Fannie Mae, Freddie Mac shares tumble after conservatorship comments
HOUSTON - Natural Resource Partners L.P. (NYSE:NRP) reported fourth-quarter earnings and de-leveraging initiatives, sending shares soaring 7.9% in trading following the announcement.
The Houston-based natural resources company posted adjusted earnings per share of $3.15 for the fourth quarter. Revenue came in at $65.73 million for the period.
NRP generated $251 million in free cash flow for the full year 2024, allowing it to redeem all remaining preferred units and retire all outstanding warrants. The company ended the year with only $142 million in financial obligations, consisting solely of debt.
"We made significant progress toward our goal of de-levering and de-risking the Partnership over the past year and remain committed to this strategy as the best approach to maximize intrinsic value per unit," said Craig Nunez, NRP’s president and chief operating officer.
The company declared a special cash distribution of $1.21 per common unit to help cover unitholder tax liabilities associated with owning NRP’s common units during 2024. This is in addition to the regular quarterly distribution of $0.75 per unit.
NRP’s Mineral Rights segment saw decreases in net income and cash flow compared to 2023, primarily due to lower metallurgical and thermal coal pricing. However, approximately 75% of coal royalty revenues for the full year were derived from metallurgical coal.
The Soda Ash segment also experienced declines due to lower international sales prices amid increased global capacity and weaker demand.
NRP’s liquidity stood at $116.7 million at year-end, including $30.4 million in cash. The company’s consolidated leverage ratio was 0.6x as of December 31, 2024.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.