Contura reported net income from continuing operations of $24.3 million for the second quarter of 2019. In the first quarter of 2019, the company had net income from continuing operations of $8 million. The company reported a net loss from discontinued operations related to the Blackjewel bankruptcy proceedings of $138 million in the second quarter. (See PRB Roundup, p. 16). The company reported a net loss from discontinued operations of $1.2 million in the first quarter.
“Our strong second-quarter performance reflects Contura’s upside potential as the nation’s leading metallurgical coal producer, and I believe that we are well-positioned for continued future success,” said Chairman and CEO David Stetson. “While our operations made great strides in bringing costs down across the board over the past quarter, we still have work to do and remain acutely focused on continued cost improvement.”
Coal revenues in the second quarter for Central Appalachia-Met (CAPP-Met) coal were $372.9 million, CAPP-Thermal revenues totaled $73.5 million, and Northern Appalachia (NAPP) coal revenues totaled $76.2 million. Comparatively, in the first quarter 2019, CAPP-Met revenues were $345.8 million, CAPP-Thermal revenues were $57.3 million, and NAPP revenues were $70.9 million.
Subsequent to the quarter end, the company appointed David Stetson as its CEO and a member of the board.
Concurrent with Stetson’s appointment, interim co-CEOs Andy Eidson and Mark Manno returned to their respective, prior roles with the company as executive vice president and CFO, and as executive vice president, chief administrative and legal officer and secretary.