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Westmoreland Reports Second Quarter 2016 Results; Reiterates Full-Year Guidance

ENGLEWOOD, Colo., Aug. 02, 2016 (GLOBE NEWSWIRE) -- Westmoreland Coal Company (WLB) today reported financial results for the second quarter and reaffirmed its full-year 2016 guidance.

Second Quarter Highlights

  • Revenues of $356.2 million from 12.0 million tons sold
  • Net loss applicable to common shareholders of $25.4 million, or $1.37 per diluted share
  • Adjusted EBITDA of $43.6 million

Six Month Highlights

  • Revenues of $711.0 million from 25.8 million tons sold
  • Net income applicable to common shareholders of $5.2 million, or $0.28 per diluted share, including a sizable tax benefit
  • Adjusted EBITDA of $106.5 million
  • Cash flow provided by operating activities of $37.4 million
  • Free cash flow of $28.1 million

“We remain on track to meet our 2016 adjusted EBITDA and free cash flow guidance based on our first half results and the demand trends that have continued to strengthen since June. We delivered second quarter profitability and cash flow right on our plan which factored in power demand at its lowest during the spring months," said Chief Executive Officer Kevin Paprzycki.

“We are executing well on our business strategies with a focus on maximizing cash flow from our sales volume. Based on our expectation that cash flow generation will be greater in the second half, we plan to reduce our total debt later in 2016.”

Safety

Westmoreland’s commitment to safety in all aspects of its operations is again reflected in the safety metrics.

...
Six Months Ended June 30, 2016
Reportable Lost Time
U.S. Operations 1.95

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