Alliance Resource Partners (NASDAQ:ARLP) released its financial and operating results for the first quarter ended March 31, 2024, revealing a modest decline in total revenues to $651.7 million from $662.9 million in the same quarter of the previous year.
The decrease was primarily due to lower average coal sales prices, though this was partially offset by an increase in oil & gas royalties and other revenues.
The company also reported a decrease in net income to $158.1 million, or $1.21 per basic and diluted limited partner unit, compared to $191.2 million, or $1.45 per unit in the first quarter of 2023.
The reduction in net income is attributed to a dip in revenues coupled with an increase in total operating expenses.
Meanwhile, EBITDA for the quarter also saw a decrease, dropping to $235 million from $270.9 million year-over-year.
Despite these challenges, ARLP announced a quarterly cash distribution of $0.70 per unit and reaffirmed its 2024 guidance.