Ramaco Resources, Inc. (NASDAQ:METC) Q2 2020 Earnings Conference Call - Final Transcript

Aug 07, 2020 • 11:00 am ET

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Ramaco Resources, Inc. (NASDAQ:METC) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Ramaco Resources Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

It is now my pleasure to introduce, Chief Financial Officer, Jeremy Sussman.

Executive
Jeremy R. Sussman

Thank you. On behalf of Ramaco Resources, I'd like to welcome all of you to our second quarter 2020 earnings conference call. With me this morning is Randy Atkins, our Executive Chairman; Mike Bauersachs, our President and CEO; and Chris Blanchard, our Chief Operating Officer.

Before we start, I'd like to share our normal cautionary statement. Certain items discussed on today's call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco's expectations concerning future events and it is possible that the results discussed will not be achieved. These statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made and except as required by law, Ramaco does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Lastly, I'd encourage everyone on this call to go on to our website, ramacoresources.com and download today's Investor Presentation under the Events Calendar.

With that said, let me introduce our Executive Chairman, Randy Atkins.

Executive
Randall W. Atkins

Thank you, Jeremy. As always, I want to thank everyone for joining us today to discuss our second quarter results. We're trying something a little bit different today given the current situation, by we're calling in from essentially two different parts of the country. Part of our management team is in West Virginia, part of our management is now out in Wyoming.

So I started last quarter's call by quoting some Chinese proverbs about operating in interesting times. I'm not sure how to characterize this quarter other than by saying, I'm sure we would all like to never repeat the experience of operating in this kind of an environment again. First, I want to point out that for Ramaco this quarter reflects only two months of economic activity for us, not three. We were essentially closed for much of the month of April. And that in and itself is a condition of course we hope never to repeat.

Under the outage, that sometimes it's better to be lucky than smart. It's also true that sometimes you get lucky by working hard. And I think all of our team worked extremely hard and creatively last quarter. Fortunately, despite all the overall macro conditions, we were able to post a financially solid first half and second quarter. As you know, on the numbers we booked EBITDA of roughly 19 million in the first half and almost 11 million for the second quarter, this was up about 30% quarter-over-quarter. Net income also bumped about 35% for the same period, and