Alliance Resource Partners (NASDAQ: ARLP) reported Q1 EPS of ($1.14), which does not compare to the analyst estimate of $0.13. Revenue for the quarter came in at $350.76 million versus the consensus estimate of $403.93 million.

"ARLP entered the year anticipating challenging coal market conditions due primarily to low natural gas prices and the overhang of coal supply caused by the collapse of thermal export prices during the back half of 2019," said Joseph W. Craft III, Chairman, President and Chief Executive Officer. "Mid-way through the 2020 Quarter, it became evident that mild winter weather and natural gas prices falling to twenty-year lows, well below $2.00/mmbtu, were adding to the pressures on coal demand. The unanticipated disruptions created by the COVID-19 pandemic caused global energy demand to plummet, further negatively impacting our results for the 2020 Quarter as well."

Mr. Craft added, "All of our coal mines continued to operate during the 2020 Quarter given the essential, life-sustaining need for coal to be available to supply and ensure the reliability of the electric grid. As our coal inventories expanded, we cut back production hours while evaluating the needs of our customers. With a keen focus on our long-established Safety First initiatives, our mining operations delivered record safety results. Our marketing teams continued to work closely with customers to ensure safe, reliable delivery of coal that is vital to the critical infrastructure supporting the communities we serve. We also took prudent steps to protect ARLP’s strong balance sheet and enhance our liquidity. I am extremely grateful for the sacrifices and tireless efforts of the entire Alliance organization during these uncertain times.”

For earnings history and earnings-related data on Alliance Resource Partners (ARLP) click here.