Coal hard cash
Alliance Resource Partners made its biggest jump in nine months on Monday after the coal producer topped earnings forecasts, raised its dividend and announced a stock buyback.
Tulsa, Oklahoma-based Alliance, which operates seven mines across five U.S. states, posted fourth-quarter net income of $214.5 million, or $1.63 per share. That easily topped analysts’ forecasts of $1.43 per share. Sales jumped 48% in the period, to $701 million, also beating Wall Street targets.
The company said revenues were boosted by significantly higher coal sales and oil and gas revenue royalties.
Alliance raised its quarterly dividend by 40% to 70 cents per share. The coal miner also announced an increase of its stock repurchase program to $100 million, with no expiration.
BUSINESS
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2023-01-31T08:00:00.0000000Z
2023-01-31T08:00:00.0000000Z
https://edition.timesfreepress.com/article/282127820617953
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