Commercial Credit (CCR) Reports Q4 Revenues Miss

Commercial Credit (NYSE: CCR) reported Q4 revenue for the quarter came in at $79.79 million versus the consensus estimate of $84.8 million.

Fourth Quarter 2019 and Full Year 2019 Highlights Include:

• Cash distribution of $0.5125 per limited partner unit for 4Q19;
• Net income of $9.0 million and $45.6 million for 4Q19 and 2019, respectively;
• Adjusted EBITDA1 of $23.6 million and $99.4 million for 4Q19 and 2019, respectively;
• Distribution coverage ratio1 of 0.9x for 4Q19 and 1.0x for 2019;
• Net leverage ratio1 of 1.8x as of December 31, 2019;
• Second strongest sales volume year ever for the Pennsylvania Mining Complex (PAMC); and
• Harvey Mine achieved annual production record.

Management Comments

"2019 was quite a challenging year, as our industry dealt with weakening commodity and capital markets, which led to several bankruptcies in the coal space," said Jimmy Brock, Chief Executive Officer of CONSOL Coal Resources GP LLC, the general partner of the Partnership. "Despite such a tough backdrop, I am pleased to announce that we delivered a strong set of results for the fourth quarter and full year of 2019. While U.S. coal production is estimated to have declined by 9% compared to 2018, CCR produced and sold 6.8 million tons in 2019, which is largely unchanged from the record production and sales levels set in 2018. These results were driven by our contracting strategy, well-capitalized asset base and consistent operational performance."

"We also achieved significant improvements on the safety front. Our total recordable incident rate at the PAMC for 2019 improved by 44.7% and our total number of exceptions improved by 41.4%, compared to 2018. Safety remains our top core value, and we continue to strive towards zero life-altering incidents."

For earnings history and earnings-related data on Commercial Credit (CCR) click here.

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