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Rhino Resource swings to profit YOY in Q2'19

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Rhino Resource swings to profit YOY in Q2'19

Rhino Resource Partners LP on Aug. 7 reported net income of $112,000, or a loss of 1 cent per unit, for the second quarter of 2019, swinging year over year from a loss of $3 million, or 23 cents per unit.

Adjusted EBITDA increased year over year to $7.5 million from $4.6 million. Revenue totaled $65.6 million, compared with $54.9 million in the same quarter a year earlier.

"Strong prices in the coal markets, especially met coal prices, resulted in increased coal revenues year-over-year as sales tons remained relatively flat. However, cost increases due to the continued adverse geology at our Central Appalachia operations drove cost per ton upward during the second quarter of 2019 compared to last year and increases in labor costs, contract services and higher steel prices for roof support increased costs at our other operations year-over-year," said Rick Boone, president and CEO of Rhino's general partner.