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Alliance Resource Partners L.P. (NASDAQ:ARLP) shares are trading higher Monday after the company reported better-than-expected financial results and announced a buyback.
What Happened: Alliance Resource Partners said fourth-quarter revenue increased 48% year-over-year to $700.73 million, which beat average analyst estimates of $688.09 million, according to Benzinga Pro. The company said its strong top-line growth was driven by significantly higher coal sales and oil and gas royalties revenues.
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Alliance Resource Partners reported quarterly earnings of $1.63 per share, which beat consensus estimates of $1.42 per share.
"With our strong balance sheet and relentless focus on cash flow generation, we are well positioned to capitalize on growth opportunities in the market and return capital to our unitholders," said Joseph W. Craft III, chairman, president and CEO of Alliance Resource Partners.
Last week, Alliance announced a 40% increase to its quarterly cash distribution rate, bringing it up to 70 cents per unit. In connection with its quarterly results, the company announced its board authorized an increase of its share repurchase program, which had $6.5 million available at the end of 2022. The board has expanded the buyback to up to $100 million.
Alliance Resource Partners said it expects recent declines in natural gas prices to impact its oil and gas royalties in the first half of 2023.
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ARLP Price Action: Alliance has a 52-week high of $27.63 and a 52-week low of $12.60.
The stock was up 9.37% at $22.65 at the time of writing, according to Benzinga Pro.
Photo: Rolf Dobberstein from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.