Foresight Energy LP (FELP) Misses Q2 EPS by 8c, Revenues Beat

Foresight Energy LP (NYSE: FELP) reported Q2 EPS of ($0.18), $0.08 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $271.42 million versus the consensus estimate of $250.8 million.

Second Quarter 2018 Highlights:

• Coal sales of nearly $270.0 million, an increase of 32% compared to the second quarter 2017, on higher sales volumes of 5.9 million tons and higher sales realization per ton sold.
• Adjusted EBITDA of $104.1 million.
• Cash flows from operations of $30.6 million.
• Net loss attributable to limited partner units of $29.2 million, or ($0.18) per common unit and ($0.23) per subordinated unit, which includes a $110.7 million non-cash impairment charge and a $69.1 million non-cash contract benefit related to the previously announced closure of Hillsboro operations.
• Declared a $0.0565 per unit distribution from retained excess cash flow generated in 2017, to be paid on August 31, 2018 to unitholders of record as of August 21, 2018.

GUIDANCE:

Based on Foresight’s remaining contracted position, second quarter and year-to-date performance, and its current outlook on pricing and the coal markets in general, the Partnership is affirming and updating the following guidance for 2018:

Sales Volumes – Based on current committed position and expectations for the remainder of 2018, Foresight is projecting sales volumes to be between 22.0 and 22.8 million tons, with at least 8.5 million tons expected to be sold into the international market.

Adjusted EBITDA – Based on the projected sales volumes and operating cost structure, Foresight currently expects to generate Adjusted EBITDA in a range of $300 to $330 million.

Capital Expenditures – Total 2018 capital expenditures are estimated to be between $70 and $80 million.

For earnings history and earnings-related data on Foresight Energy LP (FELP) click here.

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