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Westmoreland Coal Reports Second Quarter 2013 Results

Westmoreland Coal Company (NasdaqGM:WLB) reported its second quarter results for 2013.

Highlights:

  • Q2 2013 revenues grew 22.4% to $162.5 million compared with $132.8 million in Q2 2012
  • Q2 2013 Adjusted EBITDA increased 119.2% to $32.0 million compared with $14.6 million in Q2 2012
  • Adjusted EBITDA for the twelve months ended June 30, 2013 increased to $121.2 million compared with$77.5 million for the twelve months ended June 30, 2012.
  • Q2 2013 net loss applicable to common shareholders decreased to $0.6 million from a loss of $12.4 million in Q2 2012
  • Net leverage ratio decreased to 2.47
  • 2013 Adjusted EBITDA and capital spending guidance reiterated

"During the second quarter, favorable weather and low hydro generation resulted in high demand for power. Our customers ran their plants at high levels and Westmoreland's mines and plants operated very well, producing $32 million in EBITDA for the quarter. Second quarter EBITDA has historically been lower than other quarters, and we are extremely pleased with these results," said Robert P. King, Westmoreland's Chief Executive Officer. "During the quarter, we also continued to successfully execute our delevering strategy, driving our net leverage ratio below 2.5."

"Unfortunately, Unit 4 at the Colstrip plant experienced a major equipment failure on July 1st and this unit is estimated to be down for at least 6 months. We anticipate that this will negatively impact our EBITDA in the second half of the year, but still expect 2013 EBITDA to fall in the range between $112 and $120 million, consistent with the guidance given last quarter. Our ability to maintain our guidance is, in part, due to the limited downside provided by our cost recovery business model."

"In the area of safety, Westmoreland had a disappointing quarter resulting in our year-to-date reportable incident rate exceeding the national average for surface mines. Our lost time incident rate, however, remains significantly lower than the national average. We are diligently working with our mines to make sure that our safety returns to its historically strong performance."

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