Any time a company reports a 48% gain in quarterly revenue and a nearly 314% jump in net income, executives are happy.
Such is the case at Alliance Resources headquartered in Tulsa where Joseph W. Craft III, Chairman, President, and Chief Executive Officer called it a ” testament to our team’s ability to execute and deliver reliable energy supply under challenging circumstances.”
Alliance reported Monday its fourth quarter 2022 revenue was $700.7 million and net income totaled $214.5 million and $1.63 per share. EBITDA was $293.9 million. Revenue gained 48%, net income rose 313.8% and EBITDA increased 125.7% compared to a year ago.
For the year, the coal-focused energy company had total revenue of $2.4 billion which was 53.3% higher than a year earlier; net income of $577.2 million or $4.39 per basic and diluted limited partner unit which was 224% higher and EBITDA of $940.2 million, an amount 96.3% more than one year ago.
The record performance drew still more praise from Craft.
“In 2022, ARLP achieved its highest reported EBITDA and operating cash flow in the Partnership’s 23-year history, driven by continued growth in sales volumes coupled with higher price realizations across our coal operations and royalty segments.”
He said the strong balance sheet and focus on cash flow generation leaves the company well positioned to capitalize on growth opportunities in the market. Alliance also announced a 40% increase in its quarterly cash distribution rate to 70 cents per unit or $2.80 per unit on an annualized basis.
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