Commercial Credit (CCR) Reports Q3 Revenues Miss

Commercial Credit (NYSE: CCR) reported Q3 EPS of $. Revenue for the quarter came in at $75.39 million versus the consensus estimate of $81.35 million.

Third Quarter 2019 Results Include:

• Cash distribution of $0.5125 per unit;
• Net income of $7.0 million;
• Adjusted EBITDA1 of $20.0 million;
• Distribution coverage ratio1 of 0.6x;
• Net leverage ratio1 of 1.6x;
• Strongest third quarter production in the history of the Pennsylvania Mining Complex (PAMC); and
• Maintaining full-year 2019 guidance.

Management Comments

"The third quarter is typically our weakest quarter of the year; however, I am pleased to announce that the PAMC delivered record third quarter production this year," said Jimmy Brock, Chief Executive Officer of CONSOL Coal Resources GP LLC, the general partner of the Partnership. "This strong performance was underscored by our contracted position and the continued desirability of our product, which the equity markets failed to recognize. Furthermore, we were able to grow our total revenue by 3% this quarter compared to the year-ago period, despite major coal price indices suffering double-digit declines."

"This has been an increasingly tough year for our industry as commodity markets have been challenging. The good news is that we have positioned ourselves to weather this storm. On the revenue front, we moved early to contract our coal and are now 82% contracted for 2020 at attractive prices compared to the current market. This gives our operations team good visibility as we plan our production schedule heading into 2020."

2019 Guidance and Outlook

Based on our year-to-date results, current contracted position, estimated prices and production plans, we are maintaining our previously announced guidance ranges for 2019:

• Coal sales volumes - 6.70-6.95 million tons
• Average revenue per ton - $47.00-$48.00
• Average cash cost of coal sold per ton2 - $30.40-$31.40
• Adjusted EBITDA2 - $95-$103 million
• Capital expenditures - $34-$38 million
• For earnings history and earnings-related data on Commercial Credit (CCR) click here.

You May Also Be Interested In

• Citi agrees to acquire rewards platform Kard Financial
• Gemini Space Station, Inc. (GEMI) Misses Q2 EPS by 32c
• KULR Technology Group (KULR) Misses Q2 EPS by 39c