Benzinga | Mar 15, 2021 10:02AM EDT

Alpha Metallurgical Reiterates 2021 Operating Guidance

2021 Full-Year Guidance

In connection with the company's strategic shift toward a pure-play metallurgical business, the reporting segments in the following guidance table have been reconfigured. The CAPP - Thermal reporting segment has been eliminated and is now included in the All Other segment. The prior CAPP - Met segment is now called the Met segment.

The company reiterates its previously issued 2021 operating guidance with coal shipments guidance range of 14.8 million tons to 16.2 million tons, with Met segment volume expected to be between 13.5 million to 14.5 million tons with pure metallurgical coal shipments of 12.5 million to 13.0 million tons and incidental thermal shipments in this segment of 1.0 million to 1.5 million tons. Our All Other segment volume is anticipated to be between 1.3 million tons to 1.7 million tons.

For 2021, Alpha has committed and priced approximately 53% of its metallurgical coal within the Met segment at an average price of $85.47 per ton and 86% of thermal coal in the Met segment at an average expected price of $50.80 per ton. In the All Other segment the company is 100% committed and priced at an average price of $57.57 per ton.

The company expects our strong cost performance to continue in 2021 with Met segment cost of coal sales per ton anticipated at a range of $68.00 to $74.00 and our All Other segment is expected to be in the range of $45.00 to $49.00 per ton.

For 2021, the company expects its SG&A to be in the range of $44 million to $49 million, excluding non-recurring items and stock compensation. Our overall 2021 capital expenditures guidance is in a range of $75 million to $95 million, near the maintenance capital level. Depreciation, depletion and amortization is expected to be between $125 million and $145 million and cash interest expense in the range of $51 million and $55 million.

2021 Guidance

in millions of tons Low High

Metallurgical 12.5 13.0

Thermal 1.0 1.5

Met Segment 13.5 14.5

All Other 1.3 1.7

Total Shipments 14.8 16.2



Committed/Priced1,2,3 CommittedAverage Price

Metallurgical 53 %$85.47

Thermal 86 %$50.80

Met Segment 56 %$80.68

All Other 100 %$57.57



Committed/Unpriced1,3 Committed

Metallurgical 32 %

Thermal 8 %

Met Segment 30 %

All Other ? %



Costs per ton4 Low High

Met Segment $68.00 $74.00

All Other $45.00 $49.00



In millions (except taxes)Low High

SG&A5 $44 $49

Idle Operations Expense $24 $30

Cash Interest Expense $51 $55

DD&A $125 $145

Capital Expenditures $75 $95

Tax Rate ? %5 %