.

We had another solid performance in the second quarter continuing to leverage the strength of our operations and the healthy market demand for our premium product. While volumes moderated somewhat from the record highs we saw in the first quarter, our performance tracked in line with or better than our expectations.

Production volume for the quarter was $1.9 million short tons roughly equivalent to the amount produced in the same quarter in 2017. The actual production volume was better than expected given that we entered the second quarter with a scheduled shutdown for a week of maintenance at one of our mines. Our sales volumes were slightly lower than the prior year period. In the second quarter we saw market condition keeping prices elevated around $180 to $200 per metric ton that were all from the first quarter highs.

On the supply side issues out of Australia continued with heavy planned maintenance, weather delays related to Cyclone Iris, the Aurizon Rail dispute and specific Australian mine production issues all contributing to tighter global supply conditions.

Customer demand continued to be impacted by Chinese steel production policies. The global GDP growth and resilient global steel demand and production have continued to buoy the market. Restocking after the Chinese New Year is likely also to have had a positive impact. Our gross price realization for the second quarter was 100% of the Platts premium low-vol FOB Australian index price reflecting the premiums we achieved on our low-vol and mid-vol coals in a heightened pricing environment throughout the quarter.

Cost of sales per ton was 4.5% higher in the second quarter versus the first quarter of 2018 primarily due to higher maintenance cost and lower sales volume, but still in line with our full year guidance. As compared to last year’s second quarter, our cash Platts per ton was higher due to the ramp in mining activities, including 133 more people, two more continuous mining units and higher maintenance expenses.

Показатели немного припали.

Рентабельность 40%. Правда американские Белоусовы ничего против не имеют.

Компания продолжает генерировать большой свободный денежный поток, который весь возвращает акционерам.

$100 млн. в квартал при капитализации в $1,2 это ого-го.

Но компания выплачивает акционерам еще больше. $353 млн. во втором квартале!

Прогноз по капексу $100-120 млн. на этот год.

Таким образом, начал расти долг. Вероятно процесс продолжится.

Произошло сильное смещение мультипликаторов.

Но актив все еще недорогой.

Распадская теперь одна по низким мультипликаторам и еще не выходило отчета.

Но в отличие от американских коллег, которые никуда не инвестируют, компания возможно готовит укрупнение.

Отчеты американских угольщков (США один из крупнейших производителей и экспортеров металлургического угля) показывают, что никто из них не наращивает добычу и это косвенно говорит о том, что на рынке еще долго не будет перепроизводства.

Для полноты картины рассмотрим еще несколько угольщиков в ближайшее время.