Top Stories for May 2, 2024

Warrior Met Coal ( HCC ) : The Brookwood, Alabama-based company reported Q1 results with net income of $137 million, sales of $503.512 million and adjusted EBITDA of $200.2 million.

Warrior Met saw a 17% increase in production volumes for its highest quarterly production in over three years. 

After investing in its Blue Creek project, it returned $30.6 million to shareholders via dividends. 

Despite reduced demand and lower coal prices, the company reaffirmed its 2024 guidance.

Materion ( MTRN ) : The Mayfield Heights, Ohio-based company reported Q1 results with net sales of $385.3 million. Net income came in at $13.4 million, or 64 cents per diluted share and 96 cents adjusted earnings per share.

The company updated its full-year earnings forecast to $5.60 to $6.20 per share, reflecting a 5% annual growth at the midpoint. 

Sales declined due to weaker semiconductor and industrial markets, offset by strength in space and defense. 

Operating profit was $22.2 million, down from $36.9 million last year and adjusted EBITDA was $45.2 million, maintaining similar margins due to cost improvements despite lower volumes.

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Contango ORE ( CTGO ) : The Fairbanks, Alaska-based company will acquire HighGold Mining ( HGMIF ) in a court-approved transaction.

HighGold is valued at about $37 million. 

HighGold shareholders will receive 0.019 Contango shares per HighGold share, a 59% premium. 

Post-transaction, Contango shareholders will own about 85% of the combined company while HighGold shareholders will own the remaining 15%.

ArcelorMittal ( MT ) : The Luxembourg-based company reported its Q1 results, emphasizing health and safety with a significant focus on zero serious injuries. 

The period saw a 5% increase in steel shipments and a rise in EBITDA to $2 billion from $1.5 billion in the previous quarter. 

Net income was $0.9 billion, recovering from a net loss of $3 billion in Q4 2023, and seasonal investments led to a free cash outflow of $1.4 billion. 

The company’s net debt stood at $4.8 billion, showing strong cash generation despite substantial investments and shareholder returns.

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