By Ben Glickman
Ramaco Resources’ third-quarter profit jumped past expectations, according to preliminary results, as the company saw strong demand for coal.
The Lexington, Ky.-based metallurgical coal developer said it anticipated a third-quarter profit of $18 million to $20 million, or 42 cents to 45 cents per share on an adjusted basis. Analysts polled by FactSet expected adjusted profit of 22 cents a share.
The company said it shipped 996,000 tons of coal in the quarter, an increase of about 39% from the second quarter.
Ramaco revised its full year guidance for shipments to 3.25 million to 3.5 million tons, compared with a prior range of 3.1 million to 3.6 million tons, due to strong customer demand overseas.
The company said inflation increased mine costs in the quarter, and it now expects mine costs to be at the high end of the previous $102 to $108 per ton guidance for 2023.
Write to Ben Glickman at ben.glickman@wsj.com
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