AMR Q3 Model Update and Q4 First Look

Q3 Pre-announcement Leaves Few Surprises, but Good Performance in a Challenging Quarter

US Metallurgical coal producer AMR 0.00%↑ released preliminary results a couple weeks ago, showing roughly $670M in revenues over 4.1 million tons of coal sales. With MSHA production fully updated, we have updated production and cost estimates for Q3 heading into tomorrow morning’s release. And while there aren’t any surprises per se – our Q3 EPS estimates are pretty close to recent analyst updates – it was instructive for us to see how much earnings can vary with even just small improvements in market conditions.