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Alpha Metallurgical Resources posted Q1 adjusted EBITDA of $30 million, up slightly from $28.5 million in Q4 2025, but shipments fell to 3.6 million tons from 3.8 million tons as costs rose.

Management said war-related diesel and supply inflation pushed Met segment coal sales costs to $107.98 per ton, and the company may need to raise cost guidance if those pressures continue.

The company expects shipments and production to improve in the second and third quarters, helped by normal seasonality and ramp-up at the Wildcat Mine, while 48% of 2026 metallurgical tonnage is already committed and priced.

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Alpha Metallurgical Resources (NYSE:AMR) reported a modest sequential increase in adjusted EBITDA for the first quarter of 2026, while management said lower shipment volumes and inflation tied to the war in Iran pushed costs higher during the period.

Chief Executive Officer Andy Eidson said the company posted adjusted EBITDA of $30 million and shipped 3.6 million tons in the quarter. That compared with adjusted EBITDA of $28.5 million and 3.8 million tons shipped in the fourth quarter of 2025, according to Chief Financial Officer Todd Munsey.

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Eidson said the company had previously expected a slower first quarter for production and shipments relative to its full-year guidance, but that “war-related inflationary impacts on diesel and other supplies” were not included in earlier projections. He said those pressures helped lift Alpha’s cost of coal sales to $108 per ton for the quarter.

“While we have no way of knowing when the Iran conflict will end, we believe the war-related inflationary prospects are temporary,” Eidson said. He added that Alpha still believes it is possible to finish the year within the top end of its existing cost guidance range of $95 to $101 per ton if operations improve as expected. If the conflict and inflationary effects persist, he said the company would likely raise its cost guidance.

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Munsey said Met segment realizations increased to an average of $124.39 per ton in the first quarter, up from $115.31 in the prior quarter. Export metallurgical tons priced against Atlantic indices and other pricing mechanisms realized $110.32 per ton, while export coal priced on Australian indices realized $144.95 per ton.

The total weighted average realization for metallurgical sales was $128.40 per ton, up from $118.10 in the fourth quarter. Realizations for incidental thermal coal in the Met segment fell to $69.41 per ton from $77.80 per ton.

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Cost of coal sales in the Met segment rose to $107.98 per ton from $101.43 in the fourth quarter. Munsey cited lower productive volumes, higher diesel costs and increased supply and repair expenses as the main drivers of the increase. Selling, general and administrative expenses, excluding non-cash stock compensation and non-recurring items, increased to $13.5 million from $10.9 million.

As of March 31, Alpha held $317.2 million in unrestricted cash and $49.6 million in short-term investments, compared with $366 million in unrestricted cash and the same level of short-term investments at the end of December. Total liquidity was $476.2 million at quarter-end, down from $524.3 million at year-end. The company had no borrowings under its asset-based lending facility and $40.7 million of letters of credit outstanding.

During the question-and-answer portion of the call, Eidson said diesel accounted for “a couple of dollars a ton” of cost pressure in the first quarter, with most of the impact occurring in late February and March. He said the second quarter could see a full-quarter effect from higher diesel prices, along with indirect impacts on supplies and maintenance.

“Diesel impacts the delivery cost of pretty much everything that we buy,” Eidson said. Still, he said increased productive activity should spread fixed costs across more tons, and he expects costs to come down from the first quarter, though he declined to provide a specific estimate.

Munsey said Alpha typically uses about 22 million to 23 million gallons of diesel in a year. Asked about hedging, Eidson said the company has historically bought forward through diesel providers around budget season, but did not do so this year. He said Alpha is actively discussing the issue given rising geopolitical volatility.

Management highlighted unusual divergences among metallurgical coal indices. Eidson said the Australian Premium Low Vol index was about $45 per metric ton, or 23%, higher than the U.S. East Coast Low Vol index. He also pointed to a $36-per-ton gap between U.S. East Coast Low Vol and U.S. East Coast High Vol A.

Eidson said the spread between U.S. East Coast Low Vol and High Vol A is likely related to oversupply in the High Vol market, with additional tons entering an already weak environment. Chief Commercial Officer Dan Horn said roughly 11 million tons of new longwall High Vol production has entered the marketplace in recent years, while Central Appalachia production cuts have been closer to 1 million to 2 million tons.

Horn said High Vol coals are used differently from low-volatility coals and do not contribute to coke strength in the same way. He described the High Vol market into Asia as challenging, saying producers are often “essentially matching the lowest price the competitor throws out that day.”

Munsey said the Australian Premium Low Vol index rose from $218 per metric ton on Jan. 2 to $236.80 on March 31, and reached $239.80 as of May 7. The U.S. East Coast Low Vol index rose from $185 to $195 during the quarter and remained at $195 as of May 7. U.S. East Coast High Vol A and High Vol B were largely unchanged from quarter-end levels as of May 7.

Eidson said Alpha expects shipments to follow a normal seasonal pattern, with lighter volumes in the first and fourth quarters and stronger performance in the second and third quarters. He said this year’s curve may be “a little bit steeper” from the first quarter into the middle of the year.

The company also discussed the Wildcat Mine, which President and Chief Operating Officer Jason Whitehead said is now on coal and producing tons. Whitehead said the mine remains in the development phase, which Alpha expects to conclude during the second quarter, with production ramping in the second, third and fourth quarters.

Horn said Alpha expects more low-volatility coal to enter its sales mix as Wildcat ramps. He said the company’s longer-term strategy has been to add higher-rank, higher-quality coke strength coals to its portfolio.

Munsey said that at the midpoint of guidance, 48% of Alpha’s metallurgical tonnage in the Met segment is committed and priced for 2026 at an average price of $132.37 per ton. Another 43% is committed but not yet priced. The thermal byproduct portion of the Met segment is fully committed and priced at an average of $74.53 per ton.

Asked about recent federal actions related to coal and energy policy, Eidson said details are still developing and that the company is engaged with the federal government in evaluating potential programs. He said the actions appear mostly focused on thermal coal, with only smaller areas of possible benefit identified so far.

“As of yet, I don’t think we’re seeing anything that’s hugely material to what we’re doing right now,” Eidson said.

Alpha Metallurgical Resources, Inc (NYSE: AMR) is a leading pure-play producer of high-grade metallurgical coal, primarily serving the global steelmaking industry. Headquartered in Bristol, Virginia, the company operates multiple underground and surface mining complexes across the central Appalachian and Illinois basins. Its production portfolio focuses on premium raw and semi-soft coking coal products tailored to meet the specifications of steel producers worldwide.

Formed in July 2021 through the spin-out of Contura Energy's metallurgical coal business, Alpha Metallurgical Resources has built a reputation for operational excellence and cost-efficient mining.

The article "Alpha Metallurgical Resources Q1 Earnings Call Highlights" was originally published by MarketBeat.

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