Foresight Energy LP (FELP) Misses Q3 EPS by 20c, Revenues Beat

Foresight Energy LP (NYSE: FELP) reported Q3 EPS of ($0.17), $0.20 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $293.94 million versus the consensus estimate of $260 million.

• Coal sales of nearly $292 million, an increase of 27% compared to the third quarter 2017 and an increase of 8% compared to the second quarter 2018, on higher sales volumes of 6.1 million tons and higher sales realization per ton sold
• Adjusted EBITDA of $57.6 million, which includes a $25 million charge related to the settlement of litigation related to Hillsboro Energy and Macoupin Energy
• Cash flows from operations of $51.3 million
• Net loss attributable to limited partner units of $27.7 million, or ($0.17) per common unit and ($0.22) per subordinated unit.
• Declared a $0.0565 per unit distribution from retained excess cash flow generated in 2017, to be paid on December 21, 2018 to unitholders of record as of December 11, 2018.

“During the third quarter, we continued to take advantage of a strong export market and an improved domestic spot market to realize significant year-over-year improvements in our sales volumes,” said Mr. Robert D. Moore, Chairman, President and Chief Executive Officer. “With our unique access to international and domestic markets, plus our industry-leading cost structure, Foresight remains well-positioned to continue to opportunistically place its thermal coal production and to capture solid margins. Regarding the settlement of litigation with NRP, we are pleased to have reached a mutually beneficial resolution to these lawsuits, which provides us with future operational flexibility at Hillsboro Energy, while significantly reducing the lease holding cost.”

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

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