Coronado Global Resources Inc · Q2 2023 earnings

Briefing

Coronado reported a decrease in revenue and net income due to lower met coal prices, but maintained a strong balance sheet and liquidity.

Coronado Global Resources reported a decrease in revenue and net income for the first half of 2023, driven by lower met coal prices. However, the company highlighted strong operating performance in the June quarter, the second-highest first-half revenue in its history, and a strong balance sheet with a net cash position of $192 million and available liquidity of $534 million.

• Coronado's Group TRIR improved by 16% year-on-year, representing the best Group safety result since May 2018.
• Group revenue decreased by 24.6% compared to HY22, but reflected the second-highest first-half revenue performance since inception.
• The company maintained a strong balance sheet with a net cash position of $191.8 million and available liquidity of $534.1 million.
• Coronado is positioned to execute growth and emission reduction projects, including the Curragh North Underground Met Coal project and the Buchanan expansion project.

Headline financials

Revenue & EPS history

Coronado reaffirms previously announced 2023 guidance for Saleable Production (16.8 – 17.2 MMt); Average Mining Costs Per Tonne Sold ($84.0/t - $87.0/t), and Capital Expenditure ($260 million - $290 million).